(CercleFinance.com) – The Paris Stock Exchange halves its gains in 90 minutes, going from an increase of +1% (towards 8,030) to +0.5% towards 7,995.
The challenge of this session will be to finish above 8,000 because seeing 8,030 again is illusory.
The 1MDE transaction mark has just been crossed around 5 p.m., due to the closure of the London Stock Exchange (arbitrageurs and market makers absent).
The CAC40 remains driven by Teleperformance (+5.6%) ahead of Axa (+2.3%) and Thalès (+1.8%).
The Euro-Stox50 gains 0.6% towards 4,950: chartists predicted a return to contact with 5,000 imminently but Wall Street’s gains are not at the level of expectations with +.3% for the Dow Jones and +0 .6% on the S&P500 and the Nasdaq.
Today’s increases, as well as my previous week’s gains, for the moment contradict the old stock market proverb which recommends ‘sell in may and go away’.
‘We re-examined this market adage and found that it is much more than just a cliché,’ emphasize the J. Safra Sarasin teams.
‘Indeed, performances during the summer months have always been weaker, all regions, sectors and periods combined,’ recalls the private bank.
‘We still expect stocks to rise by the end of the year, but it is likely that the coming months will follow the usual seasonal pattern with only moderate progress,’ she adds.
Investors only seem to be waiting for one thing in the near future: for the Federal Reserve to finally decide to lower its rates, a prospect which remains surrounded by the greatest uncertainty.
Among the rare indicators on the agenda this week, the consumer confidence index from the University of Michigan will, on Friday, provide a little better insight into the current morale of American households.
In Europe, the services PMI indices – which had some pleasant surprises in their preliminary versions – could turn out to be a little less flattering in the final versions today.
Still on the statistics front, in March 2024 compared to the previous month, industrial producer prices fell by 0.4% in the euro area and by 0.5% in the EU, according to Eurostat estimates. , after decreases of 1.1% in the eurozone and 1% in the EU in February.
In the euro area, industrial producer prices increased by 0.4% for non-durable consumer goods, by 0.1% for other goods, and decreased by 1.8% for energy. Excluding energy, they increased by 0.2%.
The bond markets continue their improvement with -3.5 points of yield on OATs and BUNDS (at 2.985% and 2.475% respectively), T-Bonds turned around in the afternoon and an easing of – 3Pts around 2:30 p.m. here they are showing +1Pt base at 4.508%.
The Dollar weakens further and the Euro appreciates symmetrically by +0.2% towards 1.0780, the ounce of gold recovers by + to.5% towards 2.324$/Oz.
The slide in black gold continues and the barrel of Brent drops practically -1% and falls below $83, or -10% since April 14.
Among the companies that have still not published their quarterly results, the American entertainment giant Disney, the British chipmaker Arm and the oil group BP will announce theirs this week.
Several French companies will also publish their results this week, including Alstom, Arkema and Bouygues.
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