(Photo: La Presse Canadienne)
REVIEW OF MARKETS. Global stock markets are declining on Monday, due to profit-taking after a largely positive week and in the absence of American investors on this public holiday.
Stock indices at 7:45 a.m.
In Europe, trading volumes are reduced and Paris was down 0.52%, Frankfurt 0.65%, London 0.49%, and Milan 0.20% at around 7:15 a.m.
In Asia, the Hong Kong Stock Exchange slipped 0.64%, Shanghai lost 0.54%, and Tokyo fell 1%, weighed down by profit-taking.
The New York Stock Exchange is closed on Monday, a public holiday commemorating the end of slavery in the United States.
The context
“The week begins with positive geopolitical signals, as the weekend discussions between the United States and China went well,” comments Ipek Ozkardeskaya, analyst at Swissquote Bank.
Chinese President Xi Jinping praised “progress” made and “common ground” found with Washington during a rare meeting with US Secretary of State Antony Blinken in Beijing, according to remarks broadcast by state television CCTV.
Antony Blinken, for his part, stated that the United States and China want to “stabilize” their relations and that the United States does not seek to “halt” China’s economic development.
This meeting takes place on the second and final day of Mr. Blinken’s visit to China, the first by a US Secretary of State in nearly five years.
Investors had hoped at the end of last week for measures to support the Chinese economy, which is not experiencing the expected post-Covid growth, but the absence of an official announcement dampened their optimism on Monday.
The issue of monetary policy and interest rate guidance remains closely watched by the markets. Speeches by representatives of the Federal Reserve and the European Central Bank are also on the agenda. “They will certainly provide nuances on last week’s monetary policy meetings,” comment analysts at Deutsche Bank.
On Wednesday, Federal Reserve Chairman Jerome Powell will testify before the US House of Representatives, before appearing before the Senate on Thursday, giving investors more information on the Fed’s intentions.
The Bank of England and the Swiss National Bank will hold their own meetings this week and will decide on their monetary policy.
Sovereign bond yields are stable.
Sartorius sharply declines
Provider of equipment for the biopharmaceutical sector Sartorius Stedim Biotech (SSB) saw its share price drop sharply by 12.98% in Paris after revising downwards its revenue forecasts for 2023 on Friday.
Its parent company Sartorius, listed in Frankfurt, lost 14.10% after announcing on Friday evening a downward revision of its 2023 forecasts, implying a downward revision of about 25% from its previous gross operating profit targets.
AstraZeneca vaccinates against tensions
British pharmaceutical giant AstraZeneca (AZN) has devised a plan to split its operations in China and list them on the Hong Kong Stock Exchange in a new entity that would remain under its control, in order to “protect the company against rising geopolitical tensions,” according to the Financial Times (FT).
Its stock fell 1.34% in London.
Regarding currencies and commodities
Oil prices started the week in the red on Monday, as investors remained concerned about Chinese demand for black gold, while increasing Iranian exports also weighed on prices.
At around 7:10 a.m., North Sea Brent (BZ=F) crude for delivery in August was down 0.14% at $76.50.
Its US counterpart, West Texas Intermediate (WTI) crude for delivery in July, lost 0.35% at $71.53.
The price of the European benchmark contract for natural gas, the Dutch TTF, fell another 7.74% to €32.30.
The European currency was slightly down (-0.15%) against the dollar at $1.0920.
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