CAC 40: little change after seven sessions of gains
At around 8:15 a.m., the future contract on the CAC 40 index - February delivery - gained 0.5 points to 7859.5 points, heralding an opening around equilibrium.
The Paris market had ended Wednesday's session with a gain of nearly 0.9% at 7827 points, breaking back through the 7800-point threshold it had broken last June in the wake of the dissolution.
Since its low point on November 27, the CAC has now posted a 10.5% rebound.
The White House's launch on Tuesday evening of a gigantic investment plan for AI in the United States helped to bolster the feeling of confidence prevailing on the markets.
All US indices gained ground last night, with the S&P 500 even setting a new all-time high above 6,100 points during the session.
Beyond the optimism surrounding AI, Wall Street was buoyed by Netflix's better-than-expected results (+9.7%), deemed a good omen ahead of the tech giants' earnings releases scheduled for next week.
This reminds us not to be too cautious by underweighting risk exposure during periods when macroeconomic, microeconomic and monetary factors are favorable, even if political issues occupy 90% of media headlines", Danske Bank's analysts stressed this morning.
However, despite the enthusiasm at the start of the year, some investors may be tempted to go on the defensive as they await the European PMI activity indices to be published tomorrow.
The markets could also be caught up in fears of a trade war, as Donald Trump has made no secret of his intention to impose new tariffs on imports from Canada, Mexico and China, which could in turn retaliate by unveiling retaliatory measures.
The new US President has also expressed his intention to penalize the European Union for its 'worrying' trade surplus with the USA.
Concerns are also being raised by the euro's recent recovery, which could put the brakes on Europe's fragile growth recovery.
The single currency is nevertheless back on the decline against the US dollar this morning, trading below the $1.04 threshold.
With the return of risk appetite on equity markets over the past ten days, bonds are showing little appeal, leading them to continue their recent episode of consolidation.
In the United States, the yield on 10-year Treasuries fell by three points back above 4.60%.
The yield on the ten-year German Bund climbed back to 2.48%, while the yield on the OAT with the same maturity fell to 3.26%, pushing the France/Germany spread back below 77 points.
US light crude oil continues to lose ground, trading at around $75.1 a barrel (-0.5%) as we await the release of weekly US inventories later this afternoon.
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