(CercleFinance.com) – The CAC40 continues a 4th stagnation session (+0.00%), just above 7,200Pts in conditions of illiquidity and evaporation of volumes such as it has never been observed in the 21st century.
At this stage of the week, the CAC 40 is posting a limited weekly decline of around 0.7%, but is preserving its major support of 7,200 points for the time being, with trading half the average.
Again, the bar of one billion transactions is barely reached 90 minutes from closing, while Wall-Street is moving up slightly this Friday at the start of the session. 15 points.
Fears of a tightening of the monetary policies of the major central banks remain in the background, pending the meetings of the Fed and the ECB scheduled for next week (investors are 75% betting on a status quo on June 14 and 66% to be expected +25pts at the end of July.
Yesterday’s announcement of a ‘technical’ recession in the euro zone, marked by two consecutive quarters of negative growth, also heightened concerns about the health of the global economy.
Deprived of catalysts, the Parisian market seems – like the other world places – to seek a direction since the end of April.
In the absence of economic indicators, today’s session should remain particularly calm and weak in terms of trading volumes, on both sides of the Atlantic.
The easing of tensions on the interest rate market could nevertheless encourage a small rise in bonds.
Sovereign yields eased at the margins: the yield on the 10-year German Bund, the benchmark rate for the euro zone, erased 2.2 Pts and returned to camp in the 2.40% zone, our OATs erased 3 Pts at 2.947%.
On the other hand, the 10-year US loan deteriorated from 3.713% to 3.773%.
The dollar rallies slightly against the euro, which is losing ground towards 1.0775, but the greenback is heading for losses on the week, with traders apparently betting on a ‘status quo’ from the Fed this week next.
Oil is also expected to end the week on a negative note despite the announcement on Sunday of further OPEC production cuts.
The barrel of American light crude oil (WTI) is trading at 71.5 dollars, Brent from the North Sea has less risen to 76$ (+0.6%).
The big winner of the week is for the moment gold – with an increase of 1.4% – the yellow metal continuing to benefit from robust demand, supported in particular by the risks weighing on the American economy.
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