Beeld: Deutsche Boerse AG
(ABM FN-Dow Jones) The European stock markets will open lower on Monday.
IG predicts an opening loss of 60 points for the German DAX, a minus of 24 points for the French CAC 40 and a drop of 34 points for the UK FTSE 100.
European stock markets closed higher on Friday.
Figures from the US Department of Labor showed on Friday that the number of jobs in the US rose by 187,000 in July, while the market expected an increase of 200,000 vanes. Unemployment fell from 3.6 percent to 3.5 percent. Annual wage growth was 4.36 percent to $33.74 an hour. The labor participation rate was 62.6 percent.
With that, growth has fallen below 200,000 jobs for the first time since the outbreak of the pandemic in 2020 for two months in a row, market watchers noted, who interpreted the report as a signal that the economy may be cooling enough to lower inflation, leading to a further rate hike in September may not be necessary.
“The July jobs report points to a soft landing for the US economy,” said PNC Financial Services economist Gus Faucher. “Job growth is gradually slowing to a more sustainable pace,” he said.
But according to Nationwide economist Kathy Bostjancic, the jobs report won’t change the Fed’s hawkish stance.
On a macroeconomic level, it was also announced on Friday that retail sales in the eurozone fell by 0.3 percent on a monthly basis in June. On an annual basis, sales increased by 1.4 percent. German factory orders were on the rise in June.
Company news
In Amsterdam, IMCD fell 1.4 percent. IMCD reported falling results and investment bank Jefferies expects analysts to lower their valuations. Degroof Petercam spoke of underperformance.
AP Moeller-Maersk saw net profit come under considerable pressure in the second quarter of this year after a fall in freight rates and volumes, but cost savings helped to limit the blow and even raised the outlook. The stock fell 4.9 percent.
Commerzbank realized more income in the second quarter of this year and also posted more profit. The stock gained 2.9 percent.
Crédit Agricole saw its results pick up in the second quarter of this year, after insurance income rose sharply. In addition, the French bank announced that it is taking a majority stake in Degroof Petercam. The acquisition is being carried out in partnership with CLdN, Degroof’s reference shareholder. The Crédit Agricole share was 6.1 percent higher.
Other banking stocks also had the wind at their backs today.
Euro STOXX 50 4.332,91 (+0,7%)
STOXX Europe 600 459,28 (+0,3%)
DAX 15.951,86 (+0,4%)
CAC 40 7.315,07 (+0,8%)
FTSE 100 7.564,37 (+0,5%)
SMI 11.098,48 (+0,1%)
AEX 772.71 (+0.3%)
BEL 20 3.731,41 (+0,5%)
FTSE MIB 28.586,37 (-0,4%)
IBEX 35 9.368,40 (+0,7%)
AMERICAN SHARES
Wall Street opens in the green on Monday, according to US futures, after closing lower on Friday.
“The jobs report did not bring any major surprises,” said market analyst Naeem Aslam of Zaye Capital Markets. “The downside surprise in the report has made the tug-of-war between the bulls and bears even more difficult as neither knows which way it will go,” he added.
September futures for a barrel of West Texas Intermediate crude closed 1.6 percent, or $1.27, higher on Friday at $82.82 on the New York Mercantile Exchange. The oil price thus closed higher on a weekly basis for the sixth consecutive week and also closed at its highest level in sixteen weeks.
On a macroeconomic level, only consumer credit is on the agenda in the US on Monday.
Company news
Nikola lost again. The manufacturer of zero-emission trucks posted a net loss of $218 million during the reporting period. A year earlier, this was a loss of $173 million. Revenue was $15.4 million compared to $18.1 million in the second quarter a year earlier. Analysts had expected $15.0 million, according to FactSet. Michael Lohscheller will also step down as CEO. He is replaced by Steve Girsky. The share fell approximately 23.6 percent. On Thursday, the share managed to book a 12.4 percent gain.
Booking managed to present better than expected results. The online travel company reported adjusted second-quarter earnings of $37.62 per share on revenues of $5.46 billion. This while analysts polled by Refinitiv expected earnings of $28.90 per share and revenue of $5.17 billion. The stock rose about 7.4 percent.
UBS has raised Amazon.com’s price target from $150 to $175 with an unchanged buy rating after the US e-commerce giant reported strong quarterly earnings after close on Thursday. According to the Swiss bank, Amazon managed to beat expectations on almost all fronts: in terms of turnover, margins and revenues at the important Amazon Web Services branch. The stock rose about 8.7 percent.
Apple lost about 4.6 percent after Thursday’s aftermarket figures.
S&P 500 index 4.478,03 (-0,5%)
Dow Jones index 35.065,62 (-0,4%)
Nasdaq Composite 13.909,24 (-0,4%)
ASIA
The Asian stock markets were divided on Monday, but without major results.
Nikkei 225 32.205,36 (+0,0%)
Shanghai Composite 3.269,66 (-0,6%)
Hang Seng 19.535,07 (-0,0%)
VALUE
The euro/dollar was quoted at 1.0994. At the close of the American stock markets on Friday, the currency pair was still trading at 1.1006 and at the close of the European stock markets there was still a position of 1.1036.
USD/JPY Yen 142,10
EUR/USD Euro 1,0994
EUR/JPY Yen 156,22
MACRO-AGENDA:
08:00 Industrial Production – June (Ger)
21:00 Consumer Credit – June (US)
COMPANY NEWS:
07:00 Siemens Energy – Figures third quarter (Germany)
13:00 BioNTech – Second quarter figures (US)
1:00 PM Tyson Foods – US Third Quarter Results
22:00 Beyond Meat – US Q2 figures
Bron: ABM Financial News
ABM Financial News is a supplier of stock market news, video and data, both for real-time trading platforms and dealing rooms and for online and offline media publications. The information in this article is not intended as professional investment advice or as a recommendation to make certain investments.
2023-08-07 04:56:00
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