CAC40: towards an unenthusiastic opening

(CercleFinance.com) - Down three points to 8114, futures on the CAC40 are forecasting a lackluster opening this Wednesday on the Paris Bourse, after a strong session on Tuesday for all European markets, thanks in particular to good news from Germany.


Frankfurt's DAX gained almost 1% at the close, boosted by the announcement of an agreement in the Bundestag to reform the constitutional debt brake, as well as a massive investment plan by the future Merz government.

"In our opinion, this is a historic change in the budgetary regime, probably the most important since German reunification", hailed Robin Winkler, chief German economist at Deutsche Bank Research, after the parliamentary vote.

However, as with reunification, budgetary expansion is no guarantee of success: the next government will have to implement structural reforms to transform this budgetary package into sustainable growth", he moderates.

This morning, the markets could show some disappointment after the telephone call between Donald Trump and Vladimir Putin: they were only able to agree on an outline for a partial and temporary ceasefire in Ukraine, which still requires Kiev's uncertain endorsement.

After the publication of the eurozone price index this morning, investors will turn their attention to the Fed's Monetary Policy Committee (FOMC) meeting, which will announce its verdict this evening after the European markets close.

The macro-financial backdrop has darkened somewhat since the last FOMC meeting, with the downgrading of several confidence surveys and the decline in equity markets", points out Bastien Drut, head of strategy and economic research at CPRAM.

"The Fed is likely to leave its key rates unchanged for the second time in a row, largely because it is difficult for it to get a clear idea of the consequences of Donald Trump's trade policy", he predicts.

In other Paris stock news, Assystem reports net income of 7.5 million euros for 2024, compared with 102.8 million the previous year, but operating income from ordinary activities up 7.8% to 40.3 million, giving a margin of 6.6% compared with 6.5% in 2023.

Ipsen reports the success of its inaugural rated bond issue of 500 million euros, with a coupon of 3.875% and maturing in March 2032, with 'a significant oversubscription by a solid and diversified institutional investor base'.

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