(News Bulletin 247) – First of all, note that despite the holiday nature of this Friday (November 11, Armistice 1918 and homage to the dead for France), the Paris Bourse will be open, under usual working hours. and rating.
On Thursday, traders were pleasantly surprised to see US inflation slow down quite noticeably. The various consumer price indices in the United States were THE statistical highlight of the week.
In detail, prices, in their broadest sense, including energy and food, rose 7.7% at an annualized rate, against 8.2% last month, and 7.9% expected, according to the latest figures from the Census Bureau. , in seasonally adjusted data. Excluding volatile elements (food and energy), prices rose by 6.3%.
What bring a certain relief on the markets, suggesting a relative softening of the Fed’s tone for its next monetary maturities, at least a slowdown in the pace of tightening of the tap.
Growth stocks, in luxury and technology have particularly benefited from these figures, like, on the CAC 40, Cap Gemini (+5.80% to 175.10 euros), Hermès (+5.87 % to 1,434 euros), Wordline (+7.02% to 46.82 euros), Dassault Systèmes (+7.72% to 36.43 euros), or STMicroelectronics (+7.81% to 35.77 euros) .
Conversely, Teleperformance saw its price collapse (-33.90% to 175.95 euros), after the opening of an investigation into the working conditions of the group’s employees in Colombia.
On the other side of the Atlantic, the main equity indices reacted very positively to the latest inflation publications by the Census Bureau. If the Dow Jones jumped 3.70% to 33,715 points, the Nasdaq Composite, very sensitive to rate changes, saw its price propelled to 11,114 points, an increase of 7.35%. The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, gained 5.54% to 3,956 points.
A point on the other risky asset classes: around 08:00 this morning on the foreign exchange market, the single currency was trading at a level close to $1.0230. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $88.40.
To be followed as a priority on the statistical agenda this Friday, the American consumer confidence index (U-Mich), in preliminary data.
KEY GRAPHIC ELEMENTS
The good surprise of the slowdown in inflation on the other side of the Atlantic, if it caused a surge in the Nasdaq Composite and the Nasdaq 100, the S&P500 to a lesser extent, has a relief effect on this side of the Atlantic. The continued mobilization of the buying camp after the statistical publication resulted on Thursday 10/11 in a marubozu ample, which came to cover the bearish gap of August 22, with a clear return to a resistance zone at 6,550 points. The ability to overcome it in large volumes would pave the way for continued rally of October.
FORECAST
In view of the key graphic factors that we have mentioned, our opinion is positive on the CAC 40 index in the short term.
This bullish scenario is valid as long as the CAC 40 index quotes above the support at 6390.00 points.
Hourly data chart
Chart in daily data
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