(CercleFinance.com) – The Paris Stock Exchange should start with a slight decline on Wednesday morning, in a climate which remains conducive to profit-taking after the gains of recent weeks and before the publication of several leading indicators, in Europe and in the States -United.
Around 8:15 a.m., the ‘futures’ contract on the CAC 40 index – December delivery – fell ten points to 7247.5 points, announcing a note of weakness at the opening.
The Parisian market was unable to benefit yesterday from the good American figures which once again highlighted the resilience of activity despite the sudden rise in interest rates.
After spending the entire session in the red, the CAC nevertheless managed to limit its losses in the last minutes of trading to end the day with a limited decline of 0.2%, on its support of 7250 points.
‘This consolidation, rather minimal, can be considered as a delay in this latest bullish sequence’, estimate technical analysts at Kiplink.
If the Parisian market has tended to catch its breath in recent days, the underlying trend remains upward and the famous end-of-year ‘rally’ remains very much alive, underline the chartists.
On Wall Street too, the engine stalled yesterday and the American stock markets were content to erase their small losses from Monday: the Dow Jones was content with a gain of 0.1% and the Nasdaq recovered. approximately 0.3%.
Investors will have to watch a whole series of major statistics today, starting with the first estimate of consumer prices in Germany for November, which will be released at 2:00 p.m.
‘If German inflation appears to be falling, this reinforces the possibility that inflation in the euro zone will fall again after having already fallen more than expected in September and October,’ recalls Christopher Dembik, strategist at Pictet Asset Management.
‘Obviously, the fall in inflation risks reinforcing expectations of rate cuts by the ECB which constitute one of the main drivers of rise in financial markets at the moment,’ he adds.
Another important event, the publication, at 2:30 p.m., of the second estimate of the gross domestic product (GDP) of the United States for the third quarter.
Economists are banking on a confirmation of the first estimate, which showed strong growth of 4.9% in economic activity over the period from July to September.
On the foreign exchange market, the euro weakened a little before the publication of these figures to trade around 1.0990 dollars, down 0.1%.
On the government bond side, bond yields confirm their good start to the week, with the ten-year Bund yield falling towards 2.5% while its American equivalent stands at around 4.33%, a record low of two months.
Barrel prices are moving slightly higher before the release, in the afternoon, of oil stocks in the United States and on the eve of a highly anticipated OPEC meeting.
Brent is currently up 0.2% to $76.6 per barrel and American light crude (West Texas Intermediate, WTI) is up 0.1% to $81.7.
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