European markets were gray on Tuesday at the close, caution on the eve of an important meeting of the American Central Bank taking precedence over the optimism they had shown about a potential vaccine against Covid-19.
While the Paris index took 0.01%, London dropped 1.11%, Frankfurt 0.04%, Milan 0.41%, Madrid 0.01%.
After moving up a good part of the session, the stock markets took a nosedive during the last two hours of listing, marked in particular by the hesitant opening of Wall Street.
“The market starts to be a little nervous before Jackson Hole Thursday”, analyzes Laurent Le Grin, general manager at Degroofpetercam.
The boss of the Fed, Jerome Powell, is due to speak at this annual symposium, a few days after the publication of a report of the last meeting of the institution interpreted as worrying by market players.
– “Crossed arms” –
“Many investors are holding their arms crossed before Jackson Hole,” confirms David Madden, market analyst for CMC Markets UK.
At mid-session on Wall Street, the Dow Jones lost 0.47%, the Nasdaq advanced 0.32% and the S&P 500 gained 0.06%.
In the wake of the stock market in Europe, ten-year interest rates on the debts of the main states have risen, by between 5 and 7 basis points.
The French rate was -0.13% at the close, the German rate of -0.43%, the Italian rate of 1.03% and the Spanish rate of 0.39%.
Before the last two hours of trading, the trend had been optimism, as hopes for a vaccine or treatment against Covid-19 allowed the shares to show frankly on Monday.
Paris jumped 2.28%, Frankfurt 2.36%, London 1.71%, Milan 2.12% and Madrid 1.82%.
– “lack of conviction” –
Tuesday’s session was marked by new announcements from Britain’s AstraZeneca.
The laboratory, which is already developing a vaccine, has announced that it has launched phase 1 trials on a drug to prevent and treat Covid-19. The trial is funded by the US government.
On Sunday, the US Medicines Agency gave the green light to transfusion of blood plasma from people cured of the coronavirus to hospital patients – a treatment whose effectiveness is however still debated.
“The fact that the strong start of the session (Tuesday) could not be sustained suggests a lack of investor conviction” across Europe, said David Madden.
On the Paris index, ArcelorMittal was the biggest drop of the day, dropping 1.62% to 9.89 euros. But despite the decline of many stocks across Europe, companies in the tourism sector have still benefited from the hope of a vaccine.
Accor took 3.83% to 25.49 euros, the airline group IAG, owner of British Airways, advanced 2.48% to 202.20 pence, and the hotel group InterContinental Hotels 3.37% to 4.448, 00 pence.
Schneider Electric (+ 0.48% to 105.75 euros), main shareholder of the British software publisher Aveva (+ 7.25% to 4,646.00 pence), benefited from the agreement for the takeover by its subsidiary from its American competitor OSIsoft, a transaction welcomed by the French group.
Amid optimism on the economic recovery, the German manufacturer of aircraft turbines MTU Aero Engines gained 2.16% to 156.25 euros.
alb / etr
– .
