(Photo: La Presse Canadienne)
REVIEW OF MARKETS. The global markets mostly declined on Monday, as investors awaited updates on consumer spending and inflation in the United States and in other countries.
Stock indices at 7:30 am
In Toronto, the S&P/TSX is up 154.76 points (+0.80%) to 19,590.74 points.
In New York, the S&P 500 gained 25.19 points (+0.59%) at 4299.70 points.
The Nasdaq is up 108.43 points (+0.83%) at 13,201.28 points.
The DOW is up 116.07 points (+0.35%) at 33,666.34 points.
The Canadian dollar is up 0.0013 $US (+0.18%) at 0.7423 $US.
Oil is down $1.87 $US (-2.00%) at $91.81 $US.
Gold is down $9.20 $US (-0.49%) at $1881.70 $US.
Bitcoin is up $759.28 $US (+2.89%) at $27,018.29 $US.
The French CAC40 has slightly declined by 0.1% at the opening of the session, while the German DAX has fallen by 0.2%. On the other hand, London lost 0.3%.
In New York, before the markets opened, the Dow Jones industrial average and the broader S&P500 index each declined by 0.1%.
On the Asian markets, the Japanese Nikkei 225 benchmark fell by 0.5%. Hong Kong fell by 0.2%, while Shanghai lost 0.3%.
The South Korean Kospi has lost less than 0.1%, while Sydney has lost 0.8%.
At the New York Commodities Exchange, the US reference crude oil fell 43 cents to $75.11 US per barrel.
The context
On the agenda this week are figures for consumer confidence in the United States, retail sales in Japan, and manufacturing activity in these two countries, as well as in China.
Market consensus favors “a perfect scenario in which slowing inflation allows for a reduction in key rates before mid-2024, without growth slowing significantly,” comments Xavier Chapard, a member of the La Banque Postale AM strategy team.
Since mid-November, the markets have been reassured by the trajectory of US inflation, which, in October, stood at 3.2% year-on-year, compared to 3.7% in September.
This slowdown is seen as good news for investors, following the monetary policy pursued by the US central bank (Fed), which raised its rates to a range of 5.25 to 5.50%, their highest level in 22 years, in order to reduce inflation.
Buoyed by this positive data and the prospect of rate cuts coming in 2024, “European markets seem on track to have their best month since January,” comments Michael Hewson, analyst at CMC Markets.
And “as long as investors believe that a reduction in key rates will occur in the first half of 2024, it seems likely that the upward trend in the stock market will persist,” notes Christopher Dembik, investment strategy advisor at Pictet.
Green light for Valneva
The European Medicines Agency (EMA) has given a favorable opinion for the marketing of a chikungunya vaccine from Valneva (+1.27% in Paris), already approved on November 10 in the United States, according to a press release published Monday by the manufacturer.
Julius Baer responds to rumors
Faced with rumors surrounding the struggling Austrian group Signa, the Swiss bank Julius Baer (-1.78% in Zurich) acknowledges having granted loans, which expose it to “a European conglomerate” to the tune of 606 million Swiss francs (621 million euros), without naming it.
Oil down ahead of OPEC+
Oil prices were down, with the humanitarian truce between Israel and Hamas calming the markets and investors awaiting the OPEC+ meeting this week.
Around 7:20 am, the Brent barrel of North Sea, for delivery in January, was down 1.15% at $79.65 US.
Its US equivalent, the West Texas Intermediate (WTI) barrel, for delivery the same month, was down 1.23% at $74.61 US.
On the foreign exchange market, the euro was slightly up (+0.15%) compared to the dollar, at $1.0955 US, and the British currency was up 0.32% against the greenback, at $1.2643 US.
The bitcoin was down 1.49% at $37,065 US.
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