European stock markets should open in the green before several international summits on Ukraine. The Eurostoxx 50 at 3,869.22 points (-1.45%), the CAC 40 at 6,581.43 points (-1.17%), the DAX 40 at 14,283.65 points (-1.31%), the FTSE 100 at 7,460.63 points (-0.22%), the SMI at 12,099.50 points (-0.85%), the AEX at 721.81 points (-0.89%), the BEL 20 at 4,129.19 points (-0.95%), the IBEX 35 at 8,328.40 points (-1.87%), the DJIA at 34,358.50 points (-1.29%), the Nasdaq at 13,922.60 points (-1.32%), the S&P 500 at 4,456.24 points (-1.23%) and the Nikkei 225 at 28,110.39 points (+0.25%).

With regard to exchange rates, the variation compared to the close in New York indicates that the EUR/USD appears at 1.0979 (-0.25%), the EUR/JPY at 133.25 (-0.06%) and USD/JPY at 121.38 (+0.19%).

Investors will be watching Thursday for PMI indices for the manufacturing and services sectors in March, as well as business climate figures for the same month, marked by the first economic repercussions of the war in Ukraine and the sanctions adopted against Russia. According to economists polled by the Wall Street Journal, the PMI for the manufacturing sector is expected to decline to 55.3 in March, from 57.6 the previous month, while the services sector index is expected to come in at 55, 2, compared to 57.9 in February.

In addition, TotalEnergies is organizing an investor meeting on its climate strategy. Valneva presents its annual results.

SHARES

European equity markets are expected to open slightly higher on Thursday, ahead of a series of international summits on the war in Ukraine and the publication of many important economic indicators in the euro zone and the United States. At 7:35 a.m., the CAC 40 futures contract gained 18 points, or 0.3%, according to data from broker IG Markets. The contract on the DAX 40 gained 24 points, or 0.2%, and that on the FTSE 100 rose by 10 points, or 0.1%.

Wall Street ended lower on Wednesday, penalized by a further rise in oil prices. The Dow Jones Index (DJIA) closed down 1.3% to 34,358.50 points, and the broader S&P 500 index fell 1.2% to 4,456.24 points. The Nasdaq Composite lost 1.3% to 13,922.50 points. All 11 sectors of the S&P 500 posted losses on the session, with the exception of energy stocks, which benefited from the rise in crude prices. In Asia, the main indices presented a mixed picture on Thursday. The Nikkei index closed up 0.3% in Tokyo. At the end of the session, the Hang Seng lost 0.1% in Hong Kong and the Shanghai Composite lost 0.5%.

Yields on US Treasury bonds rallied on Thursday morning, after suffering their biggest drop in more than two weeks the day before. The U.S. yield curve has flattened significantly in recent months and investors expect the two-year yield to eventually outpace the ten-year yield, a phenomenon that preceded most past recessions. .

The euro fell against the dollar on Thursday, settling at 1.0980. According to Barclays, the greenback could still register modest gains in the coming months but is approaching its highs. Central banks face a classic inflation shock and those that react quickly may have less to do than others to anchor inflation expectations, Barclays says, noting that others may have to catch up their delay. In this context, the best performing currencies, such as the dollar, should be less sought after and vice versa. The British bank expects the euro to recover to $1.15 by the end of the year.

Oil futures traded in mixed fashion on Thursday, after closing at their highest level in two weeks on Wednesday, buoyed by supply concerns and a drop in inventories in the United States. At 7:25 a.m., the May contract on Brent from the North Sea gained 36 cents, at 121.96 dollars a barrel, while that of the same expiry on light sweet crude oil (WTI) listed on the Nymex lost 18 cents, at 114, $75 a barrel.