(CercleFinance.com) – The Paris stock market gained +1.2% towards 7,320 after rising to 7,350 around 3:45 p.m…. but what is absolutely impressive is the historic collapse in volumes with less 500 million E exchanged in 6 hours of quotations, and barely 860 million traded 30 minutes from closing.
Even during a half-session of Christmas which ends at 1:30 p.m., with half of the European places on leave, the billion mark is crossed at the close.
There is certainly a lack of British operators since the London Stock Exchange will remain closed for the ‘Summer Bank Holiday’… but this only very partially explains the evaporation of activity in Paris (the absence of US investors has much more impact, which does not prevent processing a ‘small’ 2MdsE on those days).
What does an increase of +100Pts in the CAC40 mean in volumes 50% lower than the summer average, and 2/3 compared to summer 2022?
The Euro-Stoxx50 is barely more active but is showing just as good dispositions (+1.3% at 4,290 after 4,300 at its highest) while investors seem reassured by the adoption of new measures to support the economy in China.
Beijing’s announcement of a halving of the stock market transaction tax to reinvigorate capital markets and boost investor confidence is partly allaying fears of a sharp slowdown in the global economy.
But the Chinese indices, which had reopened up +4 to +5%, ended with gains ranging from +1.1 to +1.4%… the soufflé quickly fell.
Today’s session would be very quiet due to a lightened agenda for both corporate results and economic statistics.
Wall Street lost a few fractions compared to the +6% posted at 3:35 p.m.: Jerome Powell’s (short) speech on Friday is now digested: it appears with hindsight quite in line with the previous somewhat ‘hawkish’ press releases from the EDF.
But doubts about global growth should remain the red thread of the week on the markets, with several statistics expected, including employment figures in the United States on Friday, still closely followed.
Also on the program, a highly anticipated first estimate of consumer prices in the euro zone for the month of August, which will fall on Thursday.
On Monday, the yield of ten-year Treasuries fell -2pt to 4.22%, after climbing above 4.36% last week, a level unexplored for 16 years.
In Europe, the ten-year German Bund yield symbolically tightened by +1.5Pt to 2.5715%, remaining around twenty points from its worst levels in recent weeks, our OATs stagnated with +0.6Pt at 3, 0950%.
Despite fears about global growth, crude oil prices moved up slightly on Monday, supported by encouraging news from China.
The barrel of Brent is moving at more than 84.8 dollars a barrel (+1.4%) and that of American light crude above 80.5 dollars (+1%).
In the news of French companies, Casino announced on Friday evening that the Paris Commercial Court would rule during the month of September on requests for grace periods relating to the bonds it issued.
TotalEnergies announces this morning to continue its commitment to its motorist customers which guarantees that the price of diesel and gasoline will not exceed 1.99 euros per liter in all of its 3,400 service stations in France until ‘at the end of the year.
Plastic Omnium announces the construction of the largest American hydrogen storage plant in Grand Blanc Township, Michigan, to supply ‘a major American car manufacturer’ without specifying the name.
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