World stock markets cautious after inflation in the euro zone

(Paris) European stock markets were stable on Wednesday, the slight downward revision in the estimate of European inflation not having been enough to erase the global macroeconomic context which is affecting investor optimism.

Posted at 8:16 a.m.

Europe opened up after four sessions of gains, but remained cautious, around 7:30 a.m.: Paris gained 0.15%, Milan 0.13%, London lost 0.17% and Frankfurt fell 0.21%.

The New York Stock Exchange is expected to decline slightly, between -0.21% and -0.48%, according to futures.

In Asia, the Tokyo Stock Exchange gained 0.37%, when Chinese stock markets closed in the red, down 2.38% in Hong Kong and 1.19% in Shanghai.

Better than expected corporate results in the first publications in the United States and Europe carried the trend in recent sessions.

But the slight downward revision to the inflation estimate for September in the euro zone on Wednesday in Euronext’s second estimate, to 9.9% year on year against 10% as previously estimated was not enough to maintain the bullish momentum of recent sessions on European markets.

In the United Kingdom, inflation reached 10.1% over one year in September, against 9.9% in August according to the first estimate published on Wednesday. Figures “likely to fuel fears of larger rate hikes from the European Central Bank next week” and the Bank of England in early November, according to Michael Hewson of CMC Markets.

Despite the reversal of British fiscal policy, “fears of a recession, optimistic Fed expectations” and the “too strong” US dollar are “all risks that threaten investor optimism”, according to the analyst of Swissquote Ipek Ozkardeskaya.

Analysts at the Banque Postale considered a lasting rebound “unlikely” in the absence of a change in tone from the central banks.

In the bond market, sovereign interest rates in Europe rose slightly and remained at a high level, rising by 6.6 points for the 10-year in the United Kingdom after inflation. The French 10-year rate stood at 7.7 points around 7:30 a.m.

Sartorius Stedim Biotech share unscrews

The action of the supplier of materials for the biopharmaceutical sector Sartorius Stedim Biotech unscrewed on the Paris Stock Exchange, down 14.27% around 9:20 a.m., after its third quarter results in which the company revised down slightly its 2022 revenue forecasts.

Its parent company Sartorius, listed in Frankfurt, also fell 15.21%, after disappointing results.

Netflix starts again

Netflix had promised a million, but in the end some 2.4 million additional subscribers joined the platform this summer, a victory for the streaming leader, after losing nearly 1.2 million subscribers in the first half. . The stock soared more than 12% in intersessional trading in New York.

Tesla’s results are also highly anticipated after the close of markets in the United States.

Nestlé: sales jump, but volumes are scrutinized

The Swiss food giant Nestlé (-0.32%) also published early in the day sales up 9.2% over nine months against a backdrop of sharp price increases to offset cost inflation, figures slightly above analysts’ forecasts.

Industry: giant ASML announces record orders

The Dutch manufacturer of lithography systems for the microprocessor industry ASML (+6.79%) published stable net profit in the third quarter, at 1.7 billion euros, despite inflation, and reported a new order record.

In France, STMicroelectronics fell slightly, to -0.93%.

On the side of currencies and oil

Oil prices recovered slightly after their losses the day before: the barrel of Brent from the North Sea for delivery in December advanced by 0.70% to 90.70 dollars and that of American WTI for delivery in November 2022 by 1.12 % at $83.75 around 7:30 a.m.

The euro fell 0.87% to $0.9773, and the pound fell 0.71% to $1.1239 around 7:30 a.m.


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