(CercleFinance.com) – The Paris Stock Exchange is expected without much change on Tuesday morning, pending the reopening of Wall Street closed Monday for the long weekend of Memorial Day, and whose orientation could well give a new market impulse.
Around 8:15 a.m., the direction of futures contracts suggests an opening down very slightly for the CAC 40 index, of around 0.2%.
Yesterday, the Parisian market had succeeded in extending its recovery from last week by granting itself a gain of 0.7% to 6562 points, in the wake of luxury stocks such as Hermès, Kering or LVMH.
This upward trend also prevailed in the rest of Europe, with an increase of 0.8% in Frankfurt, an advance of 0.2% in London and an increase of 0.9% for theEuro STOXX.
The session turned out to be more mixed on Tuesday in Asia, where the Nikkei index of the Tokyo Stock Exchange was down 0.3% at the end of the session, while the CSI 300 index of the largest Chinese companies listed on Shanghai and Shenzhen took nearly 1.2%.
According to official data, China’s manufacturing Purchasing Managers’ Index (PMI) rose to 49.6 in May from 47.4 in April, again close to the 50-point mark indicating an expansion of activity.
“China’s economy was hit by the Omicron variant epidemic and changes in the international situation, but improved in May due to effective epidemic control coordination,” said the State Bureau. statistics (BES).
In the services sector, China’s PMI came in at 47.8 in May, from 41.9 in April, again suggesting a pick-up in activity as supply chains improved.
Wall Street is expected to reopen on a positive note on Tuesday after a holiday on Monday.
While global equity markets have benefited from a technical rebound in recent days, some strategists point out that tangible signs of a real trend reversal are slow to materialize.
‘From our point of view, the stock markets are pricing in the scenario of an economic slowdown, but not that of real difficulties or a recession’, warn the Berenberg teams this morning.
While waiting to learn more about the possible continuation of the rebound of the last few days, investors will be able to focus on new statistics today.
At the end of the morning, the speakers will take note, in particular, of the preliminary figures for inflation in the euro for the month of May, before following, this afternoon, the confidence index of the Conference Board, which will show whether household consumption continues to hold up on the other side of the Atlantic.
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