Paris: positive start to the week in insignificant volumes

(CercleFinance.com) – The Paris Bourse (+ 0.35%) spent the whole afternoon in algorithmic straitjacket mode, between 5.035 and 5.055Pts, before ending at 5.051 (so the 5.050 are still resisting) and in volumes worthy of a low in August with barely 1.35bn traded at 5.29 p.m. and 2bn at the close: this market certainly ended positive, as every Monday since May 15 (except 07/24), but there is no one to buy (but no one is selling, either).

CAC and E-Stoxx50 (stable at close) failed to even gain traction as Wall Street beat pre-opening consensus.

At mid-session, the Dow Jones showed the strongest progression -in relative- since the opening with + 1.5% (+ 1% initially) while the S & P500 peaked between + 1.6% and + 1.7% and the Nasdaq towards + 2.1% (which also erases 50% of the -4.1% lost last week, with a re-crossing of 11,000Pts in the process).

On September 14, the bullish spur was the resumption of testing of a vaccine candidate by Astra-Zeneca then the multiplication of merger operations across the Atlantic (Nvidia / ARM, Gilead / Immunomedics, Oracle / Tik-Tok) and in Europe (who will buy Borsa Italiana: Euronext, Deutsche Börse or Six?)

‘Graphically, the CAC 40 index is again confined to its large summer channel between 4,800 and 5,100 points. Close to a bullish exit above 5,050 points, the index failed to permanently break this major resistance. On this level of 5005/5050 points, the various technical indicators remain positive, ‘commented the Kiplink teams.

Only July industrial production in the euro zone was forecast on Monday in the statistics calendar, but the next few days will see the appearance, in particular, of the ZEW index in Germany, as well as inflation in August in the euro zone and in the United Kingdom. .

In the United States, industrial production, retail sales and leading indicators from the Conference Board are expected this week for August, but especially the meeting of the Fed’s monetary policy committee (FOMC).

In the news of values, the Sanofi group (-1.2%) announced this morning that the FDA has granted the designation of Breakthrough Therapy (which allows it to benefit from an accelerated procedure) to Dupixent, in the treatment of eosinophilic esophagitis.

Dassault Aviation (+ 9.15%) announced Friday evening that Greece would acquire 18 Rafale, to equip its air force. “This announcement illustrates the solidity of the partnership which has linked the Greek Air Force and Dassault Aviation for more than forty-five years, and testifies to the durability of the strategic relationship between Greece and France”, comments the group.

In a somewhat indirect way, this boosts Airbus (+ 3.6%) and Thalès (+ 4.3%).

Euronext (-2.5%) confirmed this morning the submission of a non-binding offer to the London Stock Exchange Group, with a view to acquiring Borsa Italiana, the Italian stock exchange. Euronext specifies that ‘there can be no certainty that this will lead to a transaction’ … especially as the Swiss Stock Exchange (Six) would have filed the best offer to date.

Who is going to outbid?

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