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The CAC 40 index lost 0.41% to 7,795 points Thursday, under the chronic pressure of a resistance zone at 7,940/8,000 points. This second part of the week is dominated by important American statistical appointments. This was the case yesterday with the final GDP data in the second quarter, emerged far beyond the previous estimates, at +3.8% in annualized pace. In addition, weekly registrations for unemployment benefits, at 218,000 new units, have rather pleasantly surprised, as well as the dynamics of sustainable goods.
Good News is … Bad News! The market interprets these good news as bad, since it lesses the probability of rapid drops in guiding rate from the American Federal Reserve (Fed). The BRIEFING.com stock letter thus notes a “decrease in anticipation of drop in rates after published economic data” this Thursday.
Recall that the Fed lowered its main key rate of 25 base points at the end of its September FOMC, while adopting a particularly cautious posture. Understand: the powerful financial institution will now have a “meeting by meeting” approach, by piloting its monetary policy according to statistical data. It is in this context that the PCE prices, which will be published this Friday at 2:30 p.m., will be particularly followed in market rooms. These personal consumption index are the favorite measure of the Fed in his appreciation of inflation.
On the side of the values, Totalenergies fell 0.2% after announcing a reduction in its share buybacks per quarter, an announcement which had been anticipated by analysts. Berenberg also lowered his advice to “buy” to “keep” on the title. Excluding CAC 40, Beneteau fell 7.9% after delivering disappointing forecasts for the second half of its 2025 exercise. Trigano on its side earns 4% after having announced robust orders for the exercise which will be closed next year. Quadient plunged 17.8% after revising its annual prospects due to its mail treatment activity in the United States.
On the other side of the Atlantic, the main shares on shares finished the session of Thursday in negative territory, like the Dow Jones (-0.38%) and the Nasdaq Composite (-0.50%). The S & P500, a reference barometer of appetite for the risk in the eyes of fund managers, lost 0.50% at 6,604 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 $ 1,1680.
> The barrel of WTI, one of the barometers of appetite for the risk on the financial markets, was exchanged around $ 65.20.
> THE Treasuries 10 years, yield of federal sovereign bonds due to 10 years, were negotiated slightly above 4.18%.
> As for the Vix, it was worth 16.74 at the last fence of the S&P500.
At the macroeconomic agenda this Friday, to follow in priority the PCE prices at 2:30 p.m. and the revised data of the consumer confidence index (U-Mich) at 4:00 p.m.
Key graphics elements
The vast tidy (lateral canal), whose amplitude was once again redefined on July 31 and August 1, retains meaning, and the discharge of courses on Monday August 25, in contact with the high terminal confirms it. The 7,500 points are reinforced in their support role as much as the 7,940 points are in their role of resistance. They are therefore intervention areas to favor, in this clearly bipolarized market. A very technical market, which offers readable opportunities provided you remain yourself, as an investor, waterproof to ambient nervousness.
The index currently tests, without success, the high terminal of this tidy. This level (7,940 points) constitutes a major resistance. The index multiplies the candles with high pronounced wick on its approach.
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 7940.00 points.
The News Bulletin 247 Council
Hourly data graphics
Daily data graphics
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