(News Bulletin 247) – A start of the session this Monday in green territory is expected at the Paris Stock Exchange, whose flagship index, the CAC 40, managed to grab 0.63% on Friday to 6,995 points, the day after a session marked by profit taking. Market psychology remains positive anyway, without being unconditionally bullish, from the background of fears of the entry into recession of the main economic poles of the planet (China, United States, Europe), and from the firmness of the big bankers central.
In terms of statistics, the producer price indices in Germany slowed less sharply than expected for the month of December, and sales of existing homes exceeded the 4 million mark across the Atlantic last month.
“While financial markets have priced in the combination of economic resilience and more flexible central bankers in recent weeks, the economic slowdown is likely to continue and central banks are likely to remain restrictive in 2023 despite everything, which have also recalled the managing members of the main central banks in Davos”, explains Alain Guélennoc, chairman of the executive board of Federal Finance Gestion.
Side values, Imerys was awarded 4.43% to 38.69 euros carried by the initiation to the purchase from Kepler Cheuvreux. Conversely, Michelin lost 1.98% to while Royal Bank of Canada downgraded its advice on the value to “sector performance” against “outperformance” previously. GL Events gained 7.1% after reporting a spectacular rebound in revenue in fiscal 2022, up 77% year-on-year.
On the other side of the Atlantic, the main equity indices ended in the green, like the Dow Jones (+1% to 33,375 points) and the Nasdaq Composite (+2.66% to 11,140 points), much helped by Netflix and Alphabet. The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, rose 1.89% to 3,972 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 $1.0890. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $81.70.
To be followed as a priority on the macroeconomic agenda this Monday, the consumer confidence index in the Euro Zone at 4:00 p.m.
KEY GRAPHIC ELEMENTS
The flagship tricolor index began yesterday, on a candle with an elongated red body, without shadow, a legitimate phase of correction, limited in absolute value, with regard to the initial advance since the beginning of the year. The amplitude of this profit-taking phase will serve as a framework for a future consolidation figure.
FORECAST
In view of the key graphic factors that we have identified, our opinion is neutral on the CAC 40 index in the short term.
We will take care to note that a crossing of 1.12 points would revive the tension in the purchase. While a break of 1.05 points would relaunch the selling pressure.
Hourly data chart
Chart in daily data
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