CAC 40: Nippo-American trade agreement warmly welcomed

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At the dawn of a wave of quarterly, the CAC 40 continued its reflux in a large range, contracting Tuesday from 0.69% to 7,744 points. The operators await the meeting of the European Central Bank as well as the first big wave of business results.

After seven consecutive drops, the ECB is expected to be at the end of this Governors’ Council on Thursday, validate a break from the Euro “rent”. David Zahn, head of European bond management at Franklin Templeton, anticipates: “The ECB should maintain its unchanged rates, a drop in September remains possible but unlikely. The markets will be attentive to Christine Lagarde’s speech concerning commercial risks and the strength of the euro. Inflation is close to the objective, but tariff threats combine the prospects. will determine the reaction of the markets. “

Verdict tomorrow, Thursday.

“If there is probably nothing to expect from the meeting of the ECB to be held on July 24, a status quo on 11/09 is however obviously not engraved in marble”, for Florent Wabont, economist at Ecofi, who puts in particular […] Inflation passing permanently below 2%. At this stage, reading data rather pushes us to consider stability around 2%, in particular with regard to heart inflation. [Ainsi qu’]A marked deterioration of activity in the euro zone. If the situation is not in good shape, the data depicts, however, a form of resilience, despite the heckling imposed by customs duties. “

This Wednesday, three residents of the CAC (Edenred, Thales, Eurofins) will unveil their half -yearly accounts.

On the commercial front, the announcement of a customs agreement between Washington and Tokyo propels the Japanese scholarship and by ricochet, embellishes the pre -opening data on the CAC 40.

In terms of values Tuesday, Seb dropped 8.2%, the small appliances specialist was weighed down by a recommendation lowering from Berenberg who went from “Buy” to “keep”. The German establishment argues that the American customs duties will weigh on the income of the company when the latter already faces several challenges, in particular to strengthen its offer in the face of competition. SARTORIUS STEDIM Biotech dropped 8.1% after having delivered too fair prospects to the taste of the market. As for averages and small capitalizations, Interparfums climbed 2.4% after announcing a license agreement with Longchamp. The launch of the perfume is planned in 2027.

On the other side of the Atlantic, the main shares on shares finished the Tuesday session in dispersed order, like the Dow Jones (+0.40%) and the Nasdaq Composite (-0.39%). The S & P500, a reference barometer of appetite for the risk in the eyes of fund managers, ended on a note of almost stability at 6,309 points.

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 $ 1,1730. The barrel of WTI, one of the barometers of appetite for the risk on the financial markets, was exchanged around $ 65.30. THE Treasuries 10 Yearsyield of federal sovereign bonds due to 10 years, was negotiated slightly above 4.37%. As for the Vix, it was worth 16.50 at the last fence of the S&P500.

At the macroeconomic agenda this Wednesday, to be followed in priority across the Atlantic, sales of old housing at 4:00 p.m. and crude stocks at 4.30 p.m.

Key graphics elements

The release of the technical camisole is confirmed, coming to give more meaning to the supporting of the mobile average at 20 days (in dark blue).

The buying position on the spot can be kept as long as the oscillations are built between this trend curve and the high bollingger strips (20; 2.5).

The relative force index (RSI) is in full convergence with the courses.

The index has just validated a phase of sweater (graphic rejection).

A tidy (lateral channel) with an amplitude of 400 points is sketching, between 7,500 and 7,900 points.

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 rating index above the support at 7700.00 points.

Hourly data graphics

Daily data graphics