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EUROPEAN SCHOLARSHIPS INCREASED IN MID-SITTING
by Marc Angrand
PARIS (Reuters) – European stock markets are up sharply mid-session Tuesday, relieved by the compromise found the day before in the German government coalition and the statements of the Chinese central bank on its desire to stabilize the yuan , two factors that should allow Wall Street to open in the green for a shortened session on the eve of the American National Day.
In Paris, the CAC 40 gained 0.98% at 5,328,19 points around 11:00 GMT. In Frankfurt, the Dax takes 1.29% and in London, the FTSE 100 advance of 0.57%.
The pan-European FTSEurofirst 300 index rose by 0.94%, the EuroStoxx 50 of the euro zone by 1.24% and the Stoxx 600 by 0.93%.
On the foreign exchange market, the euro regains 0.1% against the dollar at 1.1651, after a decline of nearly 0.4% Monday.
Investors were rebadured by Angela Merkel's agreement with German Interior Minister Horst Seehofer on Monday on German migration policy, which helps to avoid a break between the Christian Democratic Union (CDU) ) of the Chancellor and the Christian Social Union (CSU), two of the three parties in the ruling coalition, while their differences threatened to shatter the majority.
The Social Democratic Party (SPD), the third party in the government, has not yet delivered its opinion on this agreement.
On the bond market, yields on German government bonds, which had declined in recent days, have started to rise again, to nearly 0.32% for the ten-year Bund.
RESPITE FOR CHINESE MARKETS
Another rebaduring element for investors: the interruption of the decline in Chinese equity markets and the yuan. The Shanghai SSE Composite Index gained 0.39% and the CSI 300 of the largest capitalizations of mainland China finished stable.
The People's Bank of China (BPC) badured that it was monitoring the evolution of the yuan and that it intended to ensure a "stable" and "reasonable" level .; a short while ago, the Chinese currency had broken the symbolic threshold of 6.7 per dollar. He then climbed back around 6.65.
The yuan has fallen by almost 4% against the greenback since June 14, a depreciation mainly related to fears of a marked impact of the rise of protectionism on Chinese growth.
On this last point, the concern may weigh on the trend at least until Friday, day scheduled for the entry into force of new US tariffs on 34 billion dollars (29 billion euros) of Chinese products.
The dollar drops 0.38% against a basket of reference currencies, a decline seen as a logical consolidation after a gain of 6% in three months. Prudence weighs further before the closure of US markets for July 4, while the Federal Reserve must publish on Thursday the minutes of its last monetary policy meeting.
GLENCORE FALLS, SOCGEN AND COMMERZBANK AM
On the equities side in Europe, the Stoxx index of commodities is the only major sectorial index to move into the red, but its decline is due entirely to Glencore's 9.69% fall as a result of a subpoena. of American justice in a survey of certain activities of the mining group in Africa.
The title also slows the growth of the London FTSE 100.
On the upside, the banking sector grew by 0.91%, one of the best performances of the day with telecoms (+ 1.81%) and utilities (+ 1.23%).
Societe Generale wins 0.9% after the announcement of the acquisition of Commerzbank's derivatives and badet management business, which takes 1.1%.
The high-tech segment (+ 0.45%) underperforms after the Dutch earnings warning BE Semiconductor, which yields 9.2%.
In Paris, the most spectacular fall is for Trigano, which loses 12.79% of its value after a quarterly turnover lower than expected.
On the oil market, prices are up nearly 1%, supported by the suspension of exports from two of Libya's main terminals and by the prolonged closure of a large Canadian deposit. US light crude (West Texas Intermediate, WTI) hit $ 74.90, its highest level since December 2014.
(Edited by Blandine Hénault)
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