The mood on the financial markets is brightening : the Paris Bourse is up sharply this Thursday midday, buoyed by Donald Trump’s strategic retreat regarding the Chairman of the US Federal Reserve. The upturn remains fragile, however, as trade tensions between the United States and the European Union persist.
The CAC 40 index was up 0.86% at midday, having lost 0.57% the previous day. The dollar remains under pressure following speculation about Jerome Powell‘s future. The euro is down 0.14% at $1.1625, while sterling is down 0.17% at $1.3395. US bond yields stabilized, with the 10-year yield at around 4.47%.
In Asia, markets were mixed. Japan’s Nikkei gained 0.2%, while the MSCI index of Asia-Pacific equities excluding Japan advanced by just 0.07%. Caution prevails ahead of the release of quarterly results from technology giants such as TSMC, the world’s leading chipmaker, and Netflix. TSMC is expected to post strong growth, but remains exposed to the effects of US tariffs and fluctuations in the Taiwanese dollar.
Trump backtracks on Powell
US President Donald Trump has once again stirred up trouble before backtracking on his comments. On Tuesday, he had hinted to several Republican members of parliament that he was seriously considering sacking Jerome Powell, Chairman of the US central bank, whom he regularly criticizes for refusing to lower interest rates. The announcement sent shockwaves through the financial markets.
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