The Paris Stock Exchange is slowing down in the absence of a catalyst

The Paris Stock Exchange is slowing down in the absence of a catalyst
The Paris Stock Exchange is slowing down in the absence of a catalyst

Wall Street will reopen its doors this Tuesday after an “off” day for Memorial Day, a holiday across the Atlantic, but the Paris Stock Exchange remains directionless while the day is devoid of any major events on the economic agenda .

Around 9:15 a.m., the Cac 40 stagnated at 8,128.8 points. In New York, index futures contracts oscillate between +0.1% and +0.3%.

The coming days will be dominated by a flow of data on price developments in Japan, the euro zone and the United States. The Federal Reserve’s preferred measure of underlying inflation, the “core” PCE, is expected to show a slight easing of price pressures when it is released Friday. Central bank Chairman Jerome Powell has stressed the need for more evidence that inflation is on track to the 2% target before easing policy. Neel Kashkari, head of the Minneapolis office, will no doubt agree with this when he speaks this afternoon from the Monetary Policy Forum organized jointly by Barclays and CEPR (Center for Economic Policy Research). .

Double blow for the ECB in June and July?

Conversely, several officials at the European Central Bank declared that the institution had room to maneuver to reduce its key rates in view of the slowdown in inflation, thus consolidating speculation on an easing next week. The discussions focus more on the measures that will follow. Most ECB members are reluctant to commit beyond that date, given that wage gains and services inflation are proving difficult to control, not to mention tensions in the Middle East, but Francis Villeroy de Galhau says that additional relaxation in July should not be ruled out. “ I sometimes read that we should only cut rates once a quarter, when new economic projections are available, and therefore exclude July “, declared the governor of the Bank of France in an interview with Börsen-Zeitung. “ Why is this, if we meet on a case-by-case basis and rely on data? I’m not saying that we should already commit to the month of July, but let’s keep our freedom on the calendar and the pace. »

On the value side, the majority of Cac 40 components are rising in the first exchanges. Planisware gained 3.7%, with Citi and Berenberg starting the follow-up at “buy”.

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