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Stock markets calm pending further business results

2021-10-25T12:07:29.495Z


Global markets were on hold on Monday, waiting for new corporate results and central bank meetings ....


Global markets were on hold on Monday, waiting for new corporate results and central bank meetings.

In Europe, London advanced 0.41%, Milan took 0.78% and Frankfurt 0.22%.

Paris dropped 0.21%, around 11:10 GMT.

In Asia, the resurgence of Covid-19 cases in China is starting to cause concern.

The country reported 26 new cases on Sunday, three months before the Winter Olympics in Beijing.

The New York Stock Exchange was moving towards an opening into slightly positive territory: the futures contract on the Dow Jones rose by 0.02%, that of the S&P 500 by 0.08% and that of the Nasdaq by 0.19%.

The US market could also be supported by the prospect of an imminent compromise on the content of the broad reforms wanted by Joe Biden, as the Democratic leader of the House of Representatives Nancy Pelosi said on Sunday.

Read also Volvo Cars: the share price set at 5.3 euros for its IPO

The menu for the week is loaded, with many business results to begin with. "

The big technological stocks (Facebook, Alphabet, Twitter for example) should announce results and solid prospects

", estimates Christopher Dembik, director of strategy and macroeconomics at Saxo Bank. “

But investors could be worried about the rate hike which is the sector's immediate weak point

,” he adds.

Then, the Governing Council of the European Central Bank will meet on Thursday: the ECB is expected to maintain its expansive course, playing caution in the face of accelerating inflation and slowing global growth. The American Central Bank (Fed) believes, for its part, that "

the moment is near

" to start reducing its asset purchases, but considers "

premature

" to raise key rates soon, its president Jerome Powell said on Friday, ahead of the November 2-3 monetary policy meeting.

Despite inflation that lasts a little too long to be qualified as "

transient

" according to Jeffrey Halley, analyst at Oanda, the latter believes that "

a rise in interest rates is not the solution, because the engines of the surge inflationary policies are beyond the reach of national monetary policy

”.

The first estimates of growth for the United States and the euro zone in the third quarter are also on the agenda for the week.

SAS "

struggle to survive

"

Heavily affected by the effects of the Covid-19 pandemic, the Scandinavian airline SAS "is

struggling to survive

", said its boss, who intends to reduce costs.

The announcements caused the share to plunge 13.60% to 1.56 Swedish krona.

Negotiations for the takeover of BMPS fail

The Italian government and Unicredit announced on Sunday the failure of negotiations for the takeover by the country's second largest bank of a stake in Banca Monte dei Paschi di Siena (BMPS).

In Milan, Unicredit gleaned 0.31% to 11.57 euros and BMPS lost 3.08% to 1.02 euros.

Well oriented mining

In the wake of rising commodity prices, mining sector stocks were in demand.

In London, Rio Tinto rose by 1.40% and BHP Group by 1.32%.

In Paris, ArcelorMittal took 2.37% but Eramet lost 0.42% after publication of its results.

On the oil, foreign exchange and bitcoin side

Oil prices broke new multi-year records on Monday thanks to statements by the Saudi Energy Minister over the weekend, leaving little room for an upcoming increase in supply from OPEC +.

At around 11:05 GMT, the price of a barrel of North Sea Brent for December delivery was up 0.80% from Friday's close, to $ 86.21 in London.

In New York, a barrel of WTI for the same month rose 0.86% to 84.48 dollars.

The euro dropped 0.17% against the greenback at 1.1623 dollar.

The Turkish lira hit an all-time low against the dollar again, following threats from President Recep Tayyip Erdogan to expel ten Western diplomats.

Bitcoin rose 2.63% to $ 62,760.

Source: lefigaro

All business articles on 2021-10-25

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