Stock market: CAC 40, L’Oréal, Carrefour, FDJ, Netflix, ether… on the Momentum program this week

French and European equities have been celebrating since the end of September. While the energy crisis linked to the war in Ukraine raised fears of a deeper recession in Europe than in the United States, the situation “is less tense than expected”, underlines Frédéric Rollin, investment strategy advisor at Pictet Asset Management . In fact, gas prices have largely fallen, the reconstitution of gas stocks is satisfactory, the autumn has so far been quite mild and the winter should be less difficult than anticipated on the energy front . Especially since on the side of the war in Ukraine, the conflict tends to stabilize, while the rhetoric on the use of nuclear power is more reassuring.

Although the household and business confidence figures are not very encouraging, economic activity has so far “held up a little better than expected”, while the results for the third quarter “have been correct”, notes Frédéric Rollin. . Hence the idea that the valuation levels reached by European equities (historically low compared to American equities) were not justified. However, the Geneva management company remains cautious on European equities.


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Indeed, economic statistics on consumