CAC40: broad leader in Europe, despite Wall-Street stall
The CAC40 has climbed for the 8th consecutive session and is now approaching 8,000pts (now less than 1.5%), with an annual gain of +6.7%.
Since its low point on November 27, the CAC has rebounded by 11%.
The 7,800 resistance level (ex-zenith of September 27, 2024) was broken with disconcerting ease, the contraction of the OAT/Bund spread towards 77.5Pts being deemed encouraging.
The Euro-Stoxx50 once again lags well behind the CAC40, failing to break out of the red at 5,205... but new records could be broken before the weekend with a symbolic rise (just go above 5,229Pts).
Wall Street hesitates a little after returning to its record levels, the S&P500 having registered a new 'top' at 6,101Pts (it is content to resist this Thursday).
The Dow Jones grabs +0.2% (to 44,250), the Nasdaq gives up 0.3% but remains 1% from its zenith of 6,200Pts.200Pts.
Tuesday evening's launch by the White House of a gigantic investment plan in AI - dubbed 'stargate'- in the United States reinforced the feeling of confidence prevailing on the markets.
All US indices had gained ground last night (except for the Russell-2000), with the S&P 500 even setting a new all-time record above the 6,100-point mark during the session.
Beyond the optimism surrounding AI, Wall Street was buoyed by Netflix's better-than-expected results (+10% yesterday, +2.5% today), deemed a good omen ahead of the tech giants' publications scheduled for next week.
Nvidia consolidated its position as the world's No. 1 capitalization at nearly $3,560 billion (it is now losing 1.3%, but that doesn't change anything), while Apple - which faces stiff competition from Samsung and is losing ground in China - could well go from No. 1 'global capi' to No. 3 in the space of a week.
Note the 16% surge in ARM's share price on Wednesday... but the market got a little carried away and the stock lost 9%.
"This is a reminder that we should not be too cautious in underweighting our risk exposure during periods when macroeconomic, microeconomic and monetary factors are favorable, even if political issues occupy 90% of media headlines", Danske Bank 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 tomorrow's PMI figures for Europe.
For the time being, the "number of the day" concerns weekly jobless claims: the Labor Department announced that 223.000 new jobless claims in the US in the week to January 13, up by 6,000 on the previous week.
The four-week moving average - more representative of the underlying trend - came in at 213,500, up anecdotally by 750 on the previous week.
On the FOREX side, the session was extremely quiet: the euro's recent rally stalled at the start of the week, and it is stable at 1.041 against the greenback, with the yen gaining at best 0.1% against the dollar.
With the return of the risk appetite that has been driving equity markets for the past ten days, bonds are holding little appeal, leading them to continue their recent episode of consolidation.
In the United States, the yield on 10-year Treasuries has fallen by +5.5pts to 4.655%, while the 30-year has risen by +5.4pts to 4.8700%.
The yield on the 10-year German Bund has risen by +2.2pts to 2.5200%, while the yield on the OAT of the same maturity has fallen by +3.7pts to 3.300%, giving a spread between France and Germany of 78 points.
Finally, Brent crude oil gained nearly 0.5% in London, while WTI gained +0.6% to $75.85 on the NYMEX.
In French company news, Groupe Seb announced the acquisition of La Brigade de Buyer, an international group owning the de Buyer, Sabatier and 32 Dumas brands in the cookware, pastry and cutlery sectors.
With quarterly sales again in excess of 200 ME, Interparfums achieves its full-year targets: sales for fiscal 2024 amount to 880.5 ME, up 10.3% at current and constant exchange rates compared to fiscal 2023.
Safran may acquire some of Eviden's activities, according to La Lettre. The amount of the sale has not yet been determined, and the valuation of the assets is the subject of major negotiations, says the publication.
Finally, Technip Energies announced on Thursday that it had been selected by Germany's Uniper to carry out the front-end engineering design (FEED) for a new gas-fired power plant with carbon capture located at
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