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China Power International Development : Stocks under pressure as euro zone inflation hits 13-year high

10/01/2021 | 08:12am EDT

* European shares pare losses as Wall Street steadies

* U.S. heads for slightly firmer start after Thursday's losses

* Dollar near its highest levels for the year

* U.S. Treasury yields up for sixth straight week

* Asian manufacturing showed stagnation in September

*

LONDON, Oct 1 (Reuters) - Wall Street headed for a steadier start on Friday after losses in Europe and Asia as euro zone inflation jumped to a 13-year high, fuelling a debate over the timing of interest rate rises against a backdrop of patchier global growth.

U.S. shares looked steadier after falling on Thursday, helping European shares pare earlier losses. U.S. stock futures pointed to a slightly firmer open .

All eyes are now on U.S. consumer spending, inflation and factory activity data later in the day for signs of economic health and clues regarding the Federal Reserve's timeline for tapering its asset purchases and hiking key interest rates.

On the first day of October, the month for some of history's most infamous market routs, the STOXX index of 600 European companies initially fell sharply, hitting its weakest level since mid-July, before recovering most lost ground. It was off 0.15% at 1149 GMT.

The MSCI's gauge of stocks across the globe shed 0.2%, its longest daily losing streak since last February.

With stellar economic growth figures now in the rear view mirror, markets were looking ugly going into October, Michael Hewson, chief markets analyst at CMC Markets, said.

"There is a sense that with October's reputation, worries about surging energy prices, supply chain disruptions, concerns about inflation and power shortages, October could be a fairly windy affair," Hewson said.

Consumer price inflation in the 19 countries sharing the euro accelerated to 3.4% year on year in September, from 3% a month earlier, the highest reading since the height of the global financial crisis in September 2008.

So far, central bankers have insisted that rises in inflation are temporary.

"We think there are high chances that this inflation is less transitory than all central banks, including the European Central Bank, are suggesting," BNP Paribas economist Luigi Speranza said.

Data overnight showed that Asia's manufacturing activity broadly stagnated in September as signs of slowing Chinese growth weighed on the region's economies, weighing on Asian shares.

DOLLAR, TREASURIES PERKY

The dollar, however, began the last quarter of 2021 near its highest levels of the year, and heading for its best week since June as currency markets braced for U.S. interest rates to rise before those of major peers.

The dollar index, which measures the currency against six major rivals, was off Thursday's one-year high of 94.504, last changing hands at 94.081.

Meanwhile, the benchmark 10-year U.S. Treasury yields are up for a sixth straight week, trading at 1.4875%.

Japan's Nikkei tumbled 2.3% to the lowest level since Sept. 3. An MSCI index of Asia-Pacific stocks slid 1.22% to its lowest since Aug. 24.

Chinese markets are closed for a week from Friday for the Golden Week holiday.

"You can argue whether it's really stagflation or not, but the whole growth-inflation backdrop seems to have just tilted to a less favorable one," said Rob Carnell, Asia-Pacific head of research at ING in Singapore.

Federal Reserve Chair Jerome Powell said on Wednesday that resolving "tension" between high inflation and high unemployment is the Fed's most urgent issue, acknowledging a potential conflict between the U.S. central bank's two goals of stable prices and full employment.

The latest clues on the Fed's policy normalisation path come with U.S. personal spending and core consumption deflator data later in the day.

Crude prices continued to ease after Brent topped $80 a barrel earlier in the week for the first time in three years.

Brent crude futures slipped 0.13% to $78.20 a barrel, while U.S. crude futures fell 0.3% to $74.78.

Gold, despite being traditionally an inflation hedge and safe haven, eased 0.17% to $1,753 an ounce, following Thursday's 1.77% surge, the biggest since March.

(Reporting by Kevin Buckland; Editing by Alexander Smith and Chizu Nomiyama)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS -0.84% 51.68 Real-time Quote.-14.96%
BRITISH POUND / US DOLLAR (GBP/USD) -0.06% 1.25343 Delayed Quote.-7.11%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.08% 0.78037 Delayed Quote.-1.14%
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED -1.28% 3.86 Delayed Quote.-24.00%
CMC MARKETS PLC 0.51% 294.5 Delayed Quote.11.76%
DOW JONES FXCM DOLLAR INDEX 0.04% 12650.85 Real-time Quote.4.06%
EURO / US DOLLAR (EUR/USD) -0.18% 1.07137 Delayed Quote.-6.03%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.05% 0.012901 Delayed Quote.-3.95%
LONDON BRENT OIL 0.74% 114.85 Delayed Quote.44.68%
MSCI SINGAPORE (GDTR) -1.70% 5482.25 Real-time Quote.-11.17%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.89% 0.65043 Delayed Quote.-5.73%
NIKKEI 225 -0.94% 26748.14 Real-time Quote.-6.22%
S&P 500 -0.81% 3941.48 Real-time Quote.-16.63%
S&P GSCI BRENT CRUDE INDEX 1.17% 953.0224 Real-time Quote.42.43%
WTI 0.54% 111.099 Delayed Quote.46.38%
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Financials
Sales 2022 40 857 M 6 141 M 6 141 M
Net income 2022 2 695 M 405 M 405 M
Net Debt 2022 127 B 19 081 M 19 081 M
P/E ratio 2022 12,8x
Yield 2022 4,08%
Capitalization 35 905 M 5 396 M 5 396 M
EV / Sales 2022 3,99x
EV / Sales 2023 4,13x
Nbr of Employees 10 724
Free-Float 50,4%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 3,31 CNY
Average target price 4,20 CNY
Spread / Average Target 26,9%
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Managers and Directors
Ping Gao President & Executive Director
Xi He Chairman
Fang Li Independent Non-Executive Director
Ka Chi Yau Independent Non-Executive Director
Hon Chung Hui Independent Non-Executive Director