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Saturday, January 28, 2023

Stock market: what is moving in the markets before the opening on Friday

(Photo: Getty Images)

MARKET REVIEWS. The world stock markets remained wait-and-see on Friday, awaiting the publication of an inflation indicator in the United States before taking three days off for Christmas.

European markets are little changed compared to the previous day’s close. The London Stock Exchange, open for only half a session, ended close to equilibrium.

Wall Street was heading for an opening up slightly, the day after a sharp decline.

The trend is much more gloomy in Asia: Tokyo ended down on Friday after the publication of inflation at its highest since 1981, and down 4.7% over the week, marked by a first restrictive reversal of the Central Bank Japanese on Tuesday. The Japanese market ended the session at its lowest closing level since October 3.

In China, Hong Kong and Shanghai (-0.28%) fell.

Stock indices at 8:00 a.m.

The futures contracts Dow Jones advanced by 79.00 points (+0.24%) to 33,287.00 points. The futures contracts S&P500 posted an increase of 8.25 points (+0.21%) to 3,857.50 points. The futures contracts Nasdaq increased by 32.00 points (+0.29%) to 11,086.25 points.

In London, the FTSE 100 ended up a small increase of 3.73 points (+0.05%) to 7,473.01 points. In Paris, the CAC 40 gave up 11.16 points (-0.17%) to 6,506.81 points. In Frankfurt, the DAX increased by 36.46 points (+0.26%) to 13,950.53 points.

In Asia, the Nikkei Tokyo lost 272.62 points (-1.03%) to 26,235.25 points. For his part, the Hang Seng Hong Kong lost 86.16 points (-0.44%) to 19,593.06 points.

On the oil side, the price per barrel of American WTI was up US$1.67 (+2.16%) at US$79.16. The barrel of North Sea Brent fetched US$1.66 (+2.05%) to US$82.64.

The context

“While we do not expect this trend to change significantly today, more market volatility is likely to be seen in the afternoon as investors await key data releases in the States. States, including durable goods orders, new home sales and the PCE inflation report,” said Pierre Veyret, analyst at ActivTrades.

Markets are expecting a sharp deceleration in inflation, with prices rising 0.2% month on month from 0.8% in October, but any different outcome could profoundly change the dynamics of the session.

Trading in the shares will then be suspended for at least three days in the United States and Europe for a long Christmas weekend.

On the bond market, sovereign yields in Europe and the United States tightened slightly.

Bank BPM (+0.06%) and Credit Agricultural Insurance (+0.58%) signed a memorandum of understanding for the establishment of a long-term bancassurance partnership, according to a press release from the French bank on Friday. The entire banking sector was well oriented in a context of expectation of a hike in key central bank rates in 2023.

Oil prices rose on Friday after Russia announced a potential oil production cut in response to Western sanctions, increasing supply pressures.

Russia could cut its oil production by 500,000 to 700,000 barrels per day in early 2023, in response to the introduction by the EU, G7 and Australia, of a cap on the price of Russian black gold , Russian Deputy Prime Minister Alexander Novak said on Friday.

The euro advanced 0.11% to US$1.0608 and was flat against the pound at 1.1366 euro for the pound around 7:50 a.m.

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