(News Bulletin 247) – The Paris index gained ground at mid-session this Monday, at the start of a week that will be marked in particular by the intervention of the President of the Federal Reserve in Jackson Hole.
The CAC 40 remains well oriented. The Paris index gained 0.37% to 7,477.12 points at mid-session on Monday, extending the fine rise recorded last week, when it rebounded by 2.48%.
After a sharp correction earlier this month following a worrying US employment report, investors have regained their appetite for risk in recent days. Markets have been encouraged by a series of reassuring statistics from the United States.
“The US consumer price index (CPI) was weak enough to confirm the disinflation thesis, while the retail sales data helped to consolidate the hypothesis of a soft landing” for the US economy, summarizes Deutsche Bank.
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Euro a little higher
This week will be marked mainly by monetary policy, and more particularly that of the American Federal Reserve (Fed). On Wednesday, the minutes of the last monetary policy meeting of the American central bank will be published.
On Friday, its chairman, Jerome Powell, will deliver a highly anticipated speech at the Jackson Hole symposium in Wyoming. This will provide the market with “another opportunity to decipher the hidden clues about the future of monetary policy,” said Naeem Aslam of Zaye Capital.
On the value side, luxury groups Kering (+2.95%) and LVMH (+1.4%) are progressing. Arcelormittal is up 2% supported by an upgrade of recommendations from Barclays to “overweight” against “in line weighting” previously. For its part, Nexans is down 3.8% while Goldman Sachs has gone from buy to “neutral” on the stock.
On other markets, the euro continued its strong rise against the dollar, gaining 0.05% to $1.1034. Oil fell sharply, still penalized by fears surrounding Chinese demand. The October contract on North Sea Brent fell 1.1% to $78.80 per barrel while the September contract on WTI listed in New York fell 1.25% to $75.69 per barrel.
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