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The Parisian market ended Tuesday’s session in the green (+0.74% to 7,386 points) for its flagship index, the CAC 40), with gains accelerating following the publication of statistics on American employment. showing a drop in tensions. A good omen before the publication at the end of the week of the monthly employment report (NFP).
Job openings in the United States (JOLTS) fell in October to their lowest since March 2021, according to data published at 4 p.m. by the American Bureau of Statistics. Job openings thus increased to 8.7 million units, compared to a consensus compiled by the Wall Street Journal at 9.4 million units.
Operators will be able to deal with other previews of employment between now and Friday with job cuts (Challenger), registrations for unemployment benefits and the investigation by the private HR firm ADP.
This reduction in tensions reassures the Fed, and the yield on US Treasury Bonds at 10, in constant decline, bears witness to this.
On this side of the Atlantic, the member of the board of the European Central Bank (ECB), Isabel Schnabel, although judged as a hawk (an intransigent central banker in the fight against inflation to sum up), declared to Reuters that with the fall in inflation a further increase in the central bank’s key rates was now “rather unlikely”.
The achievement, now, of a high point on key rates on both shores of the Atlantic, is almost a given in the eyes of the market.
On the value side, the differences were frankly contained: BNP Paribas gained 2.2% while Alstom fell by 1.9%. On the smaller capitalization side, Carmat gained 32.2% after announcing the commissioning of a second production building for its Aeson artificial heart.
On the other side of the Atlantic, the main equity indices ended Tuesday’s session in mixed order, with the Dow Jones contracting 0.22% to 36,124 points and the Nasdaq Composite gaining 0.31% to 14 229 points. The S&P500, the reference barometer of risk appetite in the eyes of fund managers, closed the session in balance, close to 4,570 points.
An update on other risky asset classes: around 8:00 a.m. this morning on the foreign exchange market, the single currency was trading at a level close to $1.0790. The barrel of WTI, one of the barometers of the appetite for risk on the financial markets, was trading around $72.30.
On the agenda this Wednesday, the ADP firm’s survey on employment at 2:15 p.m. and the American trade balance at 2:30 p.m.
KEY GRAPHIC ELEMENTS
The CAC ended up completely filling the gap of September 18, crossing it, without reversing the trend at the time of its filling. Volumes yesterday were slightly higher than those observed the day before, supporting the idea of ​​a recovery at this stage, rather than a clear ebb.
FORECAST
Considering the key graphical factors that we have identified, our opinion is neutral on the CAC 40 index in the short term.
We will take care to note that a crossing of 7406.00 points would revive the buying tension. While a break of 7200.00 points would restart the selling pressure.
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