The Paris Stock Exchange is expected to rise at the opening on Wednesday, continuing its momentum after five consecutive daily gains, even if the advance remains precarious before a publication from the American Central Bank.
The futures contract for the star CAC 40 index rose by 0.45%, around forty minutes before the opening of the session. On Tuesday, it ended up 0.34% at 6,592.58 points.
The Parisian rating exceeded Tuesday in session the 6,600 points, a level more reached since April. It remains on five sessions of consecutive increases, even if only one was more than 0.4% and that trading volumes were significantly reduced in August.
“The resilience of European markets over the past few weeks has been impressive given the challenges ahead,” said CMC Markets analyst Michael Hewson.
Among the obstacles, the price of European natural gas which continues to climb, approaching 226 euros per megawatt hour at the close on Tuesday, or even disappointing economic activity indicators in China and the United States.
The Parisian dimension, on the other hand, is benefiting from the drop in oil prices, with reference prices at their lowest since the beginning of February or the end of January.
Above all, investors are reassured by the American Central Bank, hoping that the slowdown in the economy, coupled with a slowdown in inflation observed in July, will curb increases in the institution’s key rate.
At the end of the last meeting of the Fed at the end of July, its president Jerome Powell had “raised the idea that it could be tempted to pivot”, focusing on the return of growth rather than the fight against inflation. , recalls Mr. Hewson.
“Equity markets have been rising steadily ever since,” he continues.
But the publication of the minutes of the discussions of this meeting, the “minutes”, scheduled after the closing of the Paris market, could upset this certainty, other Fed officials being much less accommodating than Mr. Powell.
Especially since the trajectory of inflation is still difficult for analysts: in the United Kingdom, it jumped above 10% over one year in July, surprising estimates on the rise.
Another important meeting of the day: the publication of retail sales in the United States, in the middle of the session.
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