The Paris Stock Exchange continues its slight rise over the weeks following the Wall Street records. Driven by technology and luxury goods, it is currently waiting for US employment figures.
Last weekend, the CAC 40 continued its success of the beginning of the year and crossed the 5.700 points mark to finish up 0,65% higher at 5.706,88 points on Friday evening. Over the week, the index rose by 2.80%.
According to Alexandre Baradez, head of market analysis for IG France, the CAC 40 should reach 6,110 points soon and gradually recover its situation with the pandemic. To do so, he encourages investors to “buy the lows”, by favouring the catching-up of European equities.
On the luxury side, LVMH once again finished gloriously at 525.30 euros with an increase of 1.94%, Kering gained 1.54% to 586.30 euros and Hermès rose to 887.40 euros with +1.37%.
The economic recovery as well as the multiplication of vaccination campaigns is thus blowing a wind of optimism on the financial markets. In addition, a study by the University of Texas has revealed that the Covid-19 vaccine developed by Pfizer and BioNTech is effective against highly contagious variants of the coronavirus that have appeared in the United Kingdom and South Africa.
“The market is in an upward trend, convinced that the covid-19 epidemic will be largely under control in a few months and that activity will pick up again, which will benefit corporate profits” said Daniel Larrouturou, manager for Dôm Finance.
But at the moment, the Paris financial market is mainly waiting for last month’s employment report in the United States in view of previous job cuts. These have mainly affected the leisure and hotel trades. According to the Bloomberg consensus, there were 50,000 new jobs in December, compared to 245,000 in November and 73,000 a few days ago. The unemployment rate should increase by 0.1 point to 6.8% of the working population. According to Alexandre Baradez, 10 million jobs still need to be created to return to pre-crisis levels.
Listed on Wall Street, the New York Stock Exchange continues to shine and ended up up Friday especially after Joe Biden’s promise to quickly implement a massive recovery plan for the American economy. Over the week, the Dow Jones gained 1.61%, the S&P-500 1.83% and the Nasdaq 2.43%. It should be noted that the Nasdaq Composite broke the 13,000 point barrier in closing for the first time in its history.
However, Alexandre Baradez foresees a possible return of the Nasdaq 100 towards 11,000 points, i.e. a possible drop of 15%.
The Asian markets continued to grow with the MSCI Asia-Pacific Index reaching a new historical high (excluding Japan). The Nikkei 225 of the Tokyo Stock Exchange posted a nearly 30-year high: 28,139.03 points and an increase of 2.36%.
Prudence and stability are to be favoured for this period, because the expansion of the virus continues and certain economic problems are not to be taken lightly: the rise in long-term interest rates in the United States, the American customs surcharges on French wines, the slowdown in job creation in the United States, etc…
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