Around 8:15 a.m., the futures contract on the CAC 40 index – chance September – climbed 34 points to 6246.5 points, announcing a slightly higher opening.
However, some caution should prevail before tomorrow’s publication of the consumer price index in the United States for the month of August.
The consensus is for a slowdown in the consumer price index (CPI), around 8% on an annual basis against 8.5% the previous month, which could show that the peak of inflation has probably been exceeded.
Inflation data for the month of July had already signaled the beginning of a slowdown in the rise in prices, a easing which had allowed US equity markets to regain confidence.
Over the past week as a whole, the Dow posted a gain of around 2.7% while the Nasdaq granted itself an increase of around 4.1%, thus ending a three-week streak. consecutive declines.
Jerome Powell, the chairman of the Federal Reserve, however hammered throughout the summer his determination to fight inflation, even if it meant provoking a recession, which dampened hopes of an upcoming pause in the monetary tightening cycle .
The boss of the Fed recalled that the ebb of inflation would have to be permanently established for this long-awaited break to take place, a goal that seems distant when we know that the institution’s target is 2%.
Investors want to cultivate despite all the hope of a ‘soft landing’ which would see the Fed continue its monetary tightening without causing a slowdown in the American economy more marked than that observed in recent months.
“We think we’re in the middle of a bottom for the markets, which are starting to price in a ‘U’ recovery scenario (instead of a V recovery),” said Craig Fehr, strategist at Edward Jones.
This context would be ideal to allow the stock markets to regain their momentum on the basis of slightly healthier fundamentals.
With the prospect of further rate hikes, US Treasury bond yields continue to rise: the ten-year lined up on Friday for a sixth consecutive week of growth to peak at 3.32%.
It was hovering around 2.64% at the end of July.
On the foreign exchange market, the dollar is stabilizing around parity against the euro on Monday pending the announcement of the highly anticipated inflation figures.
The week will also be marked by the publication, tomorrow, of the German ZEW index measuring investor confidence, which will provide more information on the imminence of a recession in the euro zone.
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