POINT MARKETS-Europe expected slightly down, Brexit and fear of recession weigh (updated)

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  (Updated with Index Futures, Tokyo Closing, Opening
of the bond market in Europe)
    * The CAC expected a small decrease of 0.1% at the opening
    * US 30-year and German 10-year yields at record lows
    * Concern over growth and trade persists
    * Italy could avoid early elections in autumn
    * Brexit-Tollé after Johnson's decision to suspend Parliament

    by Juliette Rouillon
    PARIS, August 29 (Reuters) - European stock markets are expected down
Thursday at the opening, while risk aversion keeps yields
bonds at record lows, in markets that remain dominated by
fears of a global recession and concerns over tensions
and Brexit.
    According to the futures, the Paris CAC 40 .FCHI could lose
0.1% at the opening, the Dax in Frankfurt .GDAXI would fall by 0.2% and the FTSE to
London .FTSE will sell 0.3%, as will the EuroStoxx 50 STOX50E.
    Investors are also worried about the reversal on the whole of the
rate curve in the United States, a sign considered historically as the primer
an entry into the US economy into recession, and fall back on
safe havens: government bonds, but also the yen, the Swiss franc and gold.
    However, the decline remains limited in the equity markets in the hope of
measures to support growth, in particular from the Central Bank
European Central Bank (ECB) and the US Federal Reserve.
    "In the flow of news, it appears that investors are preparing for
a continuation of the economic downturn and the prospect of new
declines in the equity markets. How to explain movements differently
bond markets and precious metals, as well as foreign currencies
refuge like the Swiss franc and the Japanese yen, "says Michael Hewson,
responsible for market analysis at CMC Markets UK, in a note.
    In Italy, the 5 Stars Movement (M5S) and the Democratic Party (PD) have
announced Wednesday night an agreement to form a new government of
coalition, with the aim of avoiding early elections in the autumn and
reduce fiscal and economic uncertainties.
This announcement is expected to further support the Milan Stock Exchange.
    In the United Kingdom, however, the decision of Prime Minister Boris Johnson,
approved by Queen Elizabeth, to suspend Parliament, provoked an outcry
in opposition ranks, but also some conservative circles, which
denounced an attack on democracy and a desire to limit debate
on the Brexit to prevent an exit from the EU without agreement.
    Investors are waiting for German employment figures (07:55 GMT).
    
    VALUES TO FOLLOW:
    Bouygues BOUY.PA reported Thursday results above expectations at
first half, thanks in particular to telecoms.
    Pernod Ricard PERP.PA has seen the growth of its profits
accelerate during its annual exercise shifted thanks to the jump in its sales in
China and has multiplied initiatives, with the announcement of the creation of a
distillery in China and the continuation of its acquisitions in whiskey
American.
    
    A WALL STREET
    The NYSE ended sharply higher Wednesday, driven by the values
financial and oil, a rebound that has put in brackets, at least
momentarily, fears of recession and trade tensions.
    The Dow Jones Index .DJI, which evolved in the red at the opening, is
quickly returned to positive territory and closing, he earned 258.2 points,
that is 1%, at 26,036.1. The Standard & Poor's 400 .SPX, wider, took 18.78
points, or 0.65%, to 2,887.94 and the Nasdaq Composite .IXIC grew by
29.94 points, or 0.38%, at 7,856.88.
    
    IN ASIA
    The Tokyo Stock Exchange .N225 ended down 0.09%, the early gains of
sitting in the wake of Wall Street not having held, especially because of
the appreciation of the yen, which weighed on export values.
    The MSCI index of Asia Pacific stocks (excluding Japan)
 .MIAPJ0000PUS lost 0.15% around 06:00 GMT.
     
    RATE
    Sovereign bond yields remain depressed, those of the Bund to
10 years and Treasuries at 30 both near record lows
hit Wednesday at, respectively, -0.716% and 1.905%.
    In the early trading of the bond market, the yield of the Bund
German at age 10 DE10YT = RR was -0.714%.
    The yield of the 10-year Italian securities IT10YT = RR briefly passed
under the 1% mark for the first time in its history. The rush to
Italian bonds, whose yields remain higher than elsewhere in
the euro area, is partly due to the growing hopes of the formation of a
new government that would prevent early elections.
    In Asia, JP10YT = JBTC 10-year Japanese yield loses a 1.5 basis at
-0.290%, just above its record low of -0.300% hit in 2016.
    
    EXCHANGE
    Risk aversion supports the yen JPY = while the fall of
Treasuries at 30 years US30YT = RR slows the dollar .DXY.
    Yuan CNY = CFXS retreats slightly, down for the 11th session
in the context of intensification of the trade war.
    
    OIL
    Oil prices are down for the first time in three days
after mixed statements about the outlook for the US economy of
from San Francisco Federal Reserve President Mary Daly.
    The October contract on US light crude (West Texas Intermediate,
WTI) CLc1 loses 0.34% to 55.59 dollars per barrel and Brent LCOc1 falls back
0.56% to 60.15 dollars.
       
