(CercleFinance.com) – The Paris Bourse is expected to open lower on Wednesday morning, with investors adopting a wait-and-see position before Wall Street reopens and the publication of several economic indicators.
Around 8:15 a.m., the futures contract on the CAC 40 index – July delivery – fell 23.5 points to 7357.5 points, announcing a continuation of the downward movement at the start of the week.
Deprived of its American compass, the Parisian market had chained two consolidation sessions on Monday and Tuesday, sinking the threshold of 7400 points while managing to stay within a stone’s throw of its historic highs.
While signs of a slowing global economy are causing investors to revise their expectations for the second half of the year, a recession seems far from imminent and the scenario of a ‘soft landing’ remains in place.
‘Global markets increasingly look set for a rosy scenario: no recession this year, a strong rebound in earnings over the next 18 months and a rapid normalization of inflation’, underlines Vincent Chaigneau, director of the research at Generali Investments.
Therefore, sellers are likely to expose themselves to difficult times, warn their side the strategists of Danske Bank.
“We also note that an underweighting of equities and cyclical values proved to be a very bad choice during the first half,” recalls the Danish bank.
The session should be livelier than the day before on the stock markets due to the reopening of the New York Stock Exchange after the long weekend of ‘Independence Day’.
Futures on US benchmark indices so far suggest a recovery in the red, around 0.1%.
The decline in ‘futures’ can be explained in particular by the fact that government bond yields started to rise again on Monday, with that of the US 10-year now standing at 3.85%, a four-month high. .
While waiting for the reopening of Wall Street, European investors will be able to focus on some leading statistics, including new data on inflation in Europe.
Operators will be particularly attentive, at 11:00 a.m., to the publication of industrial producer prices in the euro zone, which should confirm the gradual ebb of inflationary pressures.
Stakeholders could also react to the publication, in the early morning, of the latest European PMI indices for the services sector, with the hope that these figures confirm the good resistance of the tertiary sector.
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2023-07-05 06:30:00
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