CAC 40: Consolidation in calm

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Yesterday’s American session took place in a wait -and -see climate, marked by the absence of major macroeconomic publications. The operators keep their eyes on Jackson Hole, where the intervention of Jerome Powell at the end of the week should shed light on the intentions of the Federal Reserve. The market hopes for signals confirming the hypothesis of rate drops before the end of the year, even though recent economic indicators send contrasting messages, between slowdown in the job market and high production prices increase in production.

On the geopolitical level, the Ukrainian question remains unanswered. Washington proposed to coordinate, without committing directly to it, the security guarantees offered to kyiv by Europeans. A meeting between Zelensky and Putin could be organized in the coming weeks, but no concrete advance has yet been acted.

On the business side, Intel caught the attention after the announcement of an investment of 2 billion dollars in softbank, promoting its shares at 23 dollars per unit. In addition, Washington would plan to transform part of the ACT chips aid into direct participation in the group’s capital, which can go up to 10 %.

Another significant file, Palo Alto Networks has published results above expectations and notes its forecasts for the current financial year, with an expected turnover between $ 10.48 and $ 10.53 billion. The group also benefited from a reinforced positioning in cybersecurity, supported by the integration of Cyberark, acquired for $ 25 billion.

Valneva on the Paris Stock Exchange yesterday, distinguished itself after the green light from Health Canada for the use of its chikungunya vaccine in adolescents, based on an immune response deemed robust and lasting.

In Europe, several values will be the spotlights. Aéroports de Paris announced an increase of 1.4 % of its traffic in July, at 36.3 million passengers, despite a marked drop in New Delhi, nevertheless confirming its annual objectives.

Novo Nordisk was also at the heart of the news. The laboratory has announced a drop in the price of its Ozempic treatment for non -covered patients, now offered at 499 dollars per month via its Novocare program and a partnership with Goodrx, about half of the catalog price. This decision aims to expand access to treatment and supported the progress of the title, also carried by the recent authorization of the FDA for the use of the Wegovy in the treatment of metabolic steato-hepatitis.

Finally, Biomérieux obtained American authorization for a simplified version of its Biofire Spotfire test, using a more comfortable nasal sample, thus strengthening its presence on the diagnostic market.

Key graphics elements

Technically, the index marked a break in contact with the high terminal of its trading ranges. As anticipated, a corrective phase has started and should be extended towards the mobile averages. As long as the index evolves under 7,960 points, sales remain to be favored in this area, while a buyer return can be envisaged from the first tests of the mobile averages.

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 downward scenario is valid as long as the CAC 40 rating index below resistance at 7941.00 points.

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Daily data graphics