European stock markets closed slightly lower on Monday, digesting a fruitful week, while Wall Street ended in the green after a shortened session on the eve of a public holiday in the United States.
In Europe, all the main places closed in the red: Paris fell by 0.18%, London by 0.06% and Frankfurt by 0.41%.
On Wall Street, the Dow Jones gained 0.03%, the Nasdaq index gained 0.21% and the broader S&P 500 index gained 0.12%.
The manufacturing activity index for June in the United States published during the session showed a contraction for the eighth consecutive month, more marked than expected, according to data published by the professional federation ISM.
In detail, the index measuring this activity fell in June to 46%, against 46.9% a month earlier, while analysts rather expected a slight increase to 47.1%, according to the published consensus. by Briefing.com.
The New York market has paid little heed to this figure, which lends credence to the thesis of a slowdown in the American economy.
“When you have a half session, don’t expect a lot of activity one way or the other,” commented Art Hogan of B. Riley Wealth Management. “And that’s exactly what happened today.”
You have to go back to the end of December to find traces of such low trading volumes on a trading day.
“There were no downside catalysts and we kept the momentum of the first half,” noted the analyst.
Tesla leaps to New York
The American electric vehicle manufacturer Tesla delivered 466,140 cars in the second quarter, a figure above expectations despite a difficult market.
These volumes represent an increase of 83% compared to the same period last year, and 10% compared to the first three months of 2023.
“This data should allow the action to rise again strongly, but the numerous price cuts, which have enabled this performance, could put a little more pressure on the manufacturer’s margins”, notes Vincent Boy, market analyst at IG. France.
The stock jumped 6.90%.
In Europe, auto stocks ended up scattered. In Frankfurt, Volkswagen gained 0.68% while BMW dropped 0.28%, Mercedez-Benz 0.07% and Porsche AG 0.09%.
Astrazenaca not assertive enough
Shares in pharmaceutical company Astrazenaca fell 8% in London after the company provided an update on its lung cancer drug datopotamab deruxtecan.
The laboratory considers that the test “demonstrated a statistically significant improvement” but analysts, like those of Jefferies, regret “the lack of details”, and formulations suggesting “less significant profits than expected” after the use of the drug.
Oil remains gloomy
Oil prices, which had opened higher on Monday following an announcement of further production cuts from Russia and Saudi Arabia, finally ended lower, reflecting some pessimism on demand.
The barrel of Brent from the North Sea, for delivery in September, which was the first day of use as a benchmark contract, dropped 1.00% to 74.65 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI) for August delivery, lost 1.20% to drop below 70 dollars to 69.79 dollars.
The euro up slightly
The euro was almost stable (+0.04%) against the greenback, at 1.0914 dollars for one euro around 8:55 p.m. GMT.
Bitcoin was up 1.74% at $31,142.
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2023-07-03 21:06:54
#Western #markets #movement #eve #holiday #United #States
