(CercleFinance.com) – The Paris Stock Exchange (-0.1%) ends the week in freewheeling while the CAC has been moving since 9 a.m. this morning within a range of 0.2% around its equilibrium point (around 6705 points) in volumes worthy of a truce for confectioners with barely 1.32 billion euros traded 45 minutes from the close (the 1.5 billion euros will be painfully reached at 5.30 p.m.).
The CAC40 completes an 8th consecutive week of increase, with a weekly gain of +1.2% and a difference of +18% compared to the end of September, the annual loss having fallen back below 6% when the index posted 6.625 this morning .
Wall Street reopened slightly higher but remains very calm in the absence of many investors who made the bridge for this long Thanksgiving weekend. The S&P500 climbed 0.1%, the Nasdaq lost -0.4% and the Dow Jones continued to outperform with +0.5%.
Wall Street will also close its doors three hours ahead of the usual schedule to allow professionals to also participate in this day of sales called ‘Black Friday’ which launches the key period for end-of-year purchases: 166 million Americans (i.e. 1 out of 2, and 5% more than last year) said they wanted to take advantage of the sales this year.
No less than 67% of respondents intend to go to a shopping center this weekend and 70% intend to buy an electronic item online during ‘cyber monday’.
In the absence of fresh news on the economy, the general sentiment in the markets remains dominated by the fear of missing the train of the rise (‘fear of missing out’, FOMO) before the triggering of a possible ‘rally’ year-end… which would be absolutely exceptional after +18% in Paris and +23% in Frankfurt.
In terms of indicators, the German economy recorded growth of 0.4% in the third quarter, the Federal Statistical Office announced on Friday, which is thus revising its estimate provided a month ago (+0.3% ): this rebound can be explained by ‘late’ purchases and the weight of energy expenditure.
Moreover, the confidence of French households was almost stable in November, given the INSEE synthetic indicator which rose by one point to 83, a level well below its long-term average (100 between January 1987 and December 2021).
Yields on benchmark government bonds in the euro zone rose sharply after a sharp decline the day before, the ten-year German Bund was at 1.9740% against 1.84% the day before and its French equivalent jumped + 15Pts at 2.442%, Italian BTPs take +20Pts at 3.872%, Spanish Bonos +16Pts at 2.954%.
US bond markets will remain closed until Monday morning.
The euro erases its initial gains and returns stable to 1.0405 dollars and is heading for a weekly increase of nearly 0.5% after having already lined up for two weeks of increases.
The barrel of oil recovered +0.5% to $85.5 in London while Beijing freed up a lending capacity of $70 billion for Chinese banks to support real estate (while the reconfinements are accelerating and weighing down activity industrial).
In corporate news, Laurent-Perrier publishes, for its first half of 2022-23, net income group share up 58.4% to 36.9 million euros, i.e. 6.24 euros per share, as well as an improved operating margin rate of 5.5 points to 33.3%.
Capgemini announces that its ninth employee share ownership plan ESOP (Employee Share Ownership Plan) has met with great success with a subscription rate of 128%. It has been subscribed by more than 50,000 employees in the 29 participating countries.
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