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The main European stock markets opened without much change on Tuesday, a few hours before the much-anticipated speech of Federal Reserve Chairman Jerome Powell to Congress in Washington.
The major European stock markets opened slightly lower before rising slightly on Tuesday around 10 am. The Paris CAC 40 was up 0.47% to 7,390 points, the Dax in Frankfurt was up 0.29%, the FTSE in London up 0.17%. The Euro Stoxx 50 was almost flat (+0.06%). All take their cue from Wall Street, whose U.S. indices finished close to balance yesterday.
Investors are not yet taking a position, awaiting the start of the hearing of the Chairman of the U.S. Federal Reserve, Jerome Powell. Powell will be heard at 15:00 GMT by the U.S. Senate Banking Committee, before a similar hearing before the House of Representatives on Wednesday. Investors will be watching closely to see what indications he might give on the U.S. labor market, the evolution of economic conditions since the February meeting and the path of inflation. In another important event this week, the U.S. will release the latest monthly U.S. labor market figures on Friday.
At its last two meetings, the Fed opted to raise interest rates by 0.25%, after having already led a sharp rise in rates last year. The consistency of inflation and the resilience of the economy have raised concerns about a possible aggressive response from the central bank. Futures markets rate a 25 basis point Fed rate hike on March 22 as 76% likely, while a 0.5 basis point increase is estimated at 24%.
Stocks to watch
The dollar could appreciate depending on Jerome Powell’s statements, especially on the resilience of inflation. The euro is stable at 1.068 dollars, after having benefited the day before from the prospect of further rate hikes of 50 basis points. The Australian dollar (-0.39%) is losing ground after the Australian central bank suggested it was potentially nearing the end of its rate hike.
On the Tokyo Stock Exchange, the Neikki index (+0.25%) reached a peak in the session and the Topix gained 0.42% to 2,044.98 points, the highest since November 2021 thanks to the easing in the market for long-term US government bonds. However, nervousness ahead of Jerome Powell’s hearing, the U.S. jobs report and Bank of Japan Governor Haruhiko Kuroda’s final policy meeting on Friday before his retirement limited gains, analysts say.
In China, the CSI 300 is down 1.07% and the Shanghai SSE Composite is down 0.72%.
Finally, the oil market is up after industry executives expressed concerns about supply as Chinese demand picks up.
Brent crude is up 0.34% to $86.47 a barrel and West Texas Intermediate (WTI) is up 0.32% to $80.72.
Read also >Stock market: Cautious rebound in sight in Europe while waiting for the Fed
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The main European stock markets opened without much change on Tuesday, a few hours before the much-anticipated speech of Federal Reserve Chairman Jerome Powell to Congress in Washington.
The major European stock markets opened slightly lower before rising slightly on Tuesday around 10 am. The Paris CAC 40 was up 0.47% to 7,390 points, the Dax in Frankfurt was up 0.29%, the FTSE in London up 0.17%. The Euro Stoxx 50 was almost flat (+0.06%). All take their cue from Wall Street, whose U.S. indices finished close to balance yesterday.
Investors are not yet taking a position, awaiting the start of the hearing of the Chairman of the U.S. Federal Reserve, Jerome Powell. Powell will be heard at 15:00 GMT by the U.S. Senate Banking Committee, before a similar hearing before the House of Representatives on Wednesday. Investors will be watching closely to see what indications he might give on the U.S. labor market, the evolution of economic conditions since the February meeting and the path of inflation. In another important event this week, the U.S. will release the latest monthly U.S. labor market figures on Friday.
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The main European stock markets opened without much change on Tuesday, a few hours before the much-anticipated speech of Federal Reserve Chairman Jerome Powell to Congress in Washington.
The major European stock markets opened slightly lower before rising slightly on Tuesday around 10 am. The Paris CAC 40 was up 0.47% to 7,390 points, the Dax in Frankfurt was up 0.29%, the FTSE in London up 0.17%. The Euro Stoxx 50 was almost flat (+0.06%). All take their cue from Wall Street, whose U.S. indices finished close to balance yesterday.
Investors are not yet taking a position, awaiting the start of the hearing of the Chairman of the U.S. Federal Reserve, Jerome Powell. Powell will be heard at 15:00 GMT by the U.S. Senate Banking Committee, before a similar hearing before the House of Representatives on Wednesday. Investors will be watching closely to see what indications he might give on the U.S. labor market, the evolution of economic conditions since the February meeting and the path of inflation. In another important event this week, the U.S. will release the latest monthly U.S. labor market figures on Friday.
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