(CercleFinance.com) – The CAC40 (+0.5% to 7,150) started the week on a modest rise that exceeded initial expectations, thanks to more than summery narrow volumes: not even 830MnsE traded at the end 8 hours of trading, the billion mark is unlikely to be reached by 5:30 p.m. (it will then be necessary to add ‘arbitrage’ at 5:35 p.m.).
A few purchases of contracts thus make it possible to tip the scales, and on ‘low’ days, it is almost always the rise that wins.
The Euro-Stoxx50 is part of the same dynamic with +0.5% at 4,256 Pts.
Wall Street is moving slightly in the green (except the unchanged Nasdaq) with an S&P500 at +0.1%, the Dow Jones grabs +0.4%.
Commentators call for caution before many highly anticipated ‘macro’ meetings within 48 hours.
A minor figure came out this afternoon: US wholesale inventories stagnated in May sequentially, according to the US Commerce Department, after a 0.3% decline the previous month (revised data, the initial announcement having reports a decline of 0.1% in April).
Sales by wholesalers, for their part, fell by 0.2% between April and May. At the rate of sales in May, it took 1.41 months for wholesalers to sell their inventories, a ratio to be compared to 1.40 the previous month.
The week will be dominated by the publication of several leading inflation indicators in the United States for the month of June, starting with the consumer price index on Wednesday, then those for production and imports. .
On this side of the Atlantic, are expected in the coming days, in particular the ZEW index of economic sentiment in Germany, German and French inflation figures, or even industrial production in the euro zone.
‘The report of the ECB on its June meeting (Thursday) will be another interesting publication, given the hypothesis, reinforced recently, of a rise in key rates in September’, also points Deutsche Bank.
Finally, the week will also see the start of the quarterly results season in the United States, with in particular the publications of major financial institutions such as JP Morgan Chase and Citigroup, expected on Friday.
Even before discovering the inflation figures on Wednesday, our bond markets continue to deteriorate with +2Pts on our OATs at 3.2080%, +1.5Pts on Bunds at 2.651%, +3Pts on Italian BTPs at 4.388 %.
The US T-Bonds, on the other hand, are unchanged at 4.046/4.0500%, which weakens the Dollar a little: the euro rose by +0.25% towards $1.096.
On the stock side, TotalEnergies (+1.2%) and its Azerbaijani partner SOCAR announce the start of production of the first phase of development of the Absheron gas and condensate field, located in the Caspian Sea, about 100 km to the south. -east of Baku.
TotalEnergies also announced the signing of a series of agreements with Sonatrach to strengthen their cooperation in the production of natural gas, the delivery of LNG to Europe, and the development of renewable energies in Algeria.
While maintaining its ‘hold’ recommendation, Stifel is adjusting its price target from 1,800 to 1,820 euros on Hermès, pending the publication of the luxury house’s results for the first half of the year on July 28.
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