(CercleFinance.com) – The day after a session of the ‘3 witches’ which saw the CAC40 record new absolute highs, the index is not giving up: after several hours marked by a modest decline of -0.2 -0 .3%, in almost non-existent volumes (0.5 billion at 1 p.m., 0.9 billion at 4:45 p.m.), the index returns to balance, helped by the rise in banking stocks, notably Crédit Agricole and BNP-Paribas.
Note the heaviness of automotive equipment manufacturers with -12% on Forvia and -6% on Valéo.
The European markets have also returned to balance but trade is reduced to its simplest expression: this is not
a surprise in the absence of American operators (celebration of ‘President’s Day).
French values do not react to Bruno Le Maire’s comments this Sunday on TF1’s ‘8 p.m.’
The Minister of Economy and Finance announced this weekend a downward revision of the country’s growth forecasts for 2024, going from 1.4% to 1% (just like the IMF, but the OECD does not expect no more than 0.6%, the consensus of economists expects 0.8%).
Consequently, the State will have to make ‘ten billion euros in additional savings’ (including an 800 million budget reduction for ‘my renovation bonus’ and a 1 billion euro cut in ‘development aid’).
After the flood of results, statistics and monetary decisions of recent weeks, the week which begins promises to be calmer than the previous ones… but watch out for the publication of Nvidia’s quarterly on Wednesday: expectations are stratospheric and origin of a gain which has already reached +46% this year.
Any disappointment could result in heavy profit-taking and would impact the semiconductor sector, the driving force of the S&P500 since fall 2022.
As for US figures considered important by Wall Street, we will have to wait until this Thursday to discover the preliminary results of S&P Global surveys carried out among purchasing managers (PMI) in the private sector.
The market will also take stock of the monetary policy of the American Federal Reserve with the publication, Wednesday evening, of the ‘minutes’ of the January meeting, which saw the Fed keep its rates unchanged.
Expectations of rate cuts in the United States have been sharply revised downwards recently in the wake of good figures on growth, employment and inflation.
While the market was counting at the start of the year on a rate cut of 175 to 200 basis points from March, only 100 basis points are now expected, and from June.
In Europe, the week still promises to be relatively busy with upcoming announcements from Air Liquide, Carrefour, Nestlé, Mercedes-Benz, AXA, Engie, Deutsche Telekom, Allianz and BASF.
The bond markets are dozing in the absence of any catalyst, with OATs and Bunds shifting by +1Pt to 2.89% and 2.41% respectively, British Gilts rising by +4Pts to 4.15% .
Flat calm also on the exchange front (Dollar-Index frozen around 104.33) with the Euro crumbling by -0.05% to $1.0770.
Gold ($2,015) and oil lag by less than 0.05% respectively.
In the news of French companies, the group specializing in cold logistics Stef indicates that its board of directors has decided to cancel 150,000 treasury shares, or 1.15% of the share capital, of shares which had been acquired as part of a share buyback program.
Thales announces that it will provide, with its SurfSAT-L solution, satellite communications capabilities to the F126 frigates, the most important frigates in the German Navy fleet, capable of operating at all latitudes.
Air Liquide announces investing more than 50 million euros to build a new innovative production unit in Singapore and to transform its current facilities located in Malta (New York State), with the aim of supplying ultra-pure nitrogen to GlobalFoundries.
Veolia announces that it has signed, via its Hungarian subsidiary, an agreement with Uniper for the acquisition of a power plant with an installed capacity of approximately 430 megawatts located in Gönyű, in the north-west of Hungary.
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