Investors have regained their optimism and August starts off on the hats of the Paris Stock Exchange.
The CAC 40 index gained 0.72% on Tuesday and closed at 6,723.81 points, a level unknown since September 2000. The day before, it had broken its record for the year and it is only a few cables away from the historic peak of 6922 points, reached on September 4, 2000, before the bursting of the internet bubble.
The European Stoxx 600 index reached a new historic high on Tuesday.
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The CAC 40 is driven by the good quarterly results of large French companies, exceeding expectations.
Tuesday, Société Générale (+ 6.37%) and Stellantis (+ 4.10%) drove the growth of the index.
"The limited presence of stocks exposed to China or to the global economy has played in favor of the CAC 40 index"
, points out Pierre Bismuth, Managing Director of Myria AM.
Paris has done well on the Old Continent, where the majority of the big places have slowed down a little.
On Wall Street at mid-session, the Dow Jones gained 0.5%.
Towards a seven-month rise in a row?
Should we expect a seventh consecutive month of increases for the world stock markets? Hard to say. Concerns about the spread of the Delta variant, which could threaten the economic recovery, are resurfacing. Especially since it is now spreading in China, creating an epidemic rebound now affecting dozens of cities.
"Investors face weaker-than-expected economic data as Delta variant threatens nations with further industrial impact"
, underlines Pierre Veyret, analyst at ActivTrades. Investors are also worried that further regulatory tightening will affect the video game industry in the Middle Kingdom, after a tightening of the screw last week against private education and meal delivery. This situation weighs on technology stocks. Far from these considerations, the CAC 40 has gained 21% since the start of the year.
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