+ 4% weekly, close 4444, pivotal for 8 weeks

The CAC40 ends up stable (-0.02%) 4.444 which constitutes a kind of pivot for 8 weeks (within a range 4.350 / 4.550 for 95% of the exchanges since March 25).

Over the week, it was a very good score of + 4.1% which is among the most spectacular of the year 2020.

The CAC40 picked up to + 2.4% on its lowest of the day, between 4.369 and 4.475 (+ 0.7% at the highest of the day), despite the geopolitical context which is deteriorating, and no statistics to restore the optimism since the start of the meeting: “The growing tensions between the United States and China weighed on the equity markets Thursday, with losses mitigated by the figures of American unemployment emerged in line with expectations,” said Liberum.

The Hong Kong stock market fell -5.6% because of the announcement by Pkin of what looks like the burial of the principle ‘1 country, 2 systems’ to which the United States is very attached.

Social chaos is likely to resurface in the former British territory and Donald Trump assures that Pkin is exposed to a large-scale response (commercial and customs) if the communist power persists applying the same security laws aimed at restricting the public freedoms in force on the continent.
On Wall Street, the initial losses seem benign (-0.4% against -1.5% in early morning) with -0.6% for the Dow Jones, -0.3% for the S & P500, -0.1 % on the Nasdaq.

European markets (+ 0.02% on the E-Stoxx50 which ended 2.905) also took very seriously this morning (-1.5% on average) these heavy threats to Sino-American relations … but a ‘ Algo funicular ‘was active and the indices erased their losses and then inexorably returned to the green, without any information concerning an imminent easing of tensions between China and Hong Kong, without any favorable’ news’ that could mask the initial fears.

The Euro-Stoxx50 garners a weekly river score of + 5.1% which leaves one wondering with regard to macroeconomic data and the ‘promises’ of ‘recovery plans’ in Europe, so anecdotal (and so long to adopt) compared in the USA.

This rise in prices ‘out of nowhere’, even if some commentators try to rationalize it – without great conviction – with the mention of the d-confinement which continues, the reopening of about half of the ‘malls’ (shopping centers gloves) from the United States.

“With the implementation of containment measures, a rebound in economic activity should be observed in May and June,” said his side Aurel BGC, who said however expect a ‘recovery in W’ on world trade.

There were no statistics to put in the mouth to justify any form of optimism: it therefore seems that certain ‘forces’ act to push the indices as high as possible before a 3-day weekend in the States United … and which should be largely devoted to barbecues and shopping.
A study published this Friday table on a contraction of -40.2% of the Canadian economy in the 2nd quarter, yesterday, the chief economist of IHS / Markit anticipated -38% of activity in the United States in Q2.

Despite the enthusiasm on the rebound in growth that seems to be demonstrated by equity grants, oil specialists do not seem on the same wavelength since the barrel of Brent fell by -3% to $ 34.8 London, the WTI fell -3.4% on the NYMEX, towards $ 32.75.

On the value front, the CAC40 is supported by Atos + 2.6%, then again St Gobain with + 2.8% 26.8E.
Carrefour bounced back from its annual low (12.5E) and passed the 13.2E mark (+ 3.1%).

Bank values ​​increased by + 1.5% on average, Natixis picked up + 3.9%.

The para-petroleum group TechnipFMC (-1.8% 6.41E) announces agreements for credit facilities of 600 million pounds sterling and 500 million euros, as additional sources of liquidity.

Maisons du Monde (stable) announces that the combined general meeting (ordinary annual and extraordinary) of its shareholders will be held behind closed doors (excluding the physical presence of the shareholders) on Friday 12 June.

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