The Paris Bourse ended a very slight decline (-0.10%) on Thursday, after a session without great relief, a pause that can be explained in particular by new concerns about the stalemate of trade negotiations between China and the United States.
The CAC 40 index lost 6.01 points to 5,901.08 points in a trade volume low of 2.7 billion euros. On Wednesday, it was down 0.21%.
“We are in quite dull volumes, it is a waiting phase,” noted AFP Mikael Jacoby, head of continental Europe brokerage Oddo BHF Securities.
“We are in quite dizzying levels and in a very overbought market phase,” he adds.
The CAC 40 exceeded Tuesday the 5,900 points and navigates in levels that it had not reached since the end of July 2007.
The trade war and its perpetual twists and turns continue to be at the heart of investors' concerns.
“This is the topic that has been driving the markets for about twelve months,” says Jacoby.
Lots of hope for several weeks on this subject, investors were disappointed by the many points of friction that remain in the negotiations between the two countries.
The main disagreement concerns the lifting of customs surcharges, an essential prerequisite for China to sign an agreement.
Now, for the time being, Donald Trump has not given any guarantee on the subject.
“There is nothing new tending towards a solution on this Sino-American sea serpent, it is hard to see how to reach even more summits without a little more consistent news on this subject,” predicts Mr. Jacoby.
– No recession in Germany –
Donald Trump's interventions are, as always, particularly watched over and investors are waiting for his next comments regarding a possible deferral of taxes on imports from the automotive sector.
On the indicators side, the day was marked by the publication of German growth, which is shrinking from the technical recession with a 0.1% rise in its gross domestic product in the third quarter.
“The German figures have been balanced by a little negative Chinese figures,” says Jacoby.
China unveiled Thursday a series of gloomy indicators for the month of October: industrial production as retail sales have slowed down, while investment fell to lows for at least 21 years.
Growth in the euro zone amounted to 1.2%, slightly better than the expected 1.1%.
In France, the rise in consumer prices finally slowed down in October, to 0.8% year-on-year, mainly because of a drop in energy prices.