CAC 40: Gap bullish at the opening

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The CAC 40 is expected to open up strongly this morning, supported by good news from Wall Street. Indeed, the markets welcomed the solid results of Microsoft and Meta, which largely surpassed expectations, yesterday. Microsoft announced a turnover of $ 70.1 billion (+13 %) and a net profit of 25.8 billion (+18 %) for the first quarter of 2025, while Meta also positively surprised investors with a turnover higher than forecasts.

On the other hand, the results published by Amazon and Apple last night are more contrasting. Although the two giants have recorded an increase in their turnover, Amazon warned that an increase in customs tariffs imposed by Donald Trump could reduce its annual profits by $ 5 to 10 billion, a potential drop of 6 to 12 % of its profits. For its part, Apple also warned that these prices could increase its costs by $ 900 million for the quarter.

Today, if microeconomic publications in Europe will be limited, the macroeconomic agenda remains loaded. At 9:50 am, France will publish its PMI Manufacturer index, followed at 9:55 am from that of Germany. At 10:00 am, the euro zone will unveil its manufacturing PMI, thus offering an overview of the health of the European industrial sector. Finally, at 11:00 am, the consumer price indices (IPC) and the IPC Core of the euro zone will be published, providing key information on inflation in the region.

The indicators published upstream this week are of good quality in Europe. The gross domestic product (GDP) in the euro zone increased by 0.4 % in the first quarter of 2025, exceeding expectations, but PMI investigations report a slowdown for the second quarter. Decrease inflation strengthens speculation about a possible continuation of monetary relaxation of the European Central Bank (ECB).

Today, attention will be focused on reactions to Teleperformance and Airbus results. Airbus surpassed expectations, while Teleperformance confirmed its forecasts. In the LVMH luxury compartment announced that the group plans to remove up to 10% of the workforce of Moët Hennessy, or 1,000 to 1,200 stations.

Key graphics elements

The Parisian index should display a strong progression at the opening, forming a Haussier gap. However, this opening could encounter resistance, promoting selling speculative positions aimed at returning to the first level of support at 7,512 points.

FORECAST

In view of the key graphic factors that we have mentioned, our opinion is negative on the CAC 40 index in the short term.

This lowering scenario is valid as long as the CAC 40 rating index below resistance at 7690.00 points.

Hourly data graphics

Daily data graphics