Solid News

CAC 40 Market Update

9/13/2022 3:39 PM

One of the leading indices of the European economy, the CAC 40, is correcting upwards and is now trading at 6350.0.

The quotes of the trading instrument were supported by the decision of the European Central Bank (ECB) to raise the interest rate by a record value of 75.0 basis points. At the same time, not all officials of the regulator are confident in the need to continue such a "hawkish" course. Thus, ECB Governing Council member Edward Scicluna recognized the adjustment as necessary in the current economic conditions, noting that the maximum level of correction of the indicator will probably not be applied in the future. European officials intend to focus on inflation statistics and do not rule out a slowdown to 25.0 basis points.

The upward trend continues in the domestic bond market. Thus, auctions for the placement of short-term bills of France were held yesterday: 3-month securities were placed at a rate of 0.648%, which is significantly higher than the previous indicator of 0.039%, 6-month ones – at a rate of 0.747%, which is higher than 0.160% earlier, and the rate on annual bills was 1.450%, significantly exceeding 0.746% earlier. As for long-term bonds, 10-year securities are traded at a rate of 2.222%, and 20-year conservative ones are held at 2.566%. 

At the moment, the growth leaders are Renault SA (+4.31%), BNP Paribas (+3.86%), Airbus Group SE (+3.84%), Alstom SA (+3.63%).

The leaders of the decline are Worldline SA (-0.41%), STMicroelectronics NV (-0.08%), Dassault Systemes SE (-0.08%) and Teleperformance (-0.02%).

The index quotes have reversed and continue to show active growth. Technical indicators are preparing to issue a new buy signal: fast EMAs on the alligator indicator are rapidly approaching the signal line, and the histogram of the AO oscillator, being in the sales zone, forms ascending bars.

Support levels: 6234.0, 5871.0. | Resistance levels: 6408.0, 6624.0.

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