(CercleFinance.com) – The ‘3 witches’ session keeps all its promises on Wall Street where the US indices are moving into record territory (S&P500 at +0.1% around 5,300Pts, new possible closing record for the Dow Jones at 40,000, Nasdaq rising towards 16,700 Points from the opening) while the European markets are looking gloomy with a CAC40 down -0.3% for a negative weekly score of -0.8%.
The underperformance of the Paris Stock Exchange (blocked below the major resistance of 8250 points) contrasts this week – but also this month – with the surge in the US indices: the May deadline could end with less than 2% gain in Paris while the Nasdaq flirts with +10% and the S&P500 with +7%.
Profit-taking has increased since yesterday, as a week marked by relief around American inflation comes to an end.
After the sharp rise in May, investors are all the more tempted to play the cautious card as next week will be marked by Nvidia’s quarterly results.
Analysts expect better than expected performance from the processor manufacturer and an increase in its annual targets, as the Californian group is accustomed to.
Good news would undeniably confirm the good direction of technological stocks, in particular those which are positioned on artificial intelligence.
One of the most notable effects of the weaker-than-expected inflation figures released this week was the fall in US Treasury yields on Wednesday, in anticipation of increasingly likely monetary easing in the United States. .
But the trend is turning around this Friday in Europe: the 10-year yield on Treasuries rises slightly above 4.40% after falling yesterday to 4.32%, the lowest in more than a month, our OATs show +6Pts at 3.005%, Bunds are not better off with +6.2Pts at 2.5060 and Italian BTPs also show +6Pts at 3.8060%.
The final figures for inflation in the euro zone for the month of April, published at 11:00 a.m., were visibly disappointing.
Investors had confirmation that in the first quarter of 2024, the number of unemployed in France (excluding Mayotte) as defined by the International Labor Office (ILO) had increased very slightly, by 6.
000, compared to the previous quarter, to 2.3 million people, according to INSEE.
As for US indicators, investors will be watching this afternoon for the publication of the Conference Board’s leading indicators index, expected to fall by 0.3% in April.
One of the notable events of this Friday is the confirmed ‘breakout’ of silver above $29.3 (+3% to $30.50, ten-year record) and the return of the ounce gold beyond $2,400, despite the deterioration of rates and the strengthening of the Dollar towards 1.0850/E (+0.15%).
In French company news, Eiffage and Entech announce an agreement to create a joint venture dedicated to the design, integration of storage systems, construction of the substation for connection to the high voltage network, management tools, and securing batteries.
Vinci announces that traffic on its motorway concessions decreased by 1.5% in April 2024 in annual comparison, a drop of 2.8% for light vehicles having been partly offset by an increase of 6.7% for heavy goods vehicles.
Finally, Clariane indicates that it is undertaking capital increase operations for a maximum total amount of approximately 328 million euros, welcoming alongside Crédit Agricole Assurances, the HLD Europe Group as a new reference shareholder.
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