CAC40: Trendless end to the week, rates ease back

(CercleFinance.com) - The CAC40 oscillates within narrow limits, between +0.
1% and -0.2%... around a pivot of 7,500, and still in anemic volumes.
The Euro-Stoxx50 remains perfectly unchanged at 4,935Pts.
The slight downturn in Paris was due neither to the heaviness of Wall Street on Thursday evening (Nasdaq boosted by Tesla's +22%), nor to pre-opening expectations (+0.5% for the S&P500), but more likely to the deterioration in bond markets, and a yield back above 3.00% on our OATs and 4.20% on the T-Bond.
The US "figure of the day" does not seem to be in question either: durable goods orders fell by 0.8% in September in the US, but less than expected, whereas economists were anticipating a decline of 1%.
Excluding transportation and the aeronautics sector (impacted by the strike at Boeing), orders actually rose by 0.4% after a 0.5% increase in August, instead of the -0.1% decline expected.

The University of Michigan's consumer confidence index is due at 4 p.m.

In Paris, the session continues to be driven mainly by earnings releases: Sanofi has just unveiled a 17.6% increase in business EPS at constant exchange rates for the third quarter of 2024, with sales growth of almost 16% 'reflecting the momentum of the product portfolio'.

"This performance was underpinned by a favorable sequence of sales of influenza vaccines and Beyfortus, 67% growth in our new medicines, as well as volume-driven growth in Dupixent", explains CEO Paul Hudson.

Claiming a good performance to the end of September, Safran raises its ROC target for 2024, despite a lowered sales target in the wake of its original equipment deliveries forecasts for short- and medium-haul aircraft.

Among the day's other quarterly publications in Paris, traders will also be able to react to those of Vinci, Accor, Valéo and Unibail-Rodamco-Westfield last night, as well as Groupe Seb, Bolloré, Nexity, Wendel and Rémy Cointreau.

The 'stats' published this morning were largely ignored by stock market indices and fixed income specialists: German business sentiment rose slightly, by +1.1Pt.
The ifo business climate index rose from 85.4 in September to 86.5 this month, whereas Capital Economics expected it to fall slightly to 85.

Symmetrically, in France, household confidence fell slightly for the first time since April, with the Insee synthetic indicator dropping by one point to 94 in October, and thus remaining below its long-term average (100).
The number of jobseekers in France for the third quarter remains to be seen.
The last suspense of the day is whether or not France's Moodys' rating will be maintained at 'AA2'.

In the meantime, on the FOREX, the Euro/Dollar parity remains perfectly unchanged at 1.0830.


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