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STANDING MARKET – Europe ends in an unorganized row, the euro is starting to fall again

                * Stoxx finished stable and CAC 40 got 0.36%
* Over January, they achieved more than 5%
* Decrease in yield on bonds
* Weidman, pessimistic about the German economy and inflation, pushes back
* Oil prices in the green, gold goes up

author Laetitia Volga
European stock markets ended in a row
scattered on Thursday, a watch that had been shown earlier by the Federal Reserve
The US economy was not enough to support this trend, while the indicators were
disappointing results have influenced the progress of the index.
In Paris, CAC 40 recorded a growth of 0.36% to 4.992.72 points
after rising in the morning at 5.016,28, up from December 4th.
British Footsie got 0.39%, but German Dax has
0.08% was obtained. The EuroStoxx 50 index fell 0.07%, FTSEurofirst states
300 progressed by 0.15% and Stoxx 600 0.04%.
Throughout the month of January, the Stoxx 600 achieved 6.23%, which is the best
performance since October 2015, and CAC 40 was 5.54%.
The US Federal Reserve announced on Wednesday that the cycle was
tightening the current monetary policy could already be over
claiming to be patient with regard to possible bearings
due to economic and financial insecurity.

The US Central Bank also opened the door
reducing the balance, which could lead to interruption
earlier with this strategy and keep the asset portfolio more
important than originally planned.
"By leaving the course increase and ready for restraint."
Reducing your balance, the Fed shows how much he does not trust his own
own long-term forecasts and can easily review their strategy. Fed
loses part of the credibility that operators can quickly integrate
or late, even sanctioning, "said Nicolas Chéron, research leader
markets for
Current Trade Negotiations between US Representatives on
Commerce, Robert Lighthizer and Chinese negotiators led by
Deputy Prime Minister Liu On invites investors to be cautious
A month after the end of the bill, even if Donald Trump reaffirmed his optimism.

Odds for a break in rate hikes since then
by the end of 2015 the FED penalizes in the first place bank shares, of which
Index Stoxx (-1.96%) is by far the largest sectoral drop
in Europe.
In Paris, Societe Generale, BNP Paribas and Credit
They lost between 2% and 3.72%, the three biggest drops in 2006
Commerzbank and Deutsche Bank have lost
6.68% and 3.96% after Bloomberg's article that it was merger
the only solution for the first German bank if it does not
it does not improve.
The biggest increase in the Stoxx 600 is for Ferrari, who was
jumped 11.02% after announcing a jump in gross profit in the fourth quarter
a quarter.

At the closing of Europe, the stock market in New York was on the rise, but it was
Dow Jones (+ 0.02%) was penalized with several publications
the job is badly received.
DowDuPont dropped 7.66%; the chemical group announced on Thursday,
according to all chances, predict a drop in traffic for.  t
current quarter.
Similarly, after publishing, Microsoft declined by 1.71%
slowing down its dematerialized computer division
("cloud") Azure.
Increasingly, Facebook's social network jumped by 12.82%
the quarterly profit outperforms considerably above the estimates, encouraging
investors about the impact of increased spending.

Economic growth in the eurozone remained stable in the fourth quarter
the lowest pace for more than four years, just like
growth rates throughout the year.
In the United States, weekly unemployment returns have increased
than expected last week to reach the highest level of
September 2017.
Labor cost index, the highest cost of labor
in the United States, the fourth increase is slightly lower than expected
quarter, boosting the downtime scenario in its tightening
monetary policy.

Donations of US bonds have already fallen due
caution Fed, have stressed its decline after its statistics. 10 years
loses nearly five base points to 2.635%, which is the lowest of four
week. The two-year drop is 2.47%, the difference between the return
ten-year and two-year bonds returning to 15.5 basis points.
The bond market in Europe followed the same path, weakened
disappointing figures of economic growth in the eurozone. German 10
fell to the lowest level of four weeks of 0.161%.
The ten-year yield in Italy fell to a six-month minimum of 2.566%.
, The economy of the country declined for the second quarter
in the last three months of last year.

By rising to the dollar most of the day, the euro has
after Speaking of President Jens Weidmann
Bundesbank, since it is an empty passage through the German economy
will be stronger and longer than originally estimated and inflation in the EU.  t
it is expected that the euro zone will be weaker than expected this year.
The single currency fell below $ 1,1440 compared to the peak
1,1515 at the beginning of the day.
At the same time, the dollar, which went through the influence of discourse
adjust the Fed, appeared against the currency basket of

Crude oil prices are growing, as confirmed by the announcement
less than the expected increase in oil stocks in the United States
last week and due to possible oil supply disturbances
Venecuels after the sanction Washington imposed against the country.
Brent's barrels grow about $ 62 a barrel
The US World Oil (WTI) returns $ 55.

Copper prices reached a seven-day maximum with pull
dollar, but gains are limited by contraction
Chinese manufacturing sector in January.
The weakness of the dollar after the announcement of FED also supports
gold, which reached a peak of nine months of sessions. Yellow metal, on the road to
they signed the fourth consecutive month, increasing to more than $ 1,320
ounce on the spot market.

The economic agenda will be mostly American Friday with at 13:30 GMT,
monthly employment statistics and then pay at 15:00 GMT, index
ISM Manufacturing and Michigan Consumer Confidence Index.

(Some data may show a slight shift)

Indices Last Var. Points Var. Since the beginning of the year
Eurofirst 300 1410.01 +2.06 + 0.15% + 5.91%
Eurostoxx 50 3159.43 -2.31 -0.07% + 5.26%

CAC 40 4992.72 + 17.96 + 0.36% + 5.54%
Dax 30 11173.10 -8.56 -0.08% + 5.82%
FTSE 6968.85 +27.22 + 0.39% + 3.58%
SMI 8969.27 + 3.56 + 0.04% + 6.41%

Values ​​to be followed in Paris and Europe:

Indices Last Var. Points Var. Since the beginning of the year
Dow Jones 25009.37 -5.49 -0.02% + 7.21%
S & P-500 2706.08 + 25.03 + 0.93% + 7.95%
Nasdaq 7290.79 +107.71 + 1.50% + 9.88%
Nasdaq 100 6921.56 +113.65 + 1.67% + 9.35%

Wall Street session logs:

"Day ahead" - Update at the next session in Wall

Course Veille Var.% YTD
Euro / Dil 1.1454 1.1477 -0.20% -0.13%
Dlr / Yen 108.82 109.02 -0.18% -1.31%
Euro / Yen 124.67 125.15 -0.38% -1.23%
Dlr / CHF 0.9934 0.9941 -0.07% + 1.22%
Euro / CHF 1,1381 1,1412 -0.27% + 1.13%
Stg / Dlr 1.3132 1.3116 + 0.12% + 2.94%
Index 95.5270 95.3400 + 0.20% -0.67%

Watching the Var. Since the beginning of the year
Gold spot 1321.11 1319.51 + 0.12% + 2.99%

Last Var. Spread / Bund

Future Bund 165.75 +0.57
Bund 10 years 0.15 -0.01

Bunda 2 years -0.56 +0.01
OAT 10 years 0.56 -0.00 + 40.66
Treasury 10 years 2.64 -0.06

Treasury 2 years 2.47 -0.05

Previous Course Var Var.% YTD
Light raw US 55.30 54.23 +1.07 + 1.97% + 20.72%
Brent 62.14 61.65 + 0.49 + 0.79% + 14.76%

(Edited by Marc Angrand)

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