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The CAC 40 index (+0.56%) managed to run out on Tuesday, the day after a four -day weekend for the Easter holidays, with the mainly support of L’Oréal (+6.30%). The cosmetics group delivered growth significantly higher than the expectations in the first quarter, of 3.5% in comparable data. The company is, moreover, relatively well placed to deal with American customs duties, according to Stifel.
The Paris market will continue to oscillate nervously for the coming weeks, in terms of verbal brutality, radical decisions and softening of Drums. Latest example: the insults against the president of the Fed, J Powell, which he describes in immense Loser, and which he threatens to dismiss, before putting a little water in his wine (or his Coca-Cola?) …
To be complete on the values ​​side, side down, Schneider Electric (-2.8%) and Legrand (-1.6%) were penalized by analyst comments reporting that Amazon Web Services, Cloud giant, had canceled commitments of Datacenter capacity rental (data center), a crucial segment for the two companies. Excluding CAC 40, OVHCLOUD jumped 9.2% carried by a recovery of recommendation from Stifel which went to “sell” to “keep”.
In the statistical chapter, the manufacturing index of the Richmond FED has sunk at -13, lower in negative territory, completely missing expectations.
On the other side of the Atlantic, the main shares on shares strongly rebounded Tuesday, the day after a bright red session – Easter Monday having been worked on the markets at Wall Street. Against the backdrop of hopes of appeasement on Sino-American trade tensions, the Dow Jones won 2.66% and the Nasdaq composite 2.71%. The S & P500, a reference barometer of appetite for the risk in the eyes of fund managers, increased by 2.51% to 5,287 points.
The hope of a price de -escalation with Beijing was maintained by words from Scott Bessent, the American equivalent of our boss of Bercy. Mr Bessent provides a substantial decrease in the surcharges imposed in Beijing, speaking of an “untenable” situation.
A point on the other asset classes at risk: around 8:00 am this morning on the exchange market, the single currency was treated at a level close to $ 1,1390. The barrel of WTI, one of the barometers of appetite for the risk on the financial markets, was exchanged around $ 64.40. THE Treasuries 10 Yearsyield of federal sovereign bonds due to 10 years, was negotiated slightly above 4.36%. As for the Vix, it was worth 30.60 at the last fence of the S&P500.
At the macroeconomic agenda this Wednesday, to follow the PMI barometers in the euro zone at 10:00 am, in the first estimate for the month of April.
Key graphics elements
The technical framework is upset, with a break in the psychological pivot threshold of the 8,000 points at the end of the week 13. Rupture which was followed by intense clearances, in powerful volumes. The GAP of January 16 is now fully filled, without any reaction from the courses. Worse, a crossing part (7,552 – 7,585 points). In two sessions, Thursday 03 and Friday 04 April, the flagship index lost nearly 520 points, and switched to the red for its assessment since 01/01. Monday April 07, once again showed the extreme psychological tension of a market at the heart of a wave of intense clearances. Abdication is close.
In the immediate future an attempt to rebalance, not without nervousness, constitutes the privileged scenario. An outing for the bottom of a bevel figure would cause an increase in volatility, in terms of the nervousness known at the inlet of the graphic figure. Positive opinion, however on the scale of the coming session alone.
FORECAST
In view of the key graphic factors that we mentioned, our opinion is positive on the CAC 40 index in the short term.
This bullish scenario is valid as long as the CAC 40 index rating above the support at 7086.00 points.
The News Bulletin 247 Council
Hourly data graphics
Daily data graphics
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