The CAC40 has lost a few fractions since 3:50 p.m. and is moving slightly away from the 7,300 mark: the index is nevertheless comfortably in the green with +0.6%, on a par with the DAX but slightly behind the E-Stoxx50 (+0.8%), which remains supported by ASML and its +3%.
Volumes are non-existent in Paris (1.1 billion euros), which makes the increase insignificant, given how easy it is to manipulate prices.

The CAC is logically led by STMicro (+2.4%) after the SOX index jumped +2.8% on Monday evening,
. Technos are also supporting Wall Street (the Nasdaq is up +0.4%), while the Dow Jones is down -0.4%... so overall, no direction, and the "number of the day" doesn't change a thing.
Sales of older homes in the United States fell by 2.2% last month compared with June, to 4.07 million annualized and seasonally adjusted (SA), according to the National Association of Realtors (NAR).

The median sales price reached $406.700, up 1.9% year-on-year (wealthy buyers who don't need to borrow are still very much in evidence), and the stock of unsold existing homes rose by 3.7% month-on-month to 1.11 million at the end of July, or 3.3 months at the current rate of absorption.

The release on Wednesday evening of quarterly results from US chip designer Nvidia will reveal whether the market's infatuation with AI remains intact.
Wall Street reopened without direction, with -0.1% for the Dow Jones and +0.1% for the S&P500.
Trading volumes and variations are also likely to remain limited across the Atlantic this Tuesday, in the absence of major economic events and high-profile corporate results.

Traders, in a wait-and-see mode, are looking for the next element likely to lift the indices, or on the contrary fuel the climate of caution of recent weeks.

With the Jackson Hole symposium set to begin on Thursday, investors are hoping for an improvement in general sentiment that would enable them to break with the phase of risk aversion that has recently shaken the markets.
In the US, the trend continues to deteriorate for T-Bonds (+1.5pts to 4.35%), even though only 13% of investors believe in a rate hike in mid-September: the 'problem' (rate tension) is therefore the result of new causes, and this is not reassuring.
The money market expects US interest rates to remain above 5% for most of 2024, which supports the dollar (no prospect of recession, so no rate cuts to come)", explain the DeftHedge teams.

In Europe, OATs and Bunds stalled in extremis on their worst levels of the year (end February) and a symbolic easing began, with OATs down 4.6pts at 3.20% and Bunds down 3.6pts at 2.67%.

The macroeconomic agenda looks relatively light today, with the publication of US housing sales before the opening of Wall Street, which will enable us to assess the health of the US housing market.

The greenback weakens slightly against the euro, which climbs back towards $1.0920/euro, as traders resign themselves to waiting for a signal from central bankers two days before the opening of Jackson Hole.

In other French company news, TotalEnergies reports that it has signed an agreement with CapeOmega Carbon Storage, to acquire its 40% stake in the ExL004 exploration permit for CO2 storage (Luna project), in the Norwegian North Sea.

Ubisoft announces a transaction granting it cloud streaming rights for Call of Duty and all other Activision Blizzard titles to be released over the next 15 years, once Microsoft's acquisition of Activision Blizzard has been finalized.

Finally, Orpea announces a drawdown of 200 million euros under the "new money" financing granted by its main banking partners, an amount which corresponds to the entirety of the D1B Loan and which follows an initial drawdown of the same amount on June 2 (D1A Loan).

Copyright (c) 2023 CercleFinance.com. All rights reserved.