CAC 40 : une série d'indicateurs en ligne de mire

CAC 40 : une série d’indicateurs en ligne de mire

The Palais Brongniart, former headquarters of the Paris Stock Exchange. (photo credit: / L. Grassin)

(CercleFinance.com) – The Paris Stock Exchange is expected to rise on Tuesday at the opening pending a new series of economic indicators likely to influence the next monetary policy decisions.

Around 8:15 a.m., the ‘future’ contract on the CAC 40 index – May delivery – picked up 43.5 points to 6379 points, announcing a modest rebound after the limited decline the day before (-0.2%).

With the rise in interest rates and bond yields, investors began to adjust their portfolios more tactically to better reflect the new economic situation.

‘Market attention has clearly shifted away from concerns about inflation to concerns about growth,’ explain Barclays strategists.

The British bank, however, dismiss the scenario of a ‘capitulation’ mentioned by some analysts.

“The signs of panic are not yet visible, with a correction which has remained measured so far and volatility which remains within its historical range of the last few months”, underlines the London establishment.

The downward movement that began in the last six weeks on US equities nevertheless continued on Monday, with a decline of 1.2% for the Nasdaq index.

But the stock market session went better in Asia, where the Nikkei index of the Tokyo Stock Exchange ended the day on Tuesday with gains of around 0.4%.

After disappointing statistics from China, investors are now awaiting the publication, at the start of the afternoon, of the latest consumption figures in the United States to reassure themselves.

The statistics should allow them to refine their forecasts for US growth in the second quarter.

‘Despite the surge in inflation which has weighed heavily on consumer morale, we have not yet observed a clear moderation in the volume of expenditure’, argue the economists at Oddo BHF.

Investors will also be watching the flash estimate of eurozone GDP for the first quarter, which will be released late morning.

On the central bank side, the interventions of Fed boss Jerome Powell and ECB President Christine Lagarde at two economic conferences will also be closely followed.

All these events should further fuel the debate on the rise in rates, which is now the dominant factor in the markets.

On the bond market, the yield on 10-year Treasuries fell below the 2.90% threshold yesterday, which has given the markets some oxygen after the highs reached last week.

It should also be noted that Walmart and Home Depot, the two American distribution giants, will publish their quarterly results at midday.

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