Equity markets should be hesitant to open after the Shanghai lockdown. The Eurostoxx 50 opens at 3,867.73 points (+0.11%), the CAC 40 at 6,553.68 points (-0.03%), the DAX 40 at 14,305.76 points (+0.22% ), the FTSE 100 at 7,483.35 points (+0.21%), the SMI at 12,121.67 points (-0.08%), the AEX at 723.90 points (+0.42%), the BEL 20 at 4,119.42 points (+0.13%), the IBEX 35 at 8,330.60 points (+0.31%), the DJIA at 34,861.24 points (+0.44%), the Nasdaq at 14,169.30 points (-0.16%), the S&P 500 at 4,543.06 points (+0.51%) and the Nikkei 225 at 28,010.94 points (-0.49%).

With regard to exchange rates, the variation compared to the closing in New York, EUR/USD at 1.0956 (-0.24%), EUR/JPY at 134.77 (+0, 54%), USD/JPY at 123.04 (+0.80%).

European equity markets should change little on Monday at the opening, investors being cautious after the announcement of the containment of the city of Shanghai in China, where the authorities continue to apply their "zero Covid" strategy, and to the war in Ukraine. At 7:40 am, the futures contract on the CAC 40 grabbed 0.6 points, or 0.01%, according to data from the broker IG Markets. The contract on the DAX 40 gained 2 points, or 0.01%, and that on the FTSE 100 rose by 4.5 points, or 0.06%.

In this context, the Asian stock markets are moving in dispersed order on Monday, the trend being weakened by the situation in Shanghai, indicates SPI Asset Management. The Shanghai Composite index fell 0.2% at the end of the session and, in Tokyo, the Nikkei lost 0.6%. On the other hand, the flagship index of the Hong Kong Stock Exchange, the Hang Seng, gained 1.2%. Friday, Wall Street ended in mixed fashion, at the end of a volatile week marked by the rebound of the technology sector and new tensions on energy prices. The Dow Jones Index (DJIA) gained 0.4% to 34,861.24 points, and the broader S&P 500 index rose 0.5% to 4,543.06 points. The Nasdaq Composite fell nearly 0.2% to 14,169.30 points.

Yields on U.S. Treasury bonds continued to rise on Monday and are at new highs since 2019, as the Fed tightens and investors worry about high inflation and a possible economic recession. Although the message sent by the US bond market on the economic outlook may seem worrying, a major yield gap signals that fears of an economic slowdown are unfounded.

The euro fell against the dollar on Monday. An increasingly restrictive Federal Reserve (Fed) and rising bond yields have had little effect on the dollar so far, perhaps due to the general nature of the monetary tightening cycle, says Jonathan Petersen, of Capital Economics. However, the economist still believes the greenback could rise as commodity prices move away from their highs and long-term yield spreads widen.

Oil futures fell Monday morning after hitting strong technical resistance. North Sea Brent crude is falling after hitting technical resistance at $118 a barrel last week, which will remain a key level to break through, says IG Markets. Several drivers for the price of black gold remain intact, however, including the stalemate in negotiations on the Iranian nuclear and a possible escalation of attacks against oil installations in Saudi Arabia, adds the broker. At 7:25 a.m., the May contract on Brent North Sea crude lost $3.61, or 3%, to $117.04 a barrel, while that of the same expiry on light sweet crude (WTI) quoted on the Nymex fell. $3.76, or 3.3%, to $110.13 a barrel.