Shaken by the conflict which threatens at the doors of Europe and the uncertainty on the strategy of the Fed, the Cac 40 experienced another week of decline. The fifth since January 1.
Which of the two can best be controlled or anticipated: the monetary policy strategy of the American Federal Reserve (Fed) or the situation at the Ukrainian border?
Destabilized, the Cac 40 experienced a rocky week, at the end of which it abandoned part of the ground it had painfully regained five days earlier. Since 1er January, it thus shows five weeks of decline. The contradictory declarations of NATO and Moscow on the presence of Russian soldiers at the gates of Ukraine have prompted investors to be cautious. Even the announcement on Friday of an upcoming meeting between the American Secretary of State, Antony Blinken, and his Russian counterpart, Sergei Lavrov, did not generate any buying movement, just a short-lived respite. The rise in risk aversion has benefited “safe haven” assets such as gold. The yellow metal briefly crossed $1,900 an ounce for the first time in eight months. Besides the geopolitical context, gold also offers protection against inflation at a time when it flies away. This price increase prompted the Federal Reserve to urgently convene a meeting of its Board of Governors on February 14. Nothing came of it, no statement, no press release, no premature raising of the cost of money. It must be said that the practice of modifying key rates between two official meetings has become rare as the American central bank has given itself the task of managing market expectations as well as possible.
At the same time, the season for annual corporate results continued and the major trends observed over the past two weeks were confirmed: the stock market is fastidious and demanding, not hesitating to sanction the slightest disappointment. Capgemini, Michelin or Hermès paid the price.
CELINE PANTEIX