(CercleFinance.com) – The CAC40 has been losing a few fractions since 3:50 p.m. and is moving a little away from the 7,300 mark: the index is however easily holding in the green with +0.6%, at par with the DAX but slightly down compared to the E-Stoxx50 (+0.8%) which remains supported by ASML and its +3%.
Volumes are non-existent in Paris (1.1 billion euros) which makes the increase insignificant as it is easy to manipulate prices.
The CAC is logically driven by STMicro (+2.4%) after the +2.8% jump in the ‘SOX’ index on Monday evening,
The ‘technos’ are also supporting Wall Street (the Nasdaq advances by +0.4%) while the Dow Jones yields -0.4%… so overall, no direction, and the ‘figure of the day’ is not there change nothing.
US existing home sales fell 2.2% last month from June to 4.07 million annualized and seasonally adjusted (CVS) data, according to the National Federation of Realtors (NAR).
The median sale price reached $406,700, up 1.9% year-on-year (wealthy buyers who don’t need to borrow are still present), and the inventory of existing unsold homes increased by 3.7% over one month to 1.11 million at the end of July, or 3.3 months at the current outflow rate.
The publication on Wednesday evening of the quarterly results of the American chip designer Nvidia will reveal whether the market enthusiasm for AI remains intact.
Wall Street reopened without direction with -0.1% for the Dow Jones and +0.1% on the S&P500.
Trading volumes and variations should also remain limited across the Atlantic on Tuesday in the absence of major economic events and results from leading companies.
The players, in a waiting position, are looking for the next element likely to push up the indices, or on the contrary to fuel the climate of caution of the last few weeks.
With the Jackson Hole symposium, which begins on Thursday, investors are hoping for an improvement in general sentiment that will allow them to break with the phase of risk aversion that has recently rocked the markets.
In the United States, the trend continues to deteriorate on T-Bonds (+1.5 Pts to 4.35%) even though only 13% of investors believe in a rate hike in mid-September: the ‘problem’ (the tension in interest rates) therefore results from new causes, and this is not reassuring.
‘Money market expects US interest rates to stay above 5% for much of 2024, supporting the dollar (no prospect of recession, so no rate cuts to come)’, explain the DeftHedge teams.
In Europe, OATs and Bunds stalled at their worst levels of the year (end of February) and a symbolic easing began with -4.6 Pts on OATs at 3.20% and -3.6 Pts on Bunds at 2.67%.
The macroeconomic agenda looks relatively thin today, with the publication before the opening of Wall Street of the sales of old homes in the United States, which will allow to assess the health of the American real estate market. .
The greenback weakened a little against the euro, which rose towards $1.0920/euro, traders resigning themselves to waiting for a signal from central bankers two days before the opening of Jackson Hole.
In the news of French companies, TotalEnergies indicates that it has signed an agreement with CapeOmega Carbon Storage, to buy back its 40% stake in the ExL004 exploration permit for CO2 storage (Luna project), in the Norwegian North Sea.
Ubisoft announces deal granting it cloud streaming rights for Call of Duty and all other Activision Blizzard titles to be released over the next 15 years, once Microsoft’s acquisition of Activision Blizzard is complete .
Finally, Orpea announces a drawdown of 200 million euros in ‘new money’ financing, granted by its main banking partners, an amount which corresponds to the entire Credit D1B and which follows a first drawdown of the same amount on June 2 (Credit D1A).
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