(News Bulletin 247) – The Parisian index is moving up sharply in mid-session on Monday, as the market continues to analyze the publications and follow the evolution of the debt ceiling file in the United States.
The CAC 40 started the week off on the right foot, gaining 0.5% to 7448.88 points at mid-session on Monday. The Parisian index is carried by a small revival of interest in risk, while the market is monitoring several issues, in particular the soap opera around the raising of the American debt ceiling.
The markets are “caught between the hope of progress in the negotiations on the debt limit in the United States and the fears of recession and persistence of inflation”, notes Xavier Chapard of La Banque Postale Asset Management.
Raising the US debt ceiling is the subject of an intense standoff between Republicans and Democrats and the US Treasury has warned of a potential default from the beginning of June in the absence of an agreement. A new meeting is scheduled for this week between Republican Speaker of the House of Representatives Kevin McCarthy and US President Joe Biden, who said he was “optimistic” on Sunday.
>> Access our exclusive graphic analyses, and enter into the confidence of the Trading Portfolio
Featured Alstom
Still on the political side, the first round of the presidential election in Turkey failed to identify a winner between Recep Tayyip Erdogan, in power for 20 years in the country, and the opposition candidate, Kemal Kiliçdaroglu. Faced with uncertainty, the Istanbul Stock Exchange plunges.
As for values, the CAC 40 is driven by Alstom, which takes 5%, benefiting from confirmations of recommendations to buy from JPMorgan and Oddo BHF.
Axa is the other engine of the CAC 40, with an increase of 2.3%, thanks to the publication of its quarterly results. While gross premiums turned out to be a little lower than expected, the “Solvency II” solvency ratio clearly exceeded expectations, which analysts welcome.
On other markets, the euro gained 0.1% against the dollar at 1.0870 dollars. Oil prices are up slightly, the North Sea Brent contract is up 0.3% at 74.36 dollars a barrel while the WTI contract listed in New York is up 0.3% at $70.28 a barrel.
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.
