The chart of the German stock index Dax on the Frankfurt Stock Exchange
The main European stock markets are eroding at the start of the session on Friday, investors positioning themselves before the publication of the monthly report on American employment, a key indicator.
In Paris, the CAC 40 fell by 0.02% to 7,488.57 points around 08:05 GMT. The Dax in Frankfurt declined by 0.02%, while the FTSE in London fell by 0.11%.
The pan-European FTSEurofirst 300 index lost 0.11%, the EuroStoxx 50 fell by 0.13% and the Stoxx 600 by 0.12%.
Markets are reassessing the Federal Reserve’s posture, with the latest data suggesting that labor markets remain resilient to rate hikes, while inflation persists.
In this context, the monthly jobs report may not be enough to reverse the upward trend in US yields.
ING analysts calculate that a strong downward surprise on job creation would be necessary to force the markets to reassess their expectations of rate cuts.
-“The main driver of the rise in 10-year US Treasury yields was the reduction in the Fed’s ability to cut rates,” the analysts explain.
“To stop the rise in Treasury yields, non-agricultural job creation would have to be below 150,000. Otherwise, the rise will continue.”
In terms of values, Ubisoft lost 6.7% after announcing the postponement of the last game in its Assassin’s Creed franchise.
(Written by Corentin Chappron, edited by Kate Entringer)
Belgium
