(CercleFinance.com) – The Paris Stock Exchange should move on a note of caution on Thursday morning and it will probably be necessary to wait for the publication, at the very beginning of the afternoon, of the monthly consumer price figures in Germany to see whether draw a real trend.
Around 8:15 a.m., the ‘future’ contract on the CAC 40 index – July delivery – fell 5.5 points to 7293 points, suggesting an opening without much change.
The Parisian market had yesterday signed vigorous gains of nearly 1%, to 7286 points, aligning a third consecutive session of increase which seems to stop for the moment the recent downward spiral in which it was evolving.
Encouraging element, the CAC has exceeded in closing the course of 7260 points deemed necessary, according to technical analysts, to hope to reconnect with a more sustainable upward trend.
After a poor start to the week in leading economic statistics, the session will be animated by a handful of indicators in Europe, then in the United States.
In the euro zone, investors will wait with some excitement for the preliminary figures for inflation in Germany, which will be released at 2:00 p.m. while inflationary pressures persist in the region.
Figures higher than the consensus could revive fears about the evolution of the rates of the European Central Bank (ECB), which still seems determined to continue its monetary tightening in the face of inflation that is still too high.
On Tuesday, investors had taken note of the very firm statements made by Christine Lagarde at the forum of central bankers in Sintra (Portugal).
For the President of the ECB, inflation remains too high in Europe and the institution will have to continue its fight against rising prices ‘whatever the cost’.
On the bond compartment, the relaxation remains however in order, the yield of German sovereign bonds at 10 years continuing to oscillate around the threshold of 2.30%.
In the United States, market operators will be watching closely at 2:30 p.m. the third estimate of first-quarter GDP, as well as the weekly unemployment benefit claims figures.
On the foreign exchange market, the dollar is recovering a little health following the remarks of Jerome Powell, the boss of the Fed, who confirmed since Sintra that the American rates should be raised by two more times.
On the oil front, the prices of Brent and American light crude are starting to fall again, after having benefited yesterday from the announcement of a sharp decline in inventories in the United States.
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