CAC40: modest rise for Trump's return
As Trump makes his return to the White House today, Wall Street remained closed for Martin Luther King's Day.
Also on the other side of the Atlantic, an article in the Wall Street Journal reported "rumors" of a possible postponement of decisions on tariffs, depending on the outcome of negotiations with the countries concerned, raising hopes of less severe sanctions than expected.
Against this backdrop, the dollar lost 1.2% against the euro, with the latter settling at $1.04/EUR.
Traders are anticipating a "hat-trick" of +0.8% to +1% for tomorrow's reopening of the US markets. The day will also be a busy one in terms of political news: around a hundred presidential decrees (drafted long ago) are expected as soon as the 47th President of the United States takes office in the White House.
In Europe, no economic indicators were expected to boost trading today, so the +0.3% rise in the Euro-Stoxx50 to 5,165pts came as a pleasant surprise.
The underlying trend should continue to be driven by hopes that the future Trump administration will capitalize on the current healthy state of the US economy, which should benefit equities.
Once skeptical about the inflationary effects of the policies to be implemented by the new American president, investors are now betting on the beneficial impact of the measures to deregulate the economy promised by the New York businessman... and for companies, the corporate tax would be lowered (or reduced) from 21% to 15%.
Crypto-fans are betting in particular on the adoption of an institutional framework favourable to crypto-currencies, as well as on their increased use for everyday settlements and payments.
Proof of the craze surrounding the sector, the price of bitcoin has soared in recent days and is currently trading at an all-time high, above $108,000 ($109,000 new record).
Some analysts see the virtual currency eventually reaching the $120,000 mark.
Launched to great fanfare over the weekend, Donald Trump's new cryptocurrency, the 'Trump Coin' (backed by... nothing but its name), saw its valuation rise to several tens of billions of dollars in just a few hours... before plummeting by -40% when the surprise launch of the 'meme coin' christened 'Melania' was announced (+24.000% in a few hours to $13!).
Still in the digital sphere, observers are expecting Donald Trump to swiftly issue an executive order to allow TikTok, recently banned by the Supreme Court, to continue operating in the USA via a buyout or partnership.
The app reopened on Sunday, pending the name of a buyer approved by the American authorities.
The risk appetite born of hopes linked to the arrival of Donald Trump in the White House is not supporting the dollar, which continues to be penalized by the recent fall in bond yields across the Atlantic.
The greenback retreated against several benchmark currencies, but held up better today against the yen (-0.4% to 155.7) as the BoJ prepared to raise rates (it had decided against doing so this autumn, given the volatility prevailing on foreign exchange markets).
On the bond market, the German Bund yield eased -1.3Pts to 2.4920%, while the OAT for the same maturity posted -0.9Pts to 3.2980%.
In London, Brent crude fell -1.2% to $79.7 a barrel, and WTI dropped -1.5% to $76.5, as Trump called for a sharp rise in oil and gas production.
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In French company news, Air Liquide announced on Monday that it had signed contracts with 20 hospitals, just under a year after launching its offer to help healthcare establishments reduce their carbon footprint.
Alstom announced that it will supply the Métropole Européenne de Lille (MEL) with an additional 15 new-generation 52-meter-long automatic metro trainsets, worth around 210 million euros, in addition to the 27 trainsets already ordered.
Alstom also announced that it had won a new contract with the Madrid metro, for which it will supply signaling technologies enabling the deployment of driverless trains.
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