CAC40: slightly down, weighed down by interest rates, Nasdaq soars

(CercleFinance.com) - The CAC40 fluctuates within narrow limits, but after much hesitation, green prevails with +0.
1%, and the week will end above a pivot of 7,500, still in anemic volumes (1.3 billion euros) and a weekly score of -0.7%.
The Euro-Stoxx50 recovers +0.3% to 4,960, for a weekly decline of -0.8%.
The slight downturn in Paris was due neither to the heaviness of Wall Street on Thursday evening (Nasdaq up +1.4% and gaining 1% on the week, S&P500 at +0.9%, almost unchanged on a weekly basis), nor to pre-opening expectations (+0.5% for the S&P500), but more likely to the deterioration of the bond markets, and a yield back above 3.00% on our OATs.
The OAT posted +5.2pts to 3.034%, the BUND +3.5pts to 2.29%, and the US T-Bond climbed to 4.21%.
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 finally improved slightly in October, according to the index calculated by the University of Michigan (UMich), which came in at 70.5, revised from a preliminary estimate of 68.9, and after 70.1 in September.

This month-on-month rise in the index reflects a clear upturn in the current assessment component (+1.6 points to 64.9), while the expectations component eased by 0.3 points to 74.1.
In Europe, the 'stats' published this morning were largely ignored by stock market indices and interest rate 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 was expecting 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.

In Paris, the trading session continues to be dominated by earnings releases: Sanofi has just announced 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 dynamism of the product portfolio".

"This performance was underpinned by a favorable sales sequence for influenza vaccines and Beyfortus, 67% growth in our new drugs, and volume-driven growth for 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 last suspense of the day is whether or not Moodys' rating for France 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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