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by Blandine Henault
PARIS (Reuters) – European stock markets ended the day down slightly on Monday, the prevailing caution against the activism of Donald Trump, while the rate market is driven by uncertainties surrounding the monetary policies of the major central banks.
In Paris, the CAC 40 finished down 0.37% at 5,378.25 points. The British Footsie fell by 0.30% and the German Dax yielded 0.10%.
The EuroStoxx 50 index dropped 0.17%, the FTSEurofirst 300 fell by 0.20% and the Stoxx 600 lost 0.19%.
Very fit, US President Donald Trump In recent days, it has multiplied declarations on several issues, including international trade.
On Friday, he raised taxes of up to $ 500 billion on Chinese products, while accusing China and the European Union of manipulating their exchange rate. He also lamented the strength of the dollar and criticized the monetary tightening by the Federal Reserve (Fed).
China responded on Monday by declaring that the value of its currency was market-defined and that it had not no intention to devalue the yuan to support its exports.
On the side of the European Union, a meeting is planned Wednesday in Washington between the president of the European Commission and Donald Trump to discuss trade relations and in particular the threat of United States to tax imports of European cars
"The tone of Donald Trump at meetings is generally more conciliatory when he meets in person.This could be good for the car", wants to believe Rory McPherson, head of Investment strategy at Psigma Investment Management
Meanwhile, the automotive sector in Europe fell by 0.28% Monday.
On Wall Street, benchmarks tend to stabilize and move around the equilibrium at the close of markets in Europe. The S & P 500 is virtually unchanged (+ 0.06%) after losing up to 0.24%.
A LOT OF PUBLICATIONS OF RESULTS
Donald Trump also spoke on Iran on Monday, reacting strongly to a warning from Hbadan Rohani. He urged his Iranian counterpart to no longer threaten the United States on pain of suffering historical consequences.
"Donald Trump is ready to start wars of all kinds: trade war, exchange rate war, war against Iran ", tip Tangi Le Liboux, strategist at Aurel BGC.
" It's a shame because the publications are rather well done on both sides of the Atlantic, but the markets have not not really the leisure to focus on the results results due to an American president unleashed at the end of this month ".
The publication of results will multiply this week, with an expected avalanche on both sides of the Atlantic. According to calculations by the Scotia Bank, 169 companies of the S & P 500 will publish their quarterly accounts in the coming days, including Alphabet, the parent company of Google, this Monday after the closing of Wall Street.
In Europe, investors will monitor, among other things, the results of LVMH, UBS (Tuesday), Deutsche Bank (Wednesday) and Total (Thursday).
In Paris, Atos fell by 6 on Monday, 74%, red lantern of the CAC 40 and Stoxx 600, disappointing half-year results having eclipsed the rather positive effect of the acquisition by the French SSII of the American Syntel (+ 4,11%).
Ryanair dropped 6.69% after warning of a less favorable pricing environment this summer and announced a 20% decline in earnings in the first quarter, closed at the end of June, of its fiscal year.
On their side , Fiat Chrysler (-1.5%) and Ferrari (-4.88%) were abandoned after the announcement of the departure of Sergio Marchionne for health reasons.
Wall Street, Halliburton fell 7.7 %, investors worried about a possible slowdown of activity on the Texan part of the Permian Basin where bottlenecks appeared
Semiconductor manufacturers are also suffering from decommitments, like Micron Technology (-2.08%), because of persistent commercial tensions.
For its part, Amazon (-0 , 39%) has again been criticized by Donald Trump for accusing the group of taking advantage of the US postal service.
CHANGE TO COME FROM BOJ'S SIDE?
The bond and foreign exchange markets are For their part, they are driven by the uncertainties surrounding the monetary policies of the major central banks.
The yen and the yield on Japanese 10-year government bonds soared following reports that the Bank of Japan (BoJ ) would discuss possible changes to its monetary policy.
The BoJ could adjust its interest rate targets and share purchase methods and arrange for its Quantitative Easing (QE) program to be more easily discover t manageable, sources told Reuters on Friday.
The rise in Japanese yields has contributed to a rise in sovereign yields in Europe and the United States. The yield at 10 US takes more than six basis points to 2.9522% after having already climbed Friday after the criticism expressed by Donald Trump against the monetary tightening policy of the Fed.
Traders have estimated that it might spur Jerome Powell, the Fed's president, to look twice before continuing the rate hike cycle, which would undoubtedly have the effect of reinforcing inflationary pressures.
In Europe, The German 10-year Bund returns to 0.408%, a high of more than a month.
The dollar index, which measures the evolution of the greenback against a basket of reference currencies, regains some ground after having suffered from the statements of Donald Trump.
The euro falls back on the threshold from 1.17 dollars to a few days of the monetary policy meeting of the European Central Bank, which could on this occasion specify the timing of a first rate increase after the vagueness observed around the expression "through the summer".
On the oil market, crude oil prices are moving forward in a context of renewed tensions between the United States and Iran and strike action on offshore oil rigs in the British North Sea.
(Edited by Véronique Tison)
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