(News Bulletin 247) – This article, in free access, is produced by the stock market analysis and strategy research team of News Bulletin 247. To not miss any opportunity, consult all the analyzes and discover our portfolios by accessing our Privileges area.
Under a rain of quarterly results, generally well received, the CAC40 managed to preserve 0.23% of gains at the end of Thursday, at 7,483 points. The session will have been marked by the setbacks of the semiconductor sector in Paris, and by a marked disappointment on American growth, heralding (?) a form of leniency on the part of the Fed, which ends the week as a reminder its next Monetary Policy Committee.
STMicroelectronics fell by 8.72% to 38.61 euros and the Grenoble equipment manufacturer Soitec by 15.43% to 128.5 euros, in very powerful volumes. Find all the explanations here. On the other side of the charts on the flagship tricolor index, Schneider Electric jumped 3.90% to 157.84 euros. The electrical equipment manufacturer raised its profit and profitability targets for 2023 after a dynamic first quarter in terms of sales.
In terms of statistics, US GDP was less robust than expected in the first quarter, according to the first estimate issued by the Commerce Department. Over the first three months of the year, GDP growth stood at 1.1% at an annualized rate against 2.6% over the last three months of 2022 and growth of 2% expected by the consensus.
On the other side of the Atlantic, the main equity indices finished in the green, especially on the technology side of the rating. The Nasdaq Composite, reassured by the continuation of the FANGAM quarterly ball, with Meta (+13.93% to $238.56) jumped 2.43% to 12,142 points. The Dow Jones, tighter around banking and industry, gained 1.57% to 33,826 points. The S&P 500, the benchmark barometer of risk appetite in the eyes of fund managers, rose 1.96% to 4,135 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 $1,1020. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $74.20.
To follow as a priority on the macroeconomic agenda this Friday, the Chicago PMI at 3:45 p.m., and the US consumer confidence index (revised data, U-Mich), at 4:00 p.m. As a reminder, earlier in the week, the consumer confidence index (CB) disappointed by coming out above 100 points, but below expectations.
KEY GRAPHIC ELEMENTS
After a “crazy” week (W15), marked by the tracing of a long white weekly candle, of which a good part of the body is made up of successive historical peaks, the time has come for the consolidation of the advance, even if the underlying bullish message remains intact, as shown by the reconquest of the 50-day moving average (in orange) by its 20-day counterpart (in dark blue). Just like the pursuit gaps visible in the hourly chart. In the immediate term, a continuation of a healthy flat consolidation phase is envisaged.
An encouraging sign, the ability, while consolidating, of the index to end on the weekly highs in week 16.
In the immediate term, however, a short ebb towards the short moving averages will be an opportunity to test the motivation of the buying camp.
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 7585.00 points would revive the tension in the purchase. While a break of 7234.00 points would relaunch the selling pressure.
The News Bulletin 247 board
Hourly data chart
Chart in daily data
function creatOutbrainJs() {
const creatJs = document.createElement(“script”);
creatJs.defer = true;
creatJs.src = “https://widgets.outbrain.com/outbrain.js”;
return document.body.appendChild(creatJs);
}
window.didomiOnReady = window.didomiOnReady || [];
window.didomiOnReady.push(function(Didomi) {
console.log(“Didomi ready “);
Didomi.getObservableOnUserConsentStatusForVendor(164)
.filter(function (status) { return status !== undefined })
.subscribe(function(consentStatus) {
if (consentStatus === false || consentStatus === true) {
console.log(“Didomi consent -> exécution du script outbrain “, consentStatus);
creatOutbrainJs()
}
});
});
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
