The algorithmic straitjacket remained in place on the Paris Stock Exchange until 5.35 p.m.
The CAC40 (-0.08%) closed on the breakeven point (5.566) in anecdotal volumes (2.55bn) due to the closure of Wall Street for this Thanksgiving Thursday.
The Euro-Stoxx50 ends in the same way with -0.03% and one could believe that nothing happened on Thursday … and yet, it is a historic day for the bond markets with 3 records absolute on Italian BTP (floor of 0.56% yield), Spanish Bonos (0.055%) and Portuguese ’10 years’ (-0.003%).
The Greek ’10 year ‘posted a 0.66% return, after a record 0.565% the day before.
The US markets will reopen tomorrow for a half-session of ‘Black Friday’.
Many analysts believe that the valuation levels of US stocks are now reaching high levels, especially after an average gain of nearly 8% over the past month (the capitalization to GDP ratio of the US market reached an absolute zenith on Tuesday of 179% and it remained stable on Wednesday).
On the bond side, the Fed seems to favor ‘curve control’ rather than new injections and debt redemptions.
The Dollar strengthens slightly in limited trade: up 0.15% to 1.1895 / E.
The procrastination on Wall Street did not stop Japanese stocks from continuing to advance overnight, with the Nikkei index rising 0.9% to 26,537, its best close in 30 years.
The CSI 300 index of the main Chinese stocks was granted 0.2%.
This is enough to support the trend in Europe, where the potential for a rebound in equities seems to be greater than on the other side of the Atlantic insofar as cyclical stocks – that is to say sensitive to growth – are more predominant there, believe the specialists.
‘We continue to believe that equity markets can continue to advance amid a recovering global economy and accommodative monetary policy, with investors increasingly focusing on the arrival of effective vaccines rather than increasing the number of cases and the restrictions on economic activity, ‘says Capital Economics.
Today’s macroeconomic agenda is looking relatively meager due to the shutdown of US markets.
Investors have just taken note, at the beginning of the morning, of the French household survey.
In November, household confidence in the economic situation in France fell sharply, given the INSEE synthetic indicator which lost four points to 90, its lowest level since December 2018 and below its long-term average (100).
On the stock side, ST-Micro stands out at the head of the CAC40 with + 1.8%, ahead of Essilor and Sanofi with + 1.4%.
Rémy Cointreau publishes, for its first half of 2020-21, net income group share excluding non-recurring items, down 23% to € 65.2 million, and a limited decrease in current operating margin (MOC) 1.7 points to 24.7%.
Pierre & Vacances-Center Parcs (-0.7%) reports a net loss of -336.1 million euros for the 2019-20 fiscal year, compared to -33 million in 2018-19, and current operating income of – 171.5 million, against +30.9 million, heavily impacted by the effects of Covid-19.
The Compagnie des Alpes loses -1% while Jean Castex has just declared: ‘the ski resorts may open during the holiday season but the ski lifts will have to remain closed’.
Angela Merkel is calling for the closure of all ski resorts in Europe so as not to fuel unfair competition, but Switzerland, which is not part of the EU, may not close hers.
Europcar Mobility Group (+ 2.14%) announces the conclusion of an agreement in principle on a financial restructuring plan. In particular, it provides for a reduction in corporate debt of 1,100 million euros through conversions into capital, a significant injection of new liquidity for 475 million euros, and a refinancing of the RCF.
The telecommunications giant Orange denies any plan to acquire the IT services group Atos (+ 1.3%), as well as its registration on its next board of directors.