(CercleFinance.com) – The Paris Stock Exchange ended the day at 7,574 points (+0.08%), at the end of a session marked by a virtual immobility of the index, while investors are looking for catalysts.
Remember that last Friday, the president of the New York Fed, John Williams, cooled the markets’ enthusiasm by declaring that it was ‘premature’ to consider a rate cut by the Fed as early as March.
Same story from his counterpart at the Atlanta Fed, Raphael Bostic, for whom a relaxation of the monetary policy of the American Federal Reserve is not ‘imminent’.
It is true that some investors are going so far as to consider ten rate cuts in 2024, a scenario considered exaggerated by some given the persistence of inflation.
On the economic front, the rise in housing starts (+14.8%) shows that the American real estate market displays paradoxical behavior: first-time buyers are absent, no one is selling their property to buy more. (situation of shortage), then solvent buyers have housing built to their liking
On the other hand, building permits for American housing – supposed to foreshadow future construction starts – fell by 2.5%.
If the last sessions before the holidays are usually buoyant, the remaining questions around interest rates are weighing on trade, in the absence of real catalysts.
On the bond market, the bullish ‘rally’ of recent weeks shows a slight pause, but it remains in the nature of consolidation or a simple technical ‘pullback’.
Around 3.895% (-5.3Pts), the yield on ten-year Treasuries remains well below the technical threshold of 4%, while that of the German Bund at the same maturity, reference for the entire euro zone, stands at 2.008% (-0.5Pt).
On the energy side, oil rebounded by +1.% towards $79.3 per barrel of Brent.
In French company news, TotalEnergies announces a second renewable electricity sales contract (CPPA) with the petrochemical company LyondellBasell, to which it will now supply 275 MWac (358 MW) of green electricity from its solar farms in Cottonwood Bayou and Brazoria Solar, Texas.
Airbus announces that easyJet has confirmed, following approval from its shareholders, a firm order for 157 additional A320neo family aircraft, as part of its fleet renewal and improvement plan.
The aircraft manufacturer adds that Lufthansa has also decided to place a firm order for 40 additional A220-300s for its short and medium-haul fleet.
Finally, Thales announces that it has partnered with SK Telecom (SKT), Korea’s largest mobile operator, to successfully carry out advanced stress tests in post-quantum cryptography.
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