(Zonebourse.com) – After having dropped 4%during Thursday and Friday sessions, the Paris Stock Exchange benefits from a cheap acquisition on Monday and resumes+1%, at 7620 points, fired by AXA and URW (+2.3%) Schneider (+2.1%), Airbus (+1.7%).
At Wall Street, the week begins with a vigorous rebound of the Nasdaq (+1.5%in the wake of Idexx Labs with+23.5%) and S&P P500 (+1.1%)
The markets digest the new customs tariffs imposed by Donald Trump on countries which had not yet concluded commercial agreement with the United States, as well as the US employment report, much less brilliant than expected.
The White House has just made it known that ‘prices are now unlikely to be changed, and will only be marginal.
Switzerland which has just received 39% customs duties (among the most punitive on the planet) will offer some openings to try to escape almost eradication of its exports (drugs in particular) to the US.
Even India, accused of buying Russian gas only deals 25%.
The markets must also digest signs of slowdown in the United States: the Manufacturer and the NFP ‘confirmed last week as the economic situation deteriorates but also that inflation was still as difficult to master.
Regarding employment, 258,000 creations have ‘disappeared’ in May and June, and with the least previous revisions, this total reaches -461,000.
The whole question is now to know the consolidation episode, which occurred at the end of a week considered to be ‘decisive’ by certain analysts will constitute a new opportunity ‘Buy the Dips’ (buy any ‘hollow’) or if the tone is set for the second part of the year on the financial centers.
In a note published on Friday, Bank of America’s strategists believe that European equity markets are rocking sweet illusions hoping to escape the risk of deceleration from the global economy led by the United States.
According to the American bank, this brake could cost about 10% at the Stoxx 600 in the coming months.
‘The slowdown in global growth should also dominate the sectoral account in Europe in the coming months, which suggests an underperformance of more than 10 % of European cyclical values compared to the defensives,’ warns the New York firm.
Problem, the week that opens today promises to be low in exchange volumes with the summer break and the absence of real catalysts.
The only indicator on the program of the day, orders from orders to industry in the United States will be published at 4:00 p.m.
The rest of the week will be punctuated by the publication, tomorrow, of the ISM index measuring activity in the American services sector, then by the meeting of the Bank of England (BOE) on Thursday and group results like AMD, BP, PFIZER or SIEMENS.
But the market trend should mainly remain dictated by commercial issues, even if most of the United States partners now know what customs duties expect.
Investors will remain in particular on the lookout for any progress in negotiations between Washington and Beijing, the latter still having to face the deadline of August 12 set by the Trump administration in order to reach a sustainable pact.
‘The equity markets are decreasing because some fear that the Fed will react too late’, recalls Scott Chronert, the star analyst of Citi.
‘But the new customs taxes also weigh, even if we believe that the biggest of the negative impact linked to the prices on the markets is today behind us,’ underlines the strategist.
On the bond compartment, the US T leaps at 10 years evolve around 4.22% (-1pt), the ’30 years’ takes symmetrically +1pt (4.815%).
In Europe, the Bund erases -4.5pts to 2.632%and the OAT -5.6pts to 3.289%, Italian constructioners -6.6pts at 3.468%.
The euro yields 0.1% against the greenback, to $ 1,1580.
In London, the barrel gave in 2%, around $ 68: OPEC will increase by 450,000 barrels/day its production at the start of the school year.
In the news of French companies, Bonduelle displays a turnover in withdrawal of 0.9% (-0.8% in comparable data) to just over 2.2 billion euros for its financial year 2024-25 (closed at the end of June).
Essilorluxottica announced on Monday the acquisition of Automation & Robotics (A&R), a Belgian company specializing in the manufacture of automated quality control systems for optical glasses.
Santos announced on Monday that it has signed a non -binding memorandum of understanding with ENGIE with a view to providing the energy group from natural gas from the narrabri project and to be intended for the domestic market of the east Australian coast.