  MAIN ECONOMIC INDICATORS AT THE AGENDA ON 29 AUGUST:
 COUNTRIES GMT INDICATOR PERIOD CONSENSUS PREVIOUS
 FR 06.45 Household consumption July + 0.3% -0.1%
 FR 06h45 GDP T2 n. + 0.2% *
 FROM 07:55 Job seekers August +4,000 +1,000
                Unemployment rate 5.0% 5.0%
 EZ 09:00 Business Climate Index Aug. -0.12
                Sentiment index 102.3 102.7
                economic
 12.00 pm Inflation HICP (1st estimate) August inch. + 0.4%
                - over one year + 1.2% + 1.1%
 USA 12h30 GDP (annualized, 2nd estimate) T2 + 2.0% + 2.1%
 USA 12:30 Registered unemployed sem. to 215,000 209,000
                                               24/8
 USA 14:00 Promises of real estate sale. July inch. + 2.8%
     * first estimate
 
    MARKET SITUATION
    (Some data may show a slight shift)
    
  SCHOLARSHIPS
 ASIAN
 Indices Last Var. Var points. % YTD
 Nikkei-225 20460.93 -18.49 -0.09% + 2.23%
  .N225
 Topix .TOPX 1490,17 -0,18 -0,01% -0,26%
 Hong Kong 25547.42 -68.06 -0.27% -1.15%
  .HSI
 Taiwan .TWII 10462.43 + 28.14 + 0.27% -2.32%
 Seoul .KS11 1933.41 -7.68 -0.40% -5.27%
 Singapore 3064.50 +8.03 + 0.26% -0.14%
  .STI
 Shanghai 2889.58 -4.18 -0.14% + 15.87%
  .SSEC
 Sydney .AXJO 6507.40 +6.80 + 0.10% + 15.25%
 Closing in Tokyo: .TFR
                                                                                
  WALL STREET
  Previous Closing:
 Indices Last Var. Var points. % YTD
 Dow Jones 26036.10 +258.20 + 1.00% + 11.61%
  .DJI
 S & P-500 2887.94 + 18.78 + 0.65% + 15.20%
  .SPx
 Nasdaq .IXIC 7856.88 +29.94 + 0.38% + 18.41%
 Nasdaq 100 7587.90 +21.87 + 0.29% + 19.87%
  NDX
                                                                                
  Detail of the session on Wall Street:
  .NFR
 "The Day Ahead" - Update on the next session
 Wall Street DAY / US
                                                                                
  MARKETS
 EUROPEAN
 The futures on the CAC 40 0 ​​# FCE: and on
 the EuroStoxx50 0 # STXE:
                                                                                
  The values ​​to follow in Paris and in
 Europe: WATCH / LFR
  The previous session:
 Indices Closing Var. Var points. % YTD
 Eurofirst 300 1467.10 -2.58 -0.18% + 10.19%
  .FTEU3
 Eurostoxx 50 3365.38 -5.09 -0.15% + 12.13%
  .STOXX50E
 CAC 40 .FCHI 5368.80 -18.29 -0.34% + 13.49%
 Dax 30 11701.02 -29.00 -0.25% + 10.82%
  .GDAXI
 FTSE .FTSE 7114.71 +25.13 + 0.35% + 5.75%
 SMI .SSMI 9758.19 -27.89 -0.28% + 15.77%
                                                                                
  EXCHANGE
                 Course Watch Var. % YTD
 Euro / Dlr 1.1080 1.1077 + 0.03% -3.39%
  EUR =
 Dlr / Yen JPY = 105.89 106.11 -0.21% -3.96%
 Euro / Yen 117.36 117.55 -0.16% -7.02%
  EURJPY =
 Dlr / CHF CHF = 0.9808 0.9815 -0.07% -0.06%
 Euro / CHF 1.0869 1.0874 -0.05% -3.42%
  EURCHF =
 Stg / Dlr GBP = 1.2211 1.2209 + 0.02% -4.28%
 Index $ 98.1820 98.2100 -0.03% + 2.09%
  .DXY
                                                                                
  RATE
                              Last Var. Spread / Bund
                                                            (Pts)
                                                                                
 Bund 10 years DE10YT = RR -0,7130 +0,0050
 Bund 2 years -0.8850 -0.0020
  DE2YT = RR
 OAT 10 years -0.4289 +0.0130 +28.41
  FR10YT RR =
 Treasury 10 years US10YT = RR 1,4609 -0,0070
 Treasury 2 years US2YT = RR 1.4940 -0.0100
                                                                                
                                                                                
  OIL
 (in dollars) Price Previous Var Var.% YTD
 Light crude US 55.54 55.78 -0.24 -0.43% + 21.24%
  CLc1
 Brent LCOc1 60.12 60.49 -0.37 -0.61% + 11.02%
                                                                                
 
 (Edited by Marc Joanny)
 
 



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