(News Bulletin 247) – The Paris Stock Exchange ended slightly down 0.2% this Friday. On a weekly basis, however, the results are clearly positive for the CAC 40 with a gain of 3.7%, which allows it to post its best week since the end of March, with the relaxation of rates on the market. bond.

By a thread. The Paris Stock Exchange did not manage to have a perfect week, since its flagship index ended Friday’s session down slightly by 0.19% to 7047.50 points. The CAC 40 took a break after having had four consecutive sessions in positive territory, allowing it to clearly return to 7,000 points.

The Halloween effect, which implies that the period from November to April offers the greatest upside potential on the financial markets, is therefore beginning to be verified on the Paris Stock Exchange. The Parisian index begins the month of November credited with an increase of 3.7%, recording its best week since March 27 (+4.38%).

The good mood reigning on the markets this week should be put into perspective with the latest monetary policy meeting of the American Federal Reserve (Fed), which as expected kept its rates unchanged on Wednesday evening.

“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.

The big event this Friday was obviously the official report on American non-agricultural employment for the month of October. And it turns out to be weaker than expected, with 150,000 job creations and an unemployment rate up slightly from 3.9% last month. The consensus compiled by the Wall Street Journal was for 170,000 job creations and an unemployment rate stable at 3.8%. However, the figures for October should be taken with a grain of salt as they are distorted by the recent strike in the automobile sector.

In any case, the last key statistic of the day did not hinder the easing movement at work on the bond market initiated since Thursday and the Fed’s declarations. Quite the contrary since the American employment report lends credibility to the thesis that the rates of the American institution have reached their peak.

The yield on the 10-year US Treasury bond has accelerated further downward over the last two days, going from 4.9% on Wednesday evening to 4.541% 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.

Deutsche Bank positive on Kering, Axa undermined by natural disasters

On the value side, the stocks massacred on the stock market recently took advantage of the easing of rates to continue their rise, as was the case on Thursday. Worldline gained 6%, Teleperformance 5.7% or Alstom 5.2%. Excluding CAC 40, Plastic Omnium increased by 7% while Casino advanced by 6.7%.

Kering rebounded by 2.9%, supported by Deutsche Bank which switched to buying the stock.

Societe Generale appreciated by 0.9% after publishing revenues lower than expectations in the third quarter.

Axa, on the other hand, lost 1.2% penalized by concerns about natural disasters, after publishing its financial indicators over nine months.

On other markets, the euro advanced against the dollar by 1.1% to 1.0739 dollars after the American employment report. Oil has turned lower. The January contract on North Sea Brent fell 1.6% to $85.44 per barrel while the December contract on WTI listed in New York fell 1.8% to $80.95 per barrel.