(News Bulletin 247) – The CAC 40 moved little at mid-session this Friday, with the market struggling to move forward after its clear progression the day before. Investors are awaiting the release of US non-farm employment for the month of October at 1:30 p.m.

The Paris Stock Exchange is catching its breath. After gaining 1.85% the day before, the CAC 40 lost 0.03% to 7,058.37 points at mid-session this Friday. For now, the Parisian index is up nearly 3.9% over the week.

The market has been buoyed since Wednesday evening by the American Federal Reserve (Fed), which has, as expected, kept its rates unchanged.

“Nevertheless, including in his statement concern over the recent tightening of financial conditions, which could amplify the negative effect on growth of monetary tightening, led the market to believe that the rate hike campaign was well worth it. and well finished”, notes Sebastian Paris Horvitz of LBPAM.

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Falling bond yields

“The questions from Jerome Powell (the president of the Fed, editor’s note) on the possible need for an additional increase, which according to him also reflected the questions of the other members of the committee, did not change anything, especially since his comments seemed emphasize that the Fed had already done a lot and must now proceed with caution,” he continues.

The Federal Reserve’s statements caused a sharp easing of bond rates, with the yield on the 10-year US Treasury bond having increased from 4.9% to 4.65% currently.

“Also, the announcement by the US Treasury of slightly smaller issues than anticipated for the coming quarter, particularly on the longest maturities, also helped this movement of generalized decline in interest rates,” notes Sebastian. Paris Horvitz.

The market has now put the handbrake on ahead of the US non-farm employment report for October which will be released at 1:30 p.m. According to a consensus compiled by the Wall Street Journal, economists expect an average of 170,000 job creations and a stable unemployment rate of 3.8%.

Deutsche Bank positive on Kering

On the value side, the securities massacred on the stock market recently continue to appreciate, as was the case on Thursday. Worldline takes 5%, Alstom 4%, Teleperformance 3.9%. Excluding CAC 40, Casino advances by 11.6%, Plastic Omnium gains 5.8%.

Kering takes 1.8%, supported by Deutsche Bank which switched to purchasing the value.

Societe Generale rose 0.9% after publishing revenues lower than expectations in the third quarter. Axa loses 2.4% after publishing its financial indicators over nine months.

On other markets, the euro advanced against the dollar by 0.3% to 1.0653 dollars. Oil is moving forward a little. The January contract on North Sea Brent rose 0.3% to $87.12 per barrel while the December contract on WTI listed in New York advanced 0.5% to $82.88 per barrel.