Paris (awp / afp) – The trend is divergent on Monday in equity markets divided between caution in Europe and optimism among investors in Asia, despite Beijing’s denial of an imminent easing of its zero Covid policy and Chinese trade data at half-auction .
At 08:30 GMT, the Paris stock exchange fell 0.27%, the London one remained stable and the Frankfurt one gained 0.29%. European markets closed green on Friday after two red sessions as investors hoped to take advantage of a gradual lifting of Covid-related restrictions in China.
In Tokyo, the leading Nikkei index gained 1.21%. Optimism also reigned in Chinese stock markets despite health authorities’ focus over the weekend on an “unshakable” pursuit of zero Covid policy after several days of speculation about an easing. The Shanghai Stock Exchange closed 0.23% higher while in Hong Kong the Hang Seng index rose 2.48% around 0810 GMT.
“The week begins with an uncertain trend, amidst mixed US employment data and weak Chinese trade data,” said Ipek Ozkardeskaya, analyst at Swissquote Bank.
Chinese exports saw their first decline since 2020 in October, as health restrictions and the threat of a global recession also hurt imports, according to official data.
Investors have been cautious on the eve of the US midterm legislative elections.
Wall Street closed higher on Friday following the release of US employment for the month of October.
Unemployment rose slightly in the US in October, beyond expectations, and wage growth slowed. These elements indicate a deceleration of the American economy and therefore of inflation, such as to strengthen the scenario of a soft landing hoped for by the American Federal Reserve (Fed).
“This week will once again be dominated by evidence from China and any further evidence that primary inflation in the US continues to decline,” with the release of monthly US consumer price data on Thursday for October, Michael Hewson points out. CMC Markets analyst.
Last week, the US central bank and the Bank of England (BoE) raised their policy rate by 75 basis points, a measure aimed at curbing demand by making credit more expensive for households and businesses.
The European Central Bank, for its part, will swiftly take further measures if high inflation persists and impacts medium-term expectations, its president Christine Lagarde warned on Friday.
Foxconn lowers its forecasts
Taiwanese electronics giant Foxconn (+ 1.42%), Apple’s main subcontractor, warned on Monday that its fourth-quarter forecasts are suffering the backlash of anti-Covid containment measures affecting its assembly lines in the Chinese city of Zhengzhou.
IPhone 14 Pro shipments will be “lower than expected” following the confinement of a factory in China linked to anti-Covid restrictions, Apple warned on Sunday evening.
Nissan invests in mobility services
Japanese carmaker Nissan (+ 0.49% to 488.5 yen), an ally of French Renault, announced on Monday the creation of a new company to develop its mobility services in China, including robotaxis (autonomous vehicles). and invest in this sector.
Also, as speculation rages over negotiations on the future of the Renault-Nissan alliance, which are slow to succeed, Nissan’s chief executive on Friday assured that they were not stalled.
On the side of currencies and oil
The dollar rose against the yen, at the one dollar rate of 147.14 yen around 08:25 GMT versus 146.62 yen on Friday at 21:00 GMT.
The euro is stable (+ 0.05%) against the dollar at $ 1.0072 against $ 0.9956 on Friday at 21:00 GMT.
The oil market is in sharp decline, disappointed by the distant prospect of an easing of health restrictions in China, which weighing on the national economy also weighs on the country’s demand for black gold.
Around 06:25 GMT the US WTI barrel lost 0.79% to $ 91.81 and the North Sea Brent barrel fell 0.86% to $ 97.70.
afp / ck