OF Morning Report : Orishas-finance

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OF Morning Report

27/09/2024

Source : ORISHAS-FINANCE

Categories: General Information

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European equity markets expected to rise slightly ahead of the PCE index in the US. The Eurostoxx 50 opened at 5,032.59 points (+2.35%), the CAC 40 at 7,742.09 points (+2.33%), the DAX 40 at 19,238.36 points (+1.69%), the FTSE 100 at 8,284.91 points (+2.35%), the SMI at 12,209.62 points (+0.50%), the AEX at 911.66 points (+1.69%), the FTSE 100 at 8,284.91 points (+0.20%), the SMI at 12,209.62 points (+0.50%), the AEX at 911.66 points (+1.69%), the FTSE 100 at 8,284.91 points (+0.20%), the SMI at 12,209.62 points (+0.50%), the AEX at 911.66 points (+1.69%), the 62%), the BEL 20 at 4,281.22 points (+0.54%), the IBEX 35 at 11,953.20 points (+1.36%), the DJIA at 42,175,11 points (+0.62%), the Nasdaq at 18,190.29 points (+0,54%), the IBEX 35 at 11,953.20 points (+1,36%), the DJIA at 42,175,11 points (+0.62%), the Nasdaq at 18,190.29 points (+0,54%), the Nasdaq at 18,190.29 points (+0.60%), the S&P 500 at 5,745.37 points (+0.40%), and the Nikkei 225 at 39. 463.55 points (+1.38%

As for exchange rates, the change from the close indicates that in New York, the EUR/USD is at 1.1166 (-0.11%), the EUR/JPY at 162.63 (+0.11%), the EUR/JPY at 162.63 (+0.47%), and the USD/JPY at 145.66 (+0.58%).

August household consumption statistics will be released at 8:45am, along with the first inflation estimate for September.

On the corporate side, the luxury group LVMH announced on Thursday that it had acquired a minority stake in the holding of the Italian high-end down jacket brand Moncler. The French group has acquired 10% of Double R, the investment vehicle of Ruffini Partecipazioni

Holding.

On Friday, Atos shareholders and creditors voted on the plan to safeguard the struggling digital services group. The reinsurer Scor announced on Thursday the acquisition of Altarea's 15.9% stake in the listed real estate investment company MRM and its intention to launch a takeover bid for the balance of the

capital.

Buoyed by stimulus measures from the People's Bank of China (PBOC) and the ruling party's commitment to take more measures to support the economy, European equity markets are expected to open slightly higher on Friday morning, in the wake of the growth in Asian stock markets. At around 7:30am, the CAC 40 futures contract took 19.8 points, or 0.3%, according to data from broker IG. The one on the DAX 40 gained 32.5 points, or 0.2%, and the one on the FTSE 100 gained 8.6 points, or 0.1%. Investors will be watching the release of the PCE inflation index for August in the United States on Friday, before that of the University of Michigan household confidence index

The New York Stock Exchange closed higher on Thursday and the S&P 500 hit its 42nd record of the year. U.S. gross domestic product (GDP) growth has been stronger than estimated over the past three years, thanks to robust consumer spending, the Commerce Department said Thursday

The PBOC has lowered bank reserve requirements by 50 basis points, with immediate effect. This decision brings the average reserve rate to around 6.6%, the central bank announced on Friday. The PBOC also reduced the “reverse repo” transaction rate to seven days, its main policy rate by 20 basis points, to 1.5%

Around 7:20 a.m., the Nikkei 225 gained 1.4% on the Tokyo Stock Exchange, the Hang Seng Index on the Hong Kong Stock Exchange rose 3.5% and the Shanghai Composite gained 2.1%.

After rising on Thursday, US Treasury yields are not changing much on Friday morning. The rate for the two-year security registered its largest increase in one session in five weeks, while that of the benchmark 10-year stock rose to the highest level since the beginning of September. The yield on the 10-year US Treasury bond was stable, at 3.80%, at around 7:30am. The yield on the two-year bond rose by 1 basis point, to 3.647%.

This morning, the euro fell against the dollar but rose sharply against the yen, like the greenback. Today, currency traders are watching the election to head Japan's ruling party, the Liberal Democratic Party, which will decide the succession of Prime Minister Fumio Kishida. Rabobank, for its part, indicates that the euro could evolve in a volatile manner due to speculation that the European Central Bank could cut rates in October, while France's fiscal difficulties could also weigh on the single currency in the coming weeks.

This morning, oil prices fell. According to commodity strategists at ING, the prospect of increased supply from Libya and Saudi Arabia is weighing on black gold prices. For the latter, “recent information suggests that representatives of rival administrations in eastern and western Libya have reached a 'compromise' on the management of the central bank, which paves the way for a potential resumption of Libyan oil production.” ING said media outlets have also reported that Saudi Arabia may seek to regain market share and start ending voluntary production cuts starting in December

Around 7:30am, the November Brent contract listed in London lost 9 cents, to 71.51 dollars per barrel. The contract for light sweet crude (WTI) at the same maturity listed on Nymex also sold 9 cents to $67.58

per barrel.

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