Caution should remain in order on European markets, concerned about the pandemic 
 
Eurostoxx 50 3,510.94 points -0.03% 
CAC 40 5,566.79 points -0.08% 
DAX 30 13,286.57 points -0.02% 
FTSE 100 6,362.93 points -0.44% 
SMI 10,497.79 points +0.09% 
AEX 607.39 points +0.16% 
BEL 20 3,691.48 points -0.31% 
IBEX 35 8,104.60 points -0.74% 
 
DJIA 29,872.47 points -0.58% (close of November 25) 
Nasdaq 12,094.40 points +0.48% (close of November 25) 
S&P 500 3,629.65 points -0.16% (Close November 25) 
 
Nikkei 225 26,644.71 points +0.40% 
 
Exchange rate at 06:50 
Change from closing in New York 
 
EUR/USD 1.1928 +0.12% 
EUR/JPY 123.96 -0.20% 
USD/JPY 103.93 -0.32% 

TO FOLLOW IN FRANCE

Investors will react on Friday to a series of economic indicators in France: detailed results of gross domestic product (GDP) in the third quarter, household consumption expenditure in October, first estimate of the Consumer Price Index for November, October producer prices and Housing construction figures in October.

On the corporate side, Pernod Ricard brings together its shareholders in a combined general meeting.

actions

European equity markets are expected to move little at the opening on Friday, as investors are concerned about doubts surrounding AstraZeneca's experimental Covid-19 vaccine and the damage that prolonged lockdown measures will cause to the European economy.

At 7:35 a.m., the CAC 40 futures contract was up 0.4 points, or 0.01%, according to data from broker IG Markets. The DAX 30 contract was down 2 points, or 0.02%, and the FTSE 100 contract was down 3.5 points, or 0.1%.

The chief executive of the British pharmaceutical laboratory AstraZeneca said Thursday that the vaccine developed by the group against Covid-19 would require an additional study to validate the results obtained in terms of effectiveness when patients first receive half a dose of the product, followed a month later by a full dose.

Injecting half a dose was originally a mistake, but data from a study of patients who received this protocol show greater efficacy than when two full doses are injected a month apart.

The British government on Friday asked the country's health authority to examine this experimental vaccine with a view to possible commercialization.

In Asia, the main indices are rising on Friday. In the United States, Wall Street, closed Thursday due to Thanksgiving celebrations, will reopen for a shortened session on Friday.

The Nikkei index closed Friday up 0.4%, while the Hang Seng gained 0.2% at the end of the session. In China, the Shanghai Composite Index advanced 0.3%.

Obligations

U.S. Treasury yields fell friday morning. Investors prefer safe haven assets, which supports bond prices, which move in the opposite direction of their yield.

Societe Generale believes that the scope for euro bond yields is limited, as they depend on asset purchases by the European Central Bank (ECB). For the yield on the ten-year German Bund, the base case of Societe Generale's interest rate strategists predicts an increase of between 20 and 50 basis points, "towards -0.10% by the end of 2021".

The bank's strategists believe that the ECB will maintain flexible financial conditions and be rather accommodative. "The central bank could let long-term rates rise slightly, but only if the inflation outlook improves," they said.

FOREIGN EXCHANGE

The US Dollar Index, an index that measures the evolution of the greenback against a basket of currencies, fell on Friday and is trading below 92 points, due to a certain aversion to risk, caused by concerns about the effectiveness of vaccine candidates against Covid-19.

In addition, many sterling traders exclude the risks associated with a lack of agreement between the United Kingdom and the European Union on their relations at the end of the post-Brexit transition period, which is due to end on 31 December, and it may be time to downgrade optimism surrounding negotiations between London and Brussels, says TD Securities.

The British currency has presented "a sharp discount related to Brexit" for four years but it now displays a premium of 2%, suggesting that "the optimism integrated into the price is slightly exaggerated", adds Mark McCormick, an analyst at TD Securities.

Although a trade deal between the UK and the EU is possible in the short term, it is unlikely to be signed before the end of the year, the analyst warns. The British economy is also facing "mismanagement" of the health crisis, he adds.

    
   
Oil

Oil contracts, which rose sharply earlier this week, are trading in scattered order Friday morning ahead of a meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, next week.

At 7:20 a.m., the January Contract for North Sea Brent gained 3 cents to $47.83 a barrel, while the Nymex-listed Mild Light Crude (WTI) contract gave up 70 cents to $45.01 a barrel.