World stock markets progress, confident at the start of a calm week

World stock markets progress, confident at the start of a calm week
World stock markets progress, confident at the start of a calm week

World markets are up on Monday, still driven by Friday’s figures on the American job market, but the week promises to be calm due to public holidays.

In Europe, Paris rose by 0.84%, Frankfurt by 0.98% and Milan by 1.11% around 1:40 p.m.

The New York Stock Exchange, for its part, opened higher seeking to continue the weekend’s recovery. The Dow Jones index gained 0.49%, the technology-dominated Nasdaq advanced 0.30% and the S&P 500 climbed 0.42% during early trading.

The London and Tokyo Stock Exchanges are closed on Monday due to a public holiday. The Shanghai Stock Exchange gained 1.16% and that of Hong Kong 0.55%, thus signing its tenth consecutive session of increase.

“Market sentiment remains positively impacted by last week’s macroeconomic developments,” comments Pierre Veyret, ActivTrades analyst.

“Most traders are still digesting the latest US employment report which casts doubt on the Federal Reserve’s ability to maintain its higher position for longer” on its key rates, he continues.

Friday’s figures on the job market showed a slowdown in job creation and an increase in the unemployment rate. The US Federal Reserve (Fed) is scrutinizing this data because while a strong job market is good news for employees, the labor shortage for almost three years has helped fuel inflation.

On the bond market, sovereign interest rates fell slightly in Europe, after optimistic comments on inflation from the European Central Bank’s chief economist, Philip Lane. “At this stage, of course, the market believes that a rate cut is going to happen, so a cut would not be a surprise,” he told the Spanish online newspaper The Confidential.

The week promises to be calm on the markets. On Monday, the London Stock Exchange is closed due to a public holiday (“Early May Bank Holiday”), then on Wednesday in France, investors could stay away from the trading rooms even if the Paris Stock Exchange will remain open, due to the celebration of the victory of the Allied forces over Nazi Germany. On Thursday, several European countries, including France and Germany, will once again observe an Ascension holiday.

The macroeconomic agenda is further thin with few leading indicators expected this week, apart from UK GDP and manufacturing and industrial production figures on Friday.

The markets are also monitoring the visit of Chinese President Xi Jinping to France. French President Emmanuel Macron called on Monday for “fair rules for all” in trade between Europe and China.

Tod’s turns on his heels

The friendly public takeover bid (OPA) launched for Tod’s by L Catterton, an investment fund associated with LVMH, has exceeded the threshold of 90% of the capital, which will make it possible to withdraw the Italian luxury shoe maker from the Stock Exchange. Milan, according to results published Friday after the close.

The action of Tod’s was stable (+0.05%) in Milan and that of LVMH gained 0.58% in Paris.

Oil prices were rising around 11:35 GMT as investors continued to monitor developments in the conflict between Israel and Hamas.

The price of a barrel of Brent from the North Sea for delivery in July gained 0.86% to 83.67 dollars and its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in June, rose 0.87%. at $78.79.

On the foreign exchange market, the yen fell 0.47% against the dollar to 153.78 yen per dollar. The Japanese currency experienced a week of high volatility, reaching a 34-year low, and seems to have benefited from two interventions by the Japanese authorities last week.

As for the euro, it gained 0.10% against the greenback, to 1.0772 dollars per euro.

Bitcoin was worth $64,188, up slightly by 0.69%. (awp)

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