(Photo AP/Eugène Hoshiko)
REVIEW OF THE MARKETS. Global markets were mixed Monday morning, as the main Japanese index crossed the 40,000 point mark for the first time and investors awaited the opening of the main Chinese political meeting on Tuesday.
Stock market indices at 7:30 am
Paris was down 0.1% at the start of trading in Europe, while Frankfurt added the same margin and London lost 0.2%.
In New York, before the market opened, the Dow Jones industrial average slipped 0.2% and the broader S&P500 index 0.1%.
In Asia, the Nikkei 225 added 0.5%, closing at 40,109.23 points in Tokyo. The Shanghai stock exchange added 0.4% and the Hang Seng gained less than 0.1% in Hong Kong. Sydney was down less than 0.1% and Seoul surged 1.2%.
On the New York Commodity Exchange, the price of oil advanced by 30 cents US to $80.27 US per barrel.
The context
On Wall Street, indices were headed for a slight decline at the opening, according to futures contracts.
This week will be marked by statements and actions from central bankers: the President of the Federal Reserve will address Congress starting Wednesday, while the European Central Bank meets on Thursday.
The ECB is expected to once again keep interest rates on Thursday at their historic high, confirming its cautious approach until it can claim victory over inflation in the eurozone, which stood at 2.6% year-on-year in February. Investors have resigned themselves to rates remaining unchanged, after hoping for so long that March would mark the beginning of a rate cut cycle.
“For the ECB, given the still fragile decline in inflation, the risks of cutting rates too early are greater than those of cutting too late,” according to Franck Dixmier, global head of fixed income management at Allianz Global Investors.
From Wednesday to Friday, several data on U.S. employment are also expected.
Dull luxury
Luxury stocks were struggling on Monday in Europe with the opening of the Chinese parliamentary sessions, the major political event of the year. China is a crucial market for the sector, but faces numerous economic challenges.
Kering fell by 2.16%, LVMH by 1.03%, Hermès by 1.26% in Paris, while Burberry lost 2.02% in London and Swatch Group 1.09% in Zurich.
Cuts in the oil world
Oil prices were slightly lower after Riyadh and Moscow, pillars of the OPEC+ alliance, and other members announced an extension of their production or export cuts for three months, a decision anticipated by the market which helped push WTI above $80 for the first time since November on Friday.
The price of a barrel of American WTI oil was down 0.33% at $79.70 US and North Sea Brent 0.18% at $83.40 US.
The euro gained 0.17% against the US dollar, at $1.0855 for one euro.
Bitcoin was up 3.59% at $65,110 US, remaining close to its November 2021 record.
In the bond market, interest rates on government bonds were stable in Europe and slightly higher in the United States.
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