(CercleFinance.com) – The CAC40 (+0.5%) not only achieved a 5/5 on the rise this week but also posted 6 consecutive sessions of increase.
The CAC posted around 11:05 a.m. a score of 8,257 points which constitutes the new absolute record (8,253 points): the absolute closing record of March 28 (8,206) has a 99% chance of being beaten this evening since the index is still gravitating towards 8,225 while Wall Street – up very evenly by +0.4% around 4:10 p.m. – is now moving in a dispersed order with a Nasdaq now negative at -0.1%, an S&P500 at +0.1% and a Dow Jones at + 0.2% (we have the impression of reliving the soporific sessions of Tuesday and Wednesday).
The S&P500 no longer seems able to beat its record of 5,254 this Friday while ‘absolute highs’ have been raining down in Europe for 10 days: first it was the London Stock Exchange with the FT-100, then Amsterdam last Friday (the AEX sets a fantastic series of 6 records in consecutive sessions), then it was Frankfurt (the DAX sets a 3rd record, 18,800 was crossed) then here is the Parisian index which passed beyond 8,253 around 11 a.m. . which should allow the Euro-Stoxx50 (+0.7%) to beat its closing record of 03/28 (5,084Pts).
But everywhere, the observation is the same: the markets rise in a vacuum… but in the absence of any ‘opposition’.
The CAC40 garnered almost +4% this week with daily volumes of €2.3 billion: never before has the CAC broken a record in its 36-year history with so few cumulative purchase volumes in one week. .. Never.
There are no buyers (insignificant flows) but above all there are no sellers: at this level of non-existence, it is also unheard of.
As a week almost void of any major publications comes to an end, investors will carefully study the economic indicators of the coming days.
The speakers will try to detect new clues concerning the timetable for the next rate cuts, in the United States and in Europe, and to assess the chances of a continuation of the stock rally.
This afternoon, investors discovered the American consumer confidence index established by the University of Michigan.
American household morale fell by almost -10 points in May, to 67.4: this is its lowest level in six months, according to preliminary figures from the University of Michigan survey revealed this Friday (analysts predicted a much less marked decline, around 76.2).
In detail, the component of current conditions fell to 68.8 against 79 last month, while that of expectations stood at 66.5 after 76 in April.
The yields on US Treasury bonds are nevertheless up +5.5 points to 4.502% for ten-year securities and 4.85% for ‘2 years’, also showing +4.4 points.
In Europe, Bunds (2.52%) and OATs (3.0250%) are prey to heaviness with +2 base points respectively.
Markets that were betting on a 25 basis point easing of rates from the European Central Bank (ECB) next month seem a little less sure of themselves.
Brent lost 0.3%, to $83.8/barrel, while the ounce of gold gained 2.6%, to $2,370/ounce: this is the most significant market movement at this time. Friday.
In French company news, Sanofi announces the conclusion of a co-exclusive licensing agreement with Novavax, for the co-marketing of a Covid-19 vaccine and the development of combined influenza-Covid-19 vaccines, as well as a minority stake of less than 5% in Novavax.
Viel & Cie posts consolidated turnover up 3% (+5.2% at constant exchange rate) to 299 million euros for the first quarter of 2024, compared to the same period of the year former.
Finally, Renault will present today, on the Spa Francorchamps circuit (Belgium), the first rolling prototype of its Alpine Alpenglow Hy4 equipped with a hydrogen thermal engine.
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