(BFM Bourse) – The CAC 40 is advancing quite significantly this Thursday at mid-session, awaiting the meeting of the European Central Bank.
The CAC 40 is recovering a little this Thursday. The CAC 40 is up 0.8% to 7,456.22 points at mid-session.
The market is gaining some altitude ahead of the day’s big event, the European Central Bank’s (ECB) monetary policy meeting. The rate decision and economic projections will be released at 2:15 p.m., while President Christine Lagarde will hold a press conference at 2:45 p.m.
Investors have accepted the ECB’s reduction in key rates of 25 basis points, or a quarter of a percentage point.
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Legrand backed by Deutsche Bank
“The big question will therefore be what they (ECB members) signal about the next steps in this easing cycle, and at what pace they might cut rates from here. The baseline scenario of our European economists foresees a quarterly pace of rate cuts that will continue in December and into 2025,” Deutsche Bank said.
“Could Christine Lagarde surprise us by announcing a pause after this movement?” asks John Plassard, investment advisor at Mirabaud.
For the time being, the market is therefore progressing. And most of the CAC 40 members are moving in the green. In particular, Legrand (+2.7%) which has benefited from a recommendation upgrade from Deutsche Bank to buy.
Outside the CAC 40, Valeo rose 5.8% while Bank of America upgraded to buy.
On the other hand, Roche Bobois fell 5.3% after revealing its half-yearly accounts which were in sharp decline, due to a more difficult furniture market.
On other markets, the euro is almost stable against the dollar (+0.06%) at 1.1021 dollars. Oil is advancing. The November contract on the November Brent of the sea is up 1.8% at 71.82 dollars per barrel while that of October on the WTI, listed in New York, is up 1.9% at 68.58 dollars per barrel.
Julien Marion – ©2024 BFM Bourse
