(News Bulletin 247) – Reassured by the outcome of the ECB Board of Governors and by the situation of Credit Suisse, the Paris market managed to close in the green (+2.03%), resuming, without guarantee of sustainability , the symbolic threshold of 7,000 points on Thursday.

The powerful Frankfurt monetary institution announced, unsurprisingly, a 50 basis point increase in its key rates. All eyes were on the consecutive press conference, where Ms. Lagarde had a lot to do, to try to reassure markets destabilized by the debacle of three American banking establishments, and by doubts surrounding the solidity of Credit Suisse.

This rise in rates was “accompanied by language precautions concerning the risks to financial stability”, as Axel Botte, international strategist at OSTRUM AM, notes. “The banking system does not present any weaknesses or significant exposure to troubled foreign institutions. The drop in inflation projections is surprising given the latest inflation data and the increase in the growth forecast for 2023, from as much as all the components of inflation except energy were accelerating at the start of the year.”

Fears about the bank Credit Suisse, which collapsed on the stock market on Wednesday, have eased somewhat thanks to the intervention, in particular, of the Swiss National Bank (SNB), which has indicated that it is ready to make cash available to the Swiss bank. In the process, Credit Suisse decided to activate an option allowing it to borrow up to 50 billion Swiss francs from the SNB.

In terms of statistics, weekly registrations for unemployment benefits in the United States, coming out once again below the 200,000 mark, militate for a continuation of tensions on the job market, tensions themselves generating inflation.

On the values ​​side, the banks, which had plunged, struggled to rebound. BNP Paribas gained 1.3% and Credit Agricole SA gained 0.02% while Societe Generale fell 1.2%. The rise in the CAC 40 was driven by luxury, Hermes taking 4.7%, LVMH 3.5%, L’Oreal 3.4% and Kering 2.5%.

On the other side of the Atlantic, the main equity indices resumed bright colors, like the Dow Jones on Thursday (+1.17% to 32,246 points), and especially the Nasdaq Composite (+2, 48% at 11,717 points). The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, gained 1.76% to 3,960 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 $1.0660. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $68.50.

To follow in priority on the macroeconomic agenda this Friday, the final data of the consumer price indices for February in the Euro Zone at 11:00 a.m., the monthly federal report on industry at 2:15 p.m., and the American consumer confidence index (U-Mich, preliminary data), at 3 p.m.


The 7,000 symbolic points, which we put under close surveillance, shattered on Wednesday, in very impactful volatility and activity conditions. The difference of 262 points between the high points (opening incidentally) and the low points (close to the close on Wednesday) testifies to a massive and continuous mobilization of the selling side throughout the session. We are at the heart of a corrective movement that has not reached its climax.


In view of the key graphic factors that we have mentioned, our opinion is negative on the CAC 40 index in the short term.

This bearish scenario is valid as long as the CAC 40 index is trading below the resistance at 7225.00 points.

The News Bulletin 247 board

CAC 40
7225.00 / 7422.00
6740.00 / 6420.00 / 6185.00

Hourly data chart

Chart in daily data

CAC 40: A breather that does not rule out the risk of relapse (© ProRealTime.com)

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