(News Bulletin 247) – The CAC 40 is making clear progress at mid-session this Wednesday, although volumes are limited.
Public holidays often weigh on trading volumes and can result in large fluctuations due to low liquidity.
This Wednesday, May 8, the CAC 40, however, remains well oriented at mid-session, gaining 1% to 8,154.80 points. In admittedly starving volumes, with barely 600 million euros traded on the CAC 40 around 12:30 p.m.
Optimism about rate cuts from the US Federal Reserve (Fed) continues to prevail. “The US Federal Reserve’s renewed interest rate hopes and the growing certainty that the European Central Bank could loosen the interest rate screw sooner than the Fed are attracting new stock buyers,” comments Jochen Stanzl, at CMC Markets, quoted by AFP.
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Alstom reassures
“At the same time, German industrial production data also beat estimates this morning. It appears the stars are aligning for stock investors this week, as risk appetite is further fueled by solid macroeconomic data, solid profits and the prospect of rate cuts in the United States,” judges Pierre Veyret, technical analyst at ActivTrades.
The market continues to dissect the results of companies which turn out to be numerous. Alstom gained 2.3%, the market being reassured by the results, the outlook and the debt reduction plan in line with the railway equipment manufacturer’s expectations.
Rubis, on the other hand, fell by 3.45% after reporting “mixed” activity in the first quarter, according to Oddo BHF.
Some European heavyweights stand out after their publications. This is notably the case of Siemens which gained 1.15% in Frankfurt or the Belgian brewer AB Inbev which gained 4.8% in Brussels.
On other markets, the euro is stable against the dollar at 1.0754 dollars. Oil is falling. The July contract on Brent from the North Sea lost 0.9% to 82.43 dollars per barrel while that of June on WTI listed in New York lost 0.9% to 77.64 dollars per barrel.
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