(BFM Bourse) – The CAC 40 ended up 0.9% this Monday. The market continues to monitor the political situation in France while awaiting several indicators published later this week.
A shallow do not do the spring. But the CAC 40 managed to regain a little momentum this Monday. The flagship index of the Paris Stock Exchange ended up 0.91%, at 7,571.57 points. Nothing to forget the shock of last week (-6.2% on a weekly basis). But the index returns slightly to positive territory over the whole of 2024 (+0.35%).
After the shock of the dissolution of the National Assembly by Emmanuel Macron, investors are now monitoring the state of political alliances and polls.
Tensions on French debt are easing somewhat. The yield on the 10-year French bond stood at 3.146%, up three basis points (0.03 percentage points), shortly before the close. But the German security with the same maturity gained 5 basis points at the same time.
So much so that the gap between the two bonds, which serves as a stress thermometer on French debt, falls to around 72-73 basis points, after having exceeded 80 points on Friday.
The climate nevertheless remains not conducive to risk-taking. “Investors will have to have a strong heart to get through this zone of turbulence,” summarizes Apicil Am in its weekly letter.
>> Access our exclusive graphic analyses, and gain insight into the Trading Portfolio
Essilorluxottica caught the eye of UBS
“It seems to us at this stage that the risk of a sharp market correction remains limited because all the main parties want to remain in the European Union and the euro zone and because President Macron will retain a right of veto,” puts Xavier Chapard of LBPAM.
In addition to the situation in France, the market will monitor, this week, retail sales and industrial production in the United States, as well as the PMI indices, which measure private sector activity, throughout the world.
On the value side, Essilorluxottica gained 2.6% driven by an increase in purchasing advice from the UBS bank. Alcohol makers Pernod Ricard and RĂ©my Cointreau dropped 0.45% and 0.9% respectively as China announced an anti-dumping investigation into European pork imports. Which raises a little more fear of restrictive measures on French brandies.
On other markets, the euro gained 0.2% against the dollar to 1.0711 dollars. Oil is progressing significantly. The August contract on North Sea Brent gained 1% to $83.51 per barrel, while the July contract on WTI listed in New York gained 1.3% to $79.52 per barrel.
Julien Marion – ©2024 BFM Bourse