Before Wall Street reopens, European equity markets are expected to decline. The Eurostoxx 50 opens at 4,390.99 points (-0.16%), the CAC 40 at 7,369.93 points (-0.23%), the DAX 40 at 16,039.17 points (-0.26%), the FTSE 100 at 7,519.72 points (-0.10%), the SMI at 11,217.34 points (-0.02%), the AEX at 778.72 points (-0.02%), the AEX at 778.72 points (-0.10%), the SMI at 11,217.34 points (-0.02%), the AEX at 778.72 points (-0.02%) 0.29%), the BEL 20 at 3,558.79 points (+0.46%), the IBEX 35 at 9,588.40 points (-0.58%), the DJIA at 34,418.47 points (+0.03%) (close on 3 July), the Nasdaq at 13,816.77 points (+0.21%) (close on 3 July), the S&P 500 at 4.455.59 points (+0.12%) (closing on July 3), the Nikkei 225 at 33.266.86

As far as exchange rates are concerned, the change compared to the close mentions that in New York, the EUR/USD is at 1.0877 (-0.03%), the EUR/JPY at 157.19 (+0.01%), the USD/JPY at 144.52 (+0.03%).

Statistics on industrial production in May were released at 8:45 a.m. Economists expect industrial production to fall by 0.2% compared to the previous month, following an increase of 0.8% over one month in April. For its part, the services PMI index for June will appear at 9:50am. Economists expect the index to fall to 48, from 52.5 in May.

In Europe, equity markets may open lower this morning, in a climate of caution ahead of the release of the minutes of the last monetary policy meeting of the US Federal Reserve (Fed). After the July 4th holiday, the New York Stock Exchange reopens this Wednesday

According to data from the IG broker, the CAC 40 futures contract lost 15.5 points, or 0.2%. The FTSE 100 contract gave up 3 points, or 0.04%, and the DAX 40 contract gave up 19.5 points, or 0.1%. Today, the attention of European investors is focused on the euro area's manufacturing and composite PMI indices for the month of June. The minutes of the June Fed meeting that will be released tonight will provide an overview of the thinking of US central bankers when they decided to keep their key rate unchanged

Investors expect the Fed to raise this rate by 25 basis points in July, to a range of 5.25% to 5.5%. On Friday, the Fed's minutes will be followed by the June employment report. In addition, economists expect the creation of 240,000 net jobs in the United States last month, up from 339,000 in May.

Equity markets are falling on Wednesday. At the end of the session, the Nikkei index on the Tokyo Stock Exchange fell by 0.5%. The Shanghai Composite fell by 0.6% and the Hang Seng lost 1.4% in Hong Kong. The services PMI published by Caixin and S&P Global fell to 53.9 in June in China, from 57.1 in May, indicating a slowdown in the sector's recovery

U.S. Treasury yields fell slightly this morning. The rate on the 2-year bond lost 1 basis point, to 4.917%, while around 7:20am, the rate on the 10-year US Treasury bond declined by less than 1 basis point, to 3.854%. For Timothy Rahill, credit strategist at ING, the supply of corporate bonds denominated in euros is expected to decrease in the second half of 2023 after having been abundant in the first half of 2023

For ING, this offer will decrease to between 85 billion and 100 billion euros in the second half of the year, compared to 188 billion euros in the first six months of 2023. According to the strategist, emissions made since the start of the year have increased by 19% compared to the same period in 2022 and are in line with the emissions of 2021

This morning, the euro is stable against the dollar and the yen, as is the greenback against the Japanese currency. After the announcement of a decline in the Caixin China services PMI index, which signals a slowdown in sector activity in June, the yuan weakened against the dollar in both offshore and onshore markets

This morning, oil futures are trading in scattered order. According to ANZ analysts, crude prices benefited at the beginning of the week from the prospect of further supply cuts, while the Organization of Petroleum Producing Countries (OPEC) left the door open to extending its production cuts if fundamentals warrant it. However, other analysts believe that recent signs of weakness in the global economy could weigh on the outlook for oil demand, limiting price increases.

The August contract on soft light crude (WTI) traded on Nymex earned 1.12 dollars, at 70.91 dollars a barrel, while the September contract on North Sea Brent sold 43 cents, at 75.82 dollars a barrel.