This Friday, June 4, 2021, equity markets are expected to decline slightly before US employment. The Eurostoxx 50 recorded 4,079.24 points, a rate of -0.23%. The CAC 40 expects 6,507.92 points -0.21%, the DAX 30 shows 15,632.67 points +0.19%, the FTSE 100 7,064.35 points -0.61%, the SMI 11,510.60 points +0 .35%, AEX 717.08 points -0.26%, BEL 20 4,075.27 points -0.40%, IBEX 35 9,142.40 points -0.42%, DJIA 34,577.04 points -0.07%, the Nasdaq 13,614.51 points -1.03%, S&P 500 4,192.85 points -0.36% and finally the Nikkei 225 stands at 28,966.26 points for a rate of decline of -0.32%.

About the exchange rates at 06:50, concerning the variation compared to the close in New York, the EUR/USD shows 1.2118 -0.07%, the EUR/JPY 133.55 -0.16% and USD/JPY 110.14 -0.07%

IN FRANCE, Pershing Square Tontine Holdings, the listed investment vehicle (Spac) of billionaire William Ackman, is negotiating the acquisition of a block representing 10% of the capital of Universal Music Group (UMG) from the media group and Vivendi Entertainment. The transaction would value UMG at approximately 33 billion euros, excluding debt.

The telecommunications group Orange, meanwhile, announced on Friday that its CEO, Stéphane Richard, had launched an internal investigation following the breakdown that disrupted emergency numbers in France on Wednesday evening.

And this Friday will take place the general meetings of Maisons du Monde, Devoteam, Groupe Crit, Navya, Abivax, CS Group, Soditech, Selectirente and Vogo.

No economic indicator should be published Friday in France.

European equity markets are expected to open slightly lower on Friday, in the wake of Wall Street's pullback on Thursday evening, as traders continue to watch for a possible shift in Federal Reserve (Fed) policy.

At 7:20 am, the futures contract on the CAC 40 yielded 10.1 points, or 0.2%, the contract on the DAX 30 lost 3 points, or 0.02%, and that on the FTSE 100 fell by 3 points, i.e. 0.04%.

The monthly jobs report, to be released on Friday, will provide further insight into the labor market recovery, which continues to concern the Fed.

The Green Swan conference organized by the Bank for International Settlements, the Banque de France, the International Monetary Fund and the Network for Greening the financial system takes place this Friday with the participation of Christine Lagarde (BCE), Jerome Powell (Federal Reserve) and Haruhiko Kuroda (Bank of Japan) and many other central bankers. On the London side, the G7 finance ministers begin their meeting which ends on Saturday.

The New York Stock Exchange ended in the red on Thursday, after the publication of good economic indicators which reinforced the hypothesis of a tightening of monetary policy in the United States. The US private sector created nearly a million jobs in May, according to the report released Thursday by Automatic Data Processing, or ADP, and Moody's Analytics. The number of working Americans making a first claim for unemployment benefit also fell last week to its lowest level since mid-March 2020.

US service sector activity also accelerated in May. Companies have benefited from the reopening of the economy after the health crisis despite price pressures and difficulties in hiring. The ISM services index rose to 64 last month from 62.7 in April, hitting a new all-time high, the Institute for Supply Management said.

The Fed wants to sell corporate bonds and index funds (ETFs) acquired last year as part of the emergency measures taken against the health crisis. Although these holdings are small, at less than $15 billion in total), some traders saw them as a sign of a change in Fed policy. The chairman of the Federal Reserve (Fed) of New York, however, ruled on Thursday that a reduction in asset purchases by the US central bank would be premature despite the progress of the economic recovery.

Asian stock markets present a mixed picture on Friday. At the end of the session, the Nikkei index lost 0.5% in Tokyo, while the Hang Seng of the Hong Kong Stock Exchange dropped 0.2%. The Shanghai Composite index took however 0.1%.

Regarding the bond market, the rate of the ten-year US Treasury bond was almost stable on Friday, at 1.626% against 1.625% Thursday evening.

Central banks in developed countries will leave interest rates unchanged until at least 2023 even if inflation temporarily picks up, Capital Economics predicts. The research firm expects ten-year government bond rates to rise, especially in the United States.

According to Capital Economics, "core inflation will prove more durable in the United States and the economy will experience a strong recovery, which will reinforce the hypothesis of monetary tightening". Growth forecasts outside the United States are weaker, justifying a more accommodative monetary policy, which will limit the rise in yields, adds the research company.

On the foreign exchange market, the euro fell slightly on Friday morning against the dollar and the yen. The greenback is also giving up some ground against the Japanese currency.

On Thursday, the WSJ Dollar Index jumped 0.6% to its highest level in more than two weeks after news of a further drop in the number of jobless claims in the United States during the week. last. That number stood at its lowest level since the start of the pandemic, fueling fears that the Federal Reserve could reduce its monetary support measures sooner than expected.

Ahead of the day's release of the US non-farm payrolls report, Hector Demarco of Cambridge Global Payments said that "a high number of job creations could rekindle fears of an overheated economy , pushing up the dollar and bond yields."

Finally, with the price of raw materials, oil contracts fell back on Friday morning, after the publication by the US Department of Energy (EIA) of an unexpected increase in gasoline stocks last week. Gasoline inventories increased by 1.5 million barrels while a decline of 1.8 million barrels was expected, Oanda said. The broker adds that Nymex-listed Light Sweet Crude (WTI) was primed for a pullback anyway and traders in the energy sector could take profits on that pretext.

As of 7:30 a.m., the August contract on North Sea Brent was down 17 cents to $71.14 a barrel, while the July contract on Nymex-listed WTI was down 13 cents at $68.68 a barrel. .