(News Bulletin 247) – The CAC 40 is still moving up sharply at mid-session on Tuesday, with STMicroelectronics which signs the strongest increase in the index.
The Paris Stock Exchange extends its rebound. At mid-session on Tuesday, the CAC 40 rose 1.23% to 7286.77 points after having already gained 0.47% the day before, an increase which itself followed a decline of 2.4% over the whole of last week.
Like Monday, no major catalyst is coming off. The Parisian market is particularly driven by technology stocks, STMicroelectronics winning 3% and OVHCloud nearly 3%. This is part of the increase recorded Monday evening by the Nasdaq, which ended up up nearly 1.6%.
“Nvidia jumped 8.5% ahead of its earnings release (Wednesday evening). Tesla jumped 7.3% (…) after the electric vehicle maker’s shares fell about 28% from from their highest level of the year in July,” observed Tina Teng of CMC Markets.
Buybacks at a good price “could be the main driver of the rebound”, she continues.
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Despite this recent rally in equities, “it’s hard to escape the feeling that equity markets are starting to get more and more vulnerable,” added Michael Hewson, also a market analyst at CMC Markets.
Especially since the rise in tech stocks is somewhat contradictory, as it comes at a time when bond yields are very high, which should normally weigh on their valuations and their prices. Although down on Tuesday, the yield on the 10-year US Treasury note remains above 4.3%, a level that dates back to the end of 2007.
In terms of corporate news, Ubisoft tops the SBF 120 (+7%) driven by the announcement of the acquisition of the “cloud streaming” rights for Activision-Blizzard games in the event that the acquisition of this group by Microsoft would come to an end.
Nexans advances by 4.6% while Goldman Sachs has raised its price target to 116 euros against 114 euros previously while confirming its opinion to buy.
On the other markets, the euro is stable against the dollar at 1.0901 dollar. Oil contracts are sluggish. That in October on Brent from the North Sea fell 0.3% to 84.18 dollars a barrel, while that of the same maturity on WTI listed in New York lost 0.05% to 80.68 dollars per barrel. barrel.
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