Western stock indices are taking advantage of the sharp rebound in post-Covid activity in China to rise on Tuesday, amid a new series of corporate results.
China announced first quarter growth of 4.5% year on year, driven in particular by retail sales up 10.6% year on year in March.
"
Consumers have started to spend,
" notes Stephen Innes, of Spi AM, who also notes the weakness of industrial production.
Very oriented towards global growth, of which China is the pillar, the European indices rose by 0.68% in Paris, 0.69% in Frankfurt, 0.29% in London and 0.91% in Milan around 1:40 p.m. GMT.
Wall Street also rises overall, by 0.56% for the Nasdaq, 0.37% for the S&P 500 even if the Dow Jones yields 0.13%.
The rebound of the Chinese economy "
is, a priori, welcome in a context of generalized rising concerns about the global outlook
", comments Thomas Bauer, economist at the firm RichesFlores, for whom "
nothing says however that the movement will go very far. nor that it will have the ability to pull the rest of the world in its wake
.
The dynamism of household consumption was reflected last week in the quarterly results of luxury flagships in Europe.
"
It is advisable to remain cautious with in particular the rise of the earnings season
", in an environment of risk of economic slowdown, however, believes Thomas Giudici, head of bond management at Auris Gestion.
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CMA CGM wants to acquire Bolloré Logistics
The French shipowner CMA CGM has entered into "
exclusive negotiations
" with Bolloré to acquire its transport and logistics activities, on the basis of an enterprise value of 5 billion euros, the two companies announced on Tuesday.
Bolloré SE rose by 4.49% while Vivendi, controlled by Bolloré SE, soared by 7.17%.
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Among the results
Goldman Sachs (-3.12%), affected by the decline in the results of its investment bankers and brokers in the first quarter, announced on Tuesday a drop in its turnover and its profits (- 19%).
Broker-dealer revenues also declined, both in the bond, currency and commodity markets as well as in equities.
The pharmaceutical company Johnson & Johnson (-3.13%) published a net loss in the first quarter, linked to litigation costs, while raising its objectives for 2023 after robust sales.
Also on Wall Street, the American defense group Lockheed Martin (+3.06%) published a very slight increase in turnover in the first quarter and confirmed its outlook for 2023, in a press release published on Tuesday.
In Europe, the Swedish telecom equipment giant Ericsson has announced that it has reinforced its savings plan intended to restore its profitability, forecasting a “
turbulent environment
” this year after a first quarter marked by an expected drop in profits.
The action fell 8.06% in Stockholm.
On the side of currencies and oil
Oil prices were stable, the barrel of Brent hovering around 84.70 dollars and that of WTI around 80.85 dollars around 1:30 p.m. GMT.
The euro recovered 0.21% against the greenback at 1.0949 dollars per euro after two sessions of decline.
The pound rose against the dollar (+0.36% to 1.2421 dollars for one pound).
