(CercleFinance.com) – The Paris Stock Exchange recorded a spectacular +1.5% and rose to 7,350… but what is absolutely impressive is the historic collapse in volumes with less than 500 million ‘E traded in 6 hours of trading, and barely 670 million traded 90 minutes from closing.
Even during a Christmas half-session which ends at 1:30 p.m., 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).
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 displays just as good a mood as 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 reopened up +0.6 to +0.7%, Jerome Powell’s (short) speech on Friday appearing a bit ‘hawkish’ in hindsight but quite in line with previous press releases and ‘minutes ‘ from the Fed.
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 -1.5pt to 4.223%, after climbing above 4.36% last week, a level unexplored for 16 years.
In Europe, the ten-year German Bund yield symbolically tightened by +1pt to 2.565%, remaining around twenty points from its worst levels in recent weeks, our OATs stagnated with +0.5pt to 3.0940%.
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 84.9 dollars a barrel (+2%) and that of American light crude above 80 dollars (+1.5%).
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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