CAC40 remains stable amidst Nasdaq and S&P decline
May 31, 2024 at 11:14 am EDT
The CAC40 index has been maintaining its equilibrium, showing fluctuations between 0.1% and 0.15% in both positive and negative territories. Currently hovering around a pivot point of 7,980pts, the index has seen zero performance throughout May, with a slight decline of -1.5% over the past week.
The most anticipated figure of the week, the US PCE index, failed to make a significant impact on the stock market indices, resulting in minimal changes in both stock and bond markets. While Wall Street initially opened in the green, it is now experiencing a downward trend, with the S&P500 down by -0.4% and the Nasdaq down by -1.2%.
The Dow Jones, on the other hand, remains in positive territory with a slight gain of less than 0.1%. T-Bonds have also seen a slight easing, with the 10-year rate at 4.50%. The PCE price index, closely monitored by the Fed, indicated stable annual inflation for April at 2.7% gross and 2.8% core.
In Europe, France’s CPI inflation remained unchanged at +2.2%, while the eurozone’s CPI is estimated to be at 2.6% in May 2024. Despite these figures, doubts remain regarding the ECB’s rate-cutting decisions at the upcoming monetary policy meeting.
Forex traders are reacting cautiously, with the euro showing a slight increase against the dollar. In other news, Renault Group has launched a joint venture with Geely, and Sanofi’s Dupixent has received a positive opinion for approval in the EU.
Overall, the CAC40 index’s stability amidst the decline in the Nasdaq and S&P reflects the ongoing economic uncertainties and market fluctuations in the global financial landscape.
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