CAC40: bullish momentum continues more timidly
Investors waited feverishly until 11 a.m. to learn of two important statistics concerning the eurozone.
The eurozone's annual inflation rate is estimated at 2.4% in December 2024, compared with 2.2% in November, according to a flash estimate published by Eurostat, the European Union's statistical office.
In terms of the main components of eurozone inflation, services should see the highest annual rate in December (4.0%, compared with 3.9% in November), followed by food, alcohol & tobacco (2.7%, stable compared with November), industrial goods excluding energy (0.5%, compared with 0.6% in November) and energy (0.1%, compared with -2.0% in November).
Meanwhile, in November 2024, the eurozone's seasonally-adjusted unemployment rate was 6.3%, stable compared with the rate recorded in October 2024 and down from 6.5% in November 2023.
The EU unemployment rate was 5.9% in November 2024, also stable compared with the rate recorded in October 2024 and down on the 6.1% recorded in November 2023.
Across the Atlantic, the ISM services indicator for December will be published at 4pm. This is expected to show that activity continues to expand in the US service sector, more than offsetting the weakness in industrial activity.
In a sign of investor caution, Wall Street finished mixed on Monday, with the euphoria surrounding technology stocks unable to offset weakness in consumer-related stocks.
We've reached the point where we may need to reduce our exposure to the most cyclical sectors, whose stock market momentum has far outstripped the quality of their fundamentals", warned Danske Bank.
With the return of risk appetite and relief over trade issues, the euro regained a little momentum (+0.3%) against the greenback, at $1.042/EUR.
On the oil markets, the price of Brent crude gave up 0.25% to $76/barrel.
In French company news, Spie announces the appointment of Evert Lemmen as Managing Director of Spie Nederland and, as such, as a member of the Group Executive Committee, effective February 1, 2025, succeeding Lieve Declercq.
EDF announces the success of its senior multi-tranche bond issue for a nominal amount of $1.9 billion, enabling it to finance its strategy and its objective of contributing to achieving carbon neutrality by 2050.
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