Stock markets hold up despite the denied by Beijing of an upcoming easing of its health restrictions and despite the weak Chinese trade figures.
Paris rose by 0.13%, Brussels by 0.53%, Amsterdam by 0.65% and Frankfurt by 0.85%. The Euro Stoxx 50 gains 0.60% and the Stoxx 600 gains 0.51%.
On his side, Wall Street is expected to continue its rebound from Fridayfutures contracts on the main indices pointing to an increase of around 0.65%.
Last weekend was buoyed by expectations of an easing of health restrictions in China but Beijing dampened market hopes by saying on Saturday that it would “unwaveringly” stick to its zero Covid policy.
Despite this denial and the health reality, the largest number of new cases of Covid-19 in six months in China, Asian indices have been resilientincluding in the face of the decline in Chinese exports and imports.
“If the information has been denied by the Chinese Minister of the Interior on several occasions, a doubt remains,” said John Plassard, investment specialist at Mirabaud.
This denial is counterbalanced by the feeling that Beijing will eventually have to slow down in the face of a slowing economy.
In addition, this denial “is counterbalanced by the feeling that Beijing will eventually have to slow down in the face of a slowing economy“, notes for his part Franklin Picgard, managing director of Kiplink Finance.
A sign of this slowdown, China’s exports experienced their first decline since 2020 in October and imports also fell (-0.7% over one year).
Investors were cautious on the eve of the midterm legislative elections in the United States.
A divided government in Washington, following Tuesday’s midterm elections, would reduce the chances of a significant fiscal boost when the economy grinds to a halt.
Thursday, the publication of US consumer prices for October will hold attention as the markets seek to know how far the Federal Reserve will go in raising its key interest rates to curb inflation.