(CercleFinance.com) – The Paris Bourse – which had settled above the 5500 points mark yesterday – should start falling again Thursday morning in the wake of the surprise correction that took place overnight in Wall Street.
Around 8:15 am, the ‘future’ contract on the CAC 40 index – expiring in November – thus lost 40 points to 5,471.5 points, announcing a start to the session in the red.
An unexpected scenario indeed emerged yesterday on Wall Street, after a session remained undecided until about 90 minutes from the close.
If the scores remained narrow for a long time, a slightly upward bias prevailed at the start of the session thanks to the encouraging announcements from Pfizer concerning its Covid vaccine project, before everything changed without warning.
The sellers seem to have taken the reconfinement measures put in place across the country, including the closure of schools in New York, as a pretext to lighten their positions.
At the final blow of the bell, the Dow Jones and the S&P 500 both gave up close to 1.2%, while the Nasdaq limited its losses to around 0.8%.
Such a relapse is quite unusual within 48 hours of the ‘three witches’ session, which is supposed to endorse the most bullish November in New York Stock Exchange history.
“Investors seem a bit stuck between an encouraging long-term outlook, but a short-term reality that is more difficult to accept,” says one trader.
‘Pfizer’s announcements initially supported risk appetite, but the deterioration of the health situation in the United States, where the number of Covid-related deaths now exceeds the threshold of 250,000, then cooled them’ , emphasizes the professional.
The decline continued in Asia, where the Nikkei index of the Tokyo Stock Exchange showed losses of nearly 0.4% Thursday at the end of the session.
However, the trend could be reversed again on the back of favorable new information regarding the many vaccine projects under development.
In particular, market participants are eagerly awaiting data on the efficacy of the vaccine developed by AstraZeneca and the University of Oxford, long considered the most clinically advanced.
Several economic statistics will also animate the session in the United States in the afternoon.
Unemployment benefit claims should therefore continue to decline, a reassuring sign that the US labor market is improving, even if the variations from one week to the next are no longer as spectacular as in May or June.
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