Global markets face mixed pressures, with the euro weakened by political uncertainty in France, while the dollar. Tech stocks benefit from external factors such as geopolitical tensions and expectations about Federal Reserve policy.
He euro falls on Monday due to pressure on European markets, generated by the threat of the French extreme right to bring down the government. Meanwhile, tech stocks boost global markets and the dollar strengthens.
during the weekendthe dollar gets an additional boost from Donald Trumppresident-elect of the United States, who warns the BRICS countries not to try to replace the dollar with other currencies. The French far-right party, National Rally (RN), is giving Prime Minister Michel Barnier until Monday to accept its demands to modify the budget, or else it will support a motion of no confidence that would bring down its government.
The euro experiences its biggest daily fall in a monthwhile the Paris CAC 40 index fell 1%. The euro fell 0.6%, to $1.0513. Should Barnier’s government fall, downward pressure on the euro, including against the Swiss franc, will rapidly increase, according to HSBC’s Paul Mackel.
The MSCI index of global shares advances 0.1%, while Wall Street futures fall slightly, anticipating a lower opening after a shortened session on Friday in which the main indices reached all-time highs. The Federal Reserve is under watch, and Friday’s payrolls report could be key in deciding whether to cut interest rates on December 18.
The data analyzed by the market
Several Fed officials, including Fed Chairman Jerome Powell, will speak this week. Investors put the odds of a quarter-point cut at 66%. The dollar index, which measures the US currency against a basket of six major currencies, rose 0.25% to 106.31 units, after gaining 1.8% in November.
In Asia, Chinese stocks benefit from a good manufacturing report, with Hong Kong’s Hang Seng rising 0.16% and major Chinese stocks gaining 0.6%. The yen weakens 0.2% against the dollar to 150.065, but remains close to Friday’s six-week high of 149.47.
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Gold falls 0.7% to $2,635 an ounce, pressured by the strength of the dollar, after losing more than 3% in November, its worst monthly performance since September 2023. Oil prices rise by 0.7%, 8% following Chinese manufacturing data and the resumption of Israeli attacks in Lebanon, raising concerns about a possible supply disruption in the region.
Source: Ambito
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