The Paris stock market continues to slide (-0.35%) in almost non-existent volumes (660MnsE traded in 8 hours of trading).

The CAC, which peaked at 7.359 around 9:45 this morning, is now sinking below 7,275, a slow slide of 0.9% with no intermediate rebound.
The Euro-Stoxx50 has also slipped into the red (-0.2%), and will find it difficult to climb out of it by 5:35 pm.

While Wall Street will remain closed today on Labor Day, investors seem to be getting back in touch with reality, i.e. the current "wall of worries", such as slowing growth, persistent inflation or the evolution of monetary policies.
In France, electricity prices are soaring, putting a heavy strain on the purchasing power of the French... and at the same time, Norway is distributing free electricity to the country's biggest cities, with hydroelectric dams providing more power than the country can consume.

In Paris, breaking through the 7360 resistance level - which halted the CAC rebound - appears to be the main short-term challenge.
Clearing this technical pivot (which has been in operation since March 6) could pave the way for a return to April's annual highs.

The deceleration of the US labour market could, however, be a key catalyst for a rise in equities and a fall in bond yields between now and the end of the year", assures Mona Mahajan, strategist at Edward Jones.

"This would mean that the Fed could finally stand aside and take a break on rates", continues the analyst.

For the time being, investors are likely to be short of direction, especially as the week will be light on indicators.

Tomorrow's US industrial orders figures, followed by the ISM services index on Wednesday, will nevertheless be followed by investors looking for concrete evidence of the economy's health.

The mid-week publication of German industrial orders, followed by German industrial production, should confirm that Europe's leading economy, the continent's traditional powerhouse, is showing worrying signs of weakness.
This morning, Germany announced a further fall in exports in July (from E18.7 bn to E15.9 bn, i.e. almost -10%), confirming the negative trend in the middle of the 3rd quarter.

Meanwhile, bond markets continue to deteriorate in Europe, with OATs and Bunds up +3pts to 3.103% and 2.578% respectively, while Italian BTPs are up +5.5pts to 4.2900%.
Outside the Eurozone, Gilts are still the red lantern with +7Pts at 4.5020%.

In French company news, Technip Energies announces the launch, at the Gastech 2023 conference to be held from September 5 to 8 in Singapore, of SnapLNG by T.EN, a modular, pre-engineered and standardized solution for the production of low-carbon LNG (liquefied natural gas).

Unibail-Rodamco-Westfield (URW) announces that it has sold Westfield Valencia Town Center, a regional shopping center in Santa Clarita, California, to Centennial Real Estate for a total value of $199 million (100%, URW share 50%).

Finally, STMicroelectronics announced on Monday a collaboration with Sindcon, a Singaporean specialist in the Internet of Things (IoT), in the field of smart meters.


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