Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
In the pre-opening, the European markets negotiated with minor fluctuations. Following the G20 meeting in Germany, today’s focus will be on the Eurogroup meeting, whose main theme will be the discussion of developments on the second revision of the Greek adjustment plan. A meeting between German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe is scheduled for today. On the other hand, as far as the banking sector is concerned, Deutsche Bank informed yesterday that it will start a capital increase of 8 000 M.€ after two consecutive years of losses. According to a press release issued by the institution, 687.5 million new shares will be issued, with a unit value of 11.65€, a value that represents a discount of 35.05% against the € 17.83 that the bank’s securities ended on Friday.
The US market closed with losses, although quite contained, mainly pressured by the financial and pharmaceutical sectors. However, on a weekly basis, US indices ended up with moderate gains. In sectoral terms, the pharmaceutical sector has conditioned stock indexes, with Amgen losing more than 6% after the disappointing results of its new cholesterol-lowering drug. In terms of economic indicators, industrial production remained unchanged in February, compared with an expected increase of 0.20% and after having decreased by 0.30% in the previous month. The indicators advanced during the month of February registered a positive variation of 0.60%, compared to the expected 0.50%. The University of Michigan confidence index reached 97.6 in March, slightly above the expected 97.0. President Donald Trump and German Chancellor Angela Merkel had their first official meeting, without any notice or relevant development having shown from this meeting. In later declarations, Donald Trump expressed confidence in the relationship between the US and Germany and reiterated his goal of a fairer trade between the two, while Merkel kept a more neutral tone in his comments, nevertheless emphasizing that the US must maintain its commitments. Final note for the G20 meeting of finance ministers in Germany, which ended at the weekend and which stated that monetary policy will continue to sustain growth and price stability, but can not alone Balance economic growth. IMF Managing Director Christine Lagarde stressed the need to promote global cooperation to ensure that the current pace of economic growth is maintained. On the other hand, the final declaration of this meeting excluded the traditional condemnation of economic protectionism and the support for the Paris Climate Agreement.
Asian exchanges ended in different directions, but with contained variations. Investors were reacting to statements made at the G20 meeting in Germany. Today is a holiday in Japan (commemoration of the Spring Equinox), reason why the market was closed.