Sent November 4, 2022, 5:41 pm
Forget the “Jerome Powell” disappointment! Equity markets were in a real wind of madness on Friday. The trend of purchases, already observed on Tuesday, has accelerated after two hesitant days, while the rumors of the imminent reopening of the second world economy are becoming more and more insistent. ” What we assume is that [le pays] will model its reopening on the Hong Kong model “Jack Siu, Greater China Investment Director at Credit Suisse, said on Bloomberg this morning. Before relativizing: To fully reopen, it will take at least another nine months. “
The sought-after Chinese technology
The market, galvanized by what is just a rumor, has gone up, as has the Bedroom 40, which ended the session at 6,416.44 points, up 2.77% after a 3.57% jump at the peak of the day. The turnover amounts to 4.5 billion euros. across the Atlantic, the Dow Jones and the Nasdaq composite it is progressing more slowly by 0.35% and 0.1% at a time when Europe is closing its doors. Asia preceded them. the CSI 300 Chinese took more than 3%, the Hang Seng in Hong Kong more than 5%.
This last clue made use of a second indiscretion, the one according to which American auditors tasked with collecting documents on Wall Street-listed Chinese companies have succeeded in their mission. According to financial news agency Bloomberg, they are expected to return this weekend, before the originally scheduled date. On Wall Street, the Chinese Internet giant Ali Baba took the opportunity to take 7%. The stock jumped nearly 11% in Hong Kong.
More job creation than expected in the United States
In this context, the official report from the Bureau of Labor Statistics (BLS), published early Friday afternoon, did not have a particular impact, especially as it only confirms the solidity of the labor market. In October, the United States created 261,000 nonfarm jobs, up from the 193,000 forecast by Bloomberg and 315,000 in September (revised from 263,000). The rate of unemployment slightly increased by 0.2 points to 3.7% (against 3.6% estimated) and the average hourly wage increased by 0.4% over a month (+ 0.3% expected) and by 4.7 % over one year, as expected. This report provides arguments both to hardliners of the US Federal Reserve and to those wishing to slow the rate of rise in the cost of money. ” However, the job market has held up better than expected this year and, with wage growth still too high for the Fed, there is no sign that officials will abandon their hawkish bias anytime soon. says Michael Pearce, a senior US economist at Capital Economics. The statistics therefore do not change the situation regarding the rate hike: 50 or 75 basis points in December, the question remains unanswered. ” The next major economic indicator that is likely to move the cursor for the Fed is the Consumer Price Index next week. recalls Jackson Pride, of Glenmede.
On the side of values, luxury shone this weekend, supported by rumors of deconfinement in China. LVMH, Hermes And Kering won between 3.71% and 7.07%. Air carriers have also gained share, likeAir France-KLM (+ 2.23%) while Beijing could end the ban on airlines carrying Covid-19 positive people on its territory, thus drawing inspiration from a similar decision taken by Hong Kong in July. The values relating to raw materials are also circled. Erametfor example, it was up 10.01%.
Socgen and Teleperformance brought from their quarterly
General Company (+ 2.55%) who presented their accounts as at 30 September, exceeded expectations, supported by its trading activities which benefited from market volatility. Net profit was 1.5 billion euros (-6.4?%).
also surrounded, Tele-performance took 3.37%. The customer service management outsourcing specialist has posted 17.2% growth to over € 2 billion in third quarter salesallowing it to elevate its ambitions for the whole year.
Single drop in the Cac 40, Thales lost 2.6%, weighed down by the fall of more than 7%. Leonardo on the Milan Stock Exchange. While third-quarter accounts were better than expected for the Italian group, analysts are concerned about the impact of the expected inflation peak in 2023, when 70% of the order book is based on fixed and fixed sales prices.
Values of luxury once again driven by rumors of an exit from the zero Covid policy in China
Thales excluded from the stock exchange party, weighed down by the Italian Leonardo
Analyst Recommendations: BNP Paribas, Publicis, Accor, Legrand, JCDecaux, Nexans, Believe, Sopra Steria, Getlink, Spie