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The Paris Bourse took a little height on Thursday (+ 0.46%) thanks to remarks by the President of the Fed, waiting for the key meeting between US and Chinese presidents on the sidelines of the G20.
The CAC 40 index gained 23.01 points at 5.006.25 points, with an average trade volume of 3.5 billion euros. The day before he had finished stable (0%).
After opening up, the Parisian rating remained well oriented throughout the session.
"The Parisian market has welcomed the intervention of the US Federal Reserve Chairman on Wednesday night, even if his statements leave room for many interpretations," noted AFP Andrea Tuéni, an analyst at Saxo Bank.
While Jerome Powell has seen the continuation of interest rate hikes in a dynamic economy as relevant, the focus of market attention has shifted to one sentence: "Interest rates are still low by historical standards and remain just below (…) a level that would be neutral for the economy, that is to say without stimulating or slowing down growth ".
"Investors have compared these remarks to those of October, where the official said that rates were very far from the level of neutrality, suggesting a more aggressive monetary policy." Yesterday, he stated the opposite that this level was close , which might suggest that it was not necessary to accelerate the pace of rate rises, but this inflection bounced markets, "said Tuéni.
But beyond these statements, the market is waiting for "the meeting between Donald Trump and Xi Jinping, which can relegate all other information to the background" and which could "trigger or not the upward movement that the markets are traditionally at the end of the year, "said the expert.
If the objective of this meeting is to try to stop the escalation of customs retaliation between the United States and China, the US administration has already indicated that Beijing has not yet made any "proposals for to significantly reform "its business practices, deemed unfair by Washington.
As regards indicators, economic growth increased in France in the third quarter. In Germany, inflation in November decelerated to 2.3%.
In the United States, weekly claims for unemployment benefits rose last week, year-on-year inflation remained stable, but household spending and incomes increased more than expected in October. The promise of home sales has fallen sharply.
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© 2018 AFP
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