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CAC 40: little change ahead of BoE announcement

(CercleFinance.com) - The Paris Bourse is likely to open with little change on Thursday morning, with a degree of caution prevailing ahead of monetary policy announcements from the Bank of England (BoE) and the Swiss National Bank (SNB).


At around 8:15 a.m., the June-delivery future contract on the CAC 40 index gained 14.5 points to 7,587.5, pointing to a balanced or very slightly upbeat start to the session.

With the exception of London, European markets had closed in the red on Wednesday, with investors preferring to curb their bargain-basement buying following the rebound at the start of the week.

In Paris, the CAC 40 index ended the session down by more than 0.7%, closing below the 7,600-point threshold at 7,570 points.

This downward trend was slightly less prevalent in Asia today, where the Tokyo Stock Exchange posted a balanced score at the very end of the session.

Investors are awaiting the reopening of Wall Street, which was closed yesterday for Juneteenth, the day commemorating the abolition of slavery, and whose direction could give a new impetus to the markets.

New York index futures are currently reporting a positive opening after the new records set on Tuesday evening, thanks in particular to the continued rise of Nvidia, now the world's largest capitalization.

In Europe, few announcements are expected from the BoE, which will announce its rate decision at 1:00 p.m.

The recent slowdown in inflation, which last month reached the 2% target set by the central bank, is nevertheless beginning to fuel speculation about a forthcoming rate cut.

The signals sent by the British economy are contradictory", stress analysts at Oddo BHF, who on the one hand point to "robust" growth and rising wages and service prices, but also to a rising unemployment rate and a labor market "close to an inflection point".

"A rate cut is not expected this week, but the downward cycle should begin in August or September", predicts the private bank.

Before the BoE, the Swiss National Bank is expected to maintain its accommodative monetary policy stance in the morning, perhaps with a further rate cut.

The US session will also be punctuated by a number of statistics, with the publication of the latest housing figures, the Philadelphia Fed index and jobless claims.

On the bond market, the spread between the yield on the 10-year German Bund (2.42%) and that on its French equivalent (3.19%) stabilized at just under 80 basis points, at its highest level since 2012.

The euro weakened again to return to around 1.0735 against the dollar.

The oil market is moving in mixed order due to the risk of oversupply, pending the release of crude oil inventories this afternoon in the United States.

While Brent crude is up 0.1% to $85.1 a barrel, West Texas Intermediate (WTI) is down 0.2% to $81.4 a barrel.

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