(News Bulletin 247) – Finally easily digesting the latest inflation figures in the United States, and powered by Carrefour (+8.50% to 17.815 euros), and Kering (+3.03% to 578.50 euros), the CAC 40 managed to reach 7,300 points at the close on Wednesday (+1.21%), in rising volumes.

As a reminder, at an annualized rate, and for the largest basket of products, consumer prices in the United States forgotten on Friday rose by 6.4%, a slight slowdown compared to December, when expectations were more “optimistic” (+6.2%). Operators are gradually digesting the prospect of maintaining a firm monetary policy throughout 2023. Excluding food and energy, prices rose monthly by 0.4%, within the target.

Kering covered some very important ground, with its sharply higher close not guaranteed after a sharply lower open. The conference with the leaders will have made it possible to reverse the steam, after the publication of a quarterly copy, however disappointing.

Carrefour, star of the day, made a copy that seduced analysts and investors.

In terms of statistics, the dynamics of retail sales (+3.0% month-on-month) and the NY Fed’s manufacturing index, up very sharply although still in negative territory, clearly exceeded expectations across the Atlantic. .

On the other side of the Atlantic, the main equity indices ended in green territory, like the Dow Jones (+0.11% to 34,128 points) and especially the Nasdaq Composite (+0.92% at 12,070 points) against a background of appeasement on sovereign bond yields. The S&P500, benchmark barometer of risk appetite in the eyes of fund managers, nibbling 0.28% to 4,147 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 $1.0710. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $78.50.

To be followed as a priority on the macroeconomic agenda this Thursday, a dense program at 2:30 p.m. (Paris time), with the following American figures: the producer price index, the Philly Fed manufacturing index, weekly allowance registrations unemployment, and housing starts and building permits.

KEY GRAPHIC ELEMENTS

In rising volumes if not particularly fed, the CAC 40 ended up significantly on Wednesday, offering itself the luxury of closing at a level very close to the high points of the session. The traced candle, formally in marubozu near perfect, coupled with an engulfing combination, reinforces the underlying bullish message.

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 7000.00 points.

The News Bulletin 247 board

CAC 40
Positive
Resistance(s):
7422.00 / 7740.00
Medium(s):
7000.00 / 6760.00 / 6520.00

Hourly data chart

Graphic made from the software Prorealtime

Chart in daily data

CAC 40: Unidirectional (©ProRealTime.com)
Graphic made from the software Prorealtime



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