(CercleFinance.com) – The Paris stock market (-0.3%) is heading towards a consolidation at the end of the course as consolidation accelerates on Wall Street: the Dow Jones doubles its initial loss, from -0, 5% to -1%, the S&P500 and the Nasdaq yield -0.8%.
It’s the beginning of the 2nd stock market semester on Wall Street, after a long weekend preceded by a session of the ‘4 witches’ in ‘euphoria’ mode, or ‘full risk on’ (the outstanding amount of ‘S&P500 calls’ having broken a historic record) and the question of the ‘catalysts’ of a rise is posed with acuity, valuations being very tight and the bullish consensus very massive.
The Euro-Stoxx50 (-0.35 to -0.4% at 5 p.m.) finds itself in a technical situation of a triple-top below 4,400 (tested on April 21 and May 19): the DAX certainly broke a record on the 16 June (best mark improved by 0.6%) but the CAC40 ‘GR’ (same method of calculation as the DAX) remained at 0.6% from its peak of May 22.
The economic agenda provided for the publication, at the start of the afternoon, of housing starts and building permits: the Commerce Department reports an unexpected surge of 21.7% in housing starts in May, at 1,631,000 at an annualized rate, a level well above economists’ expectations.
For their part, building permits for American housing – supposed to prefigure future housing starts – rose by 5.2% to 1,491,000 at an annualized rate last month, a level also above the market consensus.
These figures could confirm the recent signs of recovery observed in the US construction sector.
In any case, this does not support the dollar, which is falling back below 1.09E, at 1.0915.
On the bond side, instability persists and after +5Pts the day before, it is -5Pts to -6Pts in yield which bring Treasury bills back to their Friday levels (2.922% on OATs, 2.404% on Bunds).
Note the virtual stagnation of Italian construction with -0.6 Pts to 4.030%.
In the news of French companies, Dassault Systèmes and Dassault Aviation announce the new stage of their long-term collaboration which ‘aims to provide major defense programs with the highest level of security, sovereignty and collaboration on the cloud’.
Stellantis announced on Tuesday the creation of a joint venture with Taiwanese Foxconn to design and market innovative semiconductors for the automotive industry.
Airbus announced that the Australian company Qantas has finalized an additional order for nine A220-300s, which brings its order book for this type of single-aisle aircraft to 29 aircraft.
Finally, TotalEnergies reports having signed an agreement with Saint-Gobain France for the sale of 100 GWh of biomethane over a period of three years from 2024, biomethane which will be produced on its BioBéarn site, which entered into service at the start of the year. .
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