The Paris Stock Exchange is expected to open sharply lower Monday morning after a long weekend, following in the footsteps of Wall Street losses on Friday, while Donald Trump again threatens China with trade reprisals.
The futures contract on the CAC 40 fell by 3.50% forty minutes before the opening of the session. Thursday, it had finished in net decline of 2.12% to 4.572.18 points.
After a three-day weekend, “European markets are expected to catch up (down) this (Monday) morning after missing Friday’s large losses in the British and American markets,” said Michael Hewson, a CMC Markets UK analyst.
Wall Street was affected Friday “by the new political and commercial tensions between Washington and Beijing as well as the publication of quarterly results considered disappointing in the technology sector (Apple and Amazon) and energy (Exxon and Chevron)”, he said. added.
US President Donald Trump said Thursday he is considering punitive taxes against Beijing after he became certain that the new coronavirus would come from a Chinese laboratory.
US Foreign Minister Mike Pompeo said Sunday there was “significant evidence” that the new coronavirus came from a laboratory in the Chinese city of Wuhan, the cradle of the pandemic.
On a more positive note, the American Medicines Agency (FDA) granted an authorization for emergency use of the Gildes laboratory remdesivir on Friday, after an American trial showed that it significantly shortened the recovery time of patients most severely affected by Covid-19.
Europe, Italy at the head on Monday, launches this week in the deconfinement, at the time on the other side of the Atlantic, the American president Donald Trump promises a vaccine against the coronavirus before the end of the year.
In terms of indicators, the French car market suffered a new shock in April, falling 88.8%, victim of the coronavirus epidemic and measures to contain the population, according to data published Friday by the manufacturers.
This Monday, the agenda will be dominated by the final figures for manufacturing activity (PMI) in the euro zone for the month of April.
In the United States, activity in the manufacturing sector plunged as expected last month, the fight against the pandemic requires, but contracted less than economists feared.
VALUES TO FOLLOW
Air France: the European Commission authorized on Monday France to grant support of 7 billion euros to the airline to face the consequences of the coronavirus crisis.
Airbus: if necessary, the state “will be there for Airbus”, assured Sunday the Minister of Public Accounts Gérald Darmanin, without giving details on the type of aid that the aircraft manufacturer could receive.
Europcar: the rental company Europcar Mobility Group, whose activity fell with containment measures, announced Sunday that it has finalized a financing plan of more than 300 million euros, including a loan of 220 million guaranteed at 90% by the French state.
Societe Generale: the bank will give up some of its structured products, said its managing director Frédéric Oudéa on Saturday, believing that the financial crisis linked to the coronavirus “is by far the most serious that we have had to face”.
Rubis: the American fund I Squared Terminal announced Thursday that it has finalized an agreement with Rubis, a French group specialized in petroleum storage, for the acquisition of 45% of its subsidiary Rubis Terminal, an operation estimated at several hundred million euros .
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