A trader works on the floor of the IG index
by CORENTIN CHAPRON
The main European stock markets are expected to fall at the opening on Friday, with investors positioning themselves for a year 2025 marked by the presidency of Donald Trump and higher American rates.
Futures contracts suggest an opening down 0.25% for the Parisian CAC 40, compared to 0.18% for the FTSE in London, 0.08% for the Dax in Frankfurt, and 0.14% for the EuroStoxx 50.
The inauguration of Donald Trump, scheduled for January 20, could be an opportunity for the American president to implement customs tariffs with the United States' trading partners, to clarify his migration policy or even his budgetary plans, as much as possible. uncertainties that will help set a trend for the stock markets this year.
Investors are also digesting the latest figures for unemployment claims, published Thursday, which fell to their lowest level in eight months.
Suggesting that the labor market remains strong, the indicator helped to ward off prospects of further rate cuts from the Federal Reserve: the central bank has announced 50 basis points of rate cuts in 2025, but money markets are betting on a smaller easing, 45 basis points, indicating that traders consider it possible that the Fed will cut rates only once this year.
A WALL STREET
The New York Stock Exchange ended down on Thursday, after a seesaw session, as investors favored caution against a backdrop of the strength of the American labor market and the rise in the dollar while Tesla s 'is folded after reporting a decline in its deliveries.
The Dow Jones index fell 0.36%, or 151.95 points, to 42,392.27 points.
The broader S&P-500 lost 13.08 points, or 0.22%, to 5,868.55 points.
The Nasdaq Composite fell 30.0 points (0.16%) to 19,280.79 points.
Tesla fell 6.1% after reporting its first annual drop in deliveries as promotions offered to boost sales were not enough to offset declining demand for its aging vehicle lineup.
IN ASIA
The Tokyo Stock Exchange is closed and will reopen on Monday January 6.
Chinese stocks are hesitating as investors worry about China's economic outlook and a resumption of the trade war with the United States. The Hong Kong Hang Seng index increased by 0.43%, the Shanghai SSE Composite fell by 1.57%, the CSI 300 by 1.18%.
RATE
American yields fall before the publication of the ISM manufacturing index in the United States on Friday.
The ten-year Treasury yield declined 3 bps to 4.5451%, while the two-year Treasury yield fell 1.1 bps to 4.2372%.
The yield on the German ten-year rate is stable at 2.361%, that of the two-year rate remains at 2.096%.
CHANGES
The dollar is eroding but remains near a two-year high, supported by market positioning that is betting that the Federal Reserve will only cut rates by 45 basis points in 2025, less than other developed central banks.
The dollar fell by 0.29% against a basket of reference currencies, the euro rose by 0.15% to $1.028, and the pound sterling strengthened by 0.15% to $1.2399.
In Asia, the yen advanced 0.27% to 157.1 yen per dollar, the Australian dollar rose 0.24% to 0.6218 dollars.
OIL
The barrel is hesitating after having reached a high of more than two months the day before and while a cold snap in the United States as well as in Europe in the coming days should support demand for fuel oil and diesel.
Brent is stable at $75.93 per barrel and American light crude (West Texas Intermediate, WTI) is up 0.04% at $73.16.
(Written by Corentin Chappron, edited by Tangi Salaün and Blandine Hénault)
