European stock markets open flat awaiting Jerome Powell’s appearance

The European stock markets have opened this Wednesday’s session flat, pending the appearance this afternoon of the president of the US Federal Reserve (Fed), Jerome Powellwhich presents its semiannual report on monetary policy.

At the opening, the Milan Stock Exchange rose 0.04% and the Frankfurt Stock Exchange, 0.01%, while Paris lost 0.09% and Frankfurt and Madrid, 0.01%.

The Euro Stoxx50, an index in which the largest capitalization European companies are listed, also lost 0.02%.

The European stock markets opened aimlessly as soon as it was announced that the Central Bank of Egypt (ECB) decided this Wednesday to increase the official interest rate by 600 basis points, to 27.75%, a significant increase that could be the first step towards a devaluation of its currency, one of the IMF requirements to refinance the country’s multi-million dollar foreign debt.

In Asia, the main index of the Tokyo Stock Exchangethe Nikkei, closed this Wednesday flat, with a decline of 0.02% after a volatile final stretch, debated between the fall of the electronics sector after the announcement of the fall in sales of iPhones in China and the hunt for bargains, while the Shanghai Stock Exchange benchmark index fell 0.26% and the Shenzhen stock market fell 0.22%.

The New York Stock Exchange closed yesterday in the red and the Dow Jones Industrial Average, its main indicator, fell 1.04%, weighed down by the falls of large technological values.

This afternoon, Powell appears in the House of Representatives to explain the institution’s decisions on the evolution of interest rates, located in a range between 5.25% and 5.5%, the highest since 2001.

In the debt market, the interest rate on the German long-term bond rises to 2.3290%, while the Spanish bond also rises to 3.180%.

As for raw materials, gold lost 0.25% and the price per ounce stood at $2,135 after surpassing $2,140 yesterday and setting a new all-time high, encouraged, according to analysts, by the purchase of the metal. by central banks and given the prospects of an upcoming rate cut.

As for oil, Brent, the benchmark in Europe, climbed 0.43% to $82.39 per barrel, while West Texas Intermediate (WTI), the benchmark in the US, also rose 0.43% to $82.39 per barrel. 0.52% to $78.56, before the official market opening.

The euro remains stable, with a slight appreciation of 0.05% and is exchanged at 1.086 dollars.

Bitcoin, the most used cryptocurrency, advances 1.52% and stands at $67,234 after surpassing $69,000 yesterday and setting a new all-time high, driven by the entry into the market of large investment funds, although hours later it deflated and lost the $63,000 level.