CAC 40: Fake news!

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At the end of another highly volatile session, the CAC 40 index shifted into higher gear during the session, allowing it to close at the high points of the session, in the immediate vicinity of major resistance, the 7,465 points. The main factor of support came from press reports suggesting that the Trump administration’s tariffs would ultimately be less violent than initially expected.

As a reminder, the American president-elect plans to introduce customs surcharges of 60% on Chinese imports as well as “universal duties” of 10% to 20% on those from other countries. However, The Washington Post indicated this Monday that these “universal” customs duties could be restricted to certain sectors and would thus only cover “critical imports”.

The American media, which relies on three anonymous sources, writes that the exact list of industries which would be affected is not clearly established at present. But it could encompass the logistics chain of defense activities, medical equipment or even energy-related components.

“Fake news!” The president-elect, for his part, denied the information from the American media. “It’s false,” he reacted on his Truth Social network. “The Washington Post article, citing so-called anonymous sources that do not exist, falsely states that my pricing policy will be reduced. This is false. The Washington Post knows this is false. It This is a new example of ‘fake news’,” wrote the future occupant of the White House, quoted by AFP.

In the meantime, luxury export values ​​have rebounded strongly in Paris, like LVMH (+3.81%), or Hermes (+4.51%).

The biggest increase in the CAC 40, however, was signed by STMicroelectronics (7.9%) while outside the CAC 40, Soitec jumped 7.5%. Both companies were buoyed by the good results of Foxconn, a major subcontractor of Apple, itself a major customer of semiconductor groups (notably STMicroelectronics). Imerys took the lead in the SBF 120 (+10.7%), thanks to announcements which suggest the end of the heavy talc issue in the United States.

On the other side of the Atlantic, the main equity indices ended Monday’s session in scattered order, like the Dow Jones (-0.06%) and the Nasdaq Composite (+1.24%). , while the spotlight is on the technological innovations presented at the CES Show in Las Vegas. The S&P500, the reference barometer of risk appetite in the eyes of fund managers, gained 0.55% to 25 points from the symbolic threshold of 6,000 points.

An update on other risky asset classes: around 8 a.m. this morning on the foreign exchange market, the single currency was trading at a level close to $1.0410. The barrel of WTI, one of the barometers of the appetite for risk on the financial markets, was trading around $73.10.

On the macroeconomic agenda this Tuesday, to follow as a priority the first estimates of consumer prices in the Euro Zone at 11:00 a.m. and across the Atlantic, the ISM Services and new job offers (JOLTS) at 4:00 p.m.

KEY GRAPHIC ELEMENTS

The CAC 40 index came to test an important graphic level on Monday at the close, 7,465 points, the solidity of which will be tested. The general working base remains, until proven otherwise, a vast band between 7,200 and 7,465 points, within which an indecision marked by nervousness is expressed.

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 crossing 7465.00 points would revive the buying tension. While a break of 7200.00 points would restart the selling pressure.

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 crossing 7465.00 points would revive the buying tension. While a break of 7200.00 points would restart the selling pressure.

Hourly graph

Daily Data Chart