(CercleFinance.com) – The Paris Stock Exchange is expected to open without much trend on Monday in the absence of real catalysts on the market at the start of a week shortened due to Easter.
Around 8:15 a.m., the ‘futures’ contract – April delivery – on the CAC 40 index fell by barely two points to 8172.5 points, a harbinger of a flat or almost flat start to the session.
The market environment looks set to be relatively calm, with investors still digesting the accommodating announcements made last week by the American Federal Reserve.
The Fed’s conciliatory tone allowed Wall Street to return to growth after two consecutive weeks of decline, with the Dow Jones, the S&P 500 and the Nasdaq posting weekly gains of more than 2% to set new records.
‘The combination of better growth prospects, inflation favorable to profits (with underlying inflation around 3%) and the consistent pivot of central banks has created a new investment environment’, underlines Florian Ielpo, the head of macroeconomic research at Lombard Odier Investment Managers.
The trend was less favorable in Paris, where the CAC 40 lost 0.2% last week, investors having been tempted to take some profits after the highs recently reached by the Parisian index.
After a gain of almost 20% since the end of October, the CAC now seems to come up against the technical barrier of 8250 points, a resistance zone closely followed by investors.
Variations should remain limited this Monday and the trend should remain sluggish in the absence of a major event and the lack of significant news.
The macroeconomic agenda looks particularly thin this Monday with the publication after the opening of Wall Street of new housing sales, a relatively secondary indicator.
Without any real market catalyst, investors will turn to the publication of the PCE index on Friday in the hope of finding clues as to whether or not the slowdown in inflation will continue.
If this indicator appeared in January at its lowest level in almost two years, the statistics relating to inflation have tended to exceed expectations recently.
Investors will therefore have to react to these figures with a delay since the European and American markets will be closed on Friday for Good Friday.
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