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The CAC 40 index had a very sluggish session on Wednesday, reflecting the disappointment aroused by a battery of activity indicators, and pending NVidia’s quarterly results, as a barometer for everyone. part of the coast. Moreover, the market remained in feverish expectation of the Jackson Hole symposium, the great annual mass of the world’s great fundraisers. This year, the symposium will take place in a context of inflation on the way to being controlled for the main economic poles of the planet, but without reaching the target rates…
The PMI (Purchasing Managers’ Index), the very first estimates for the current month, were particularly disappointing for services in the Euro Zone as a whole, at 48.7, while the market consensus suggested a fall less important, in any case above 50 points which, as a reminder, separates a contraction from an expansion of the sector in question. This is a 30 month low. The disappointment is also severe in the German industrial sector alone, a driving force for the old continent, at 39.1, very close to the target, however.
NVidia, under the burning lights of the spotlight, will constitute a reference barometer for the Nasdaq Composite, and by extension on a whole technological section of the rating beyond the American borders. The one who now presents himself as the world leader in computing – just that! -, historical specialist in graphics cards, intends to be a major strategic player in AI. In the spring, Nvidia passed the threshold of 1,000 billion dollars on the stock market, and joined the club of “tech that counts”: FANGAM+Tesla. And expectations, legitimately greedy, were exceeded on Wednesday when the quarterly copy was published… Enough to reinforce the idea that AI is a theme, as much as a booming market.
Relief on the one hand with Nvidia, and heavy climate on the other as the Jackson Hole symposium approaches. annual high mass of the planet’s money-makers. This year, the symposium will take place in a context of inflation on the way to being brought under control for the main economic poles of the planet, but without reaching the target rates… Moreover, “the July minutes of the FOMC (Federal Open Market Committee) perhaps best sums up the mood of Western central bankers, indicating that most participants continue to worry about “significant upside risks to inflation”, Muzinich strategists argue. & Co.
“The fear of having higher interest rates for longer has shaken the bond market: the 10-year US rate has stretched above 4.3%, the highest level since 2008 and the mortgage rate at 30 years is also at its highest for 21 years at 7.2%” notes the bond management team of Auris. “This week, all eyes will be on Wyoming, the American state that hosts the big money makers for the annual meeting in Jackson Hole. J. Powell will speak on Thursday morning, so the appointment is made! “
On the values side, Societe Generale gained 0.96% to 26.20 euros, benefiting from an increase in recommendation from Morgan Stanley to “overweight”. Dassault Aviation took 1.3% after obtaining certification from European and American authorities for its Falcon 6X. Virbac advanced by 2.1%. The veterinary laboratory has postponed the publication date of its half-year results, due to disruptions due to the June cyberattack, and announced a share buyback program.
On the other side of the Atlantic, the main equity indices closed in the green, like the Dow Jones (+0.54% to 34,472 points) and especially the Nasdaq Composite (+1.59% at 13,721 points). The S&P500, the benchmark barometer of risk appetite in the eyes of fund managers, gained 1.10% to 4,436 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 $1.0860. The barrel of WTI, one of the barometers of risk appetite in the financial markets, was trading around $78.60.
On the agenda this Thursday, to follow as a priority, across the Atlantic, orders for durable goods and weekly registrations for unemployment benefits. Note that the Jackson Hole symposium officially opens this Thursday, in the idyllic eponymous valley of Wyoming.
KEY GRAPHIC ELEMENTS
From August 10 to 18, the flagship tricolor index melted from one terminal to the other of the vast flattened rhombus (diamond) which has concentrated its nervous oscillations since May 24, breaking the line of neckline of a bearish chart pattern at 7,250 points. A continuation of the oscillations within the diamond is envisaged. Any exit from the latter will give a direction provided that volumes, and a sectoral federation, are at the rendezvous… Signs of fatigue within this diamond are already perceptible. However, a visit to the upper part of the diamond can be considered in the very short term.
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 is above the support at 7084.00 points.
The News Bulletin 247 board
Hourly data chart
Chart in daily data
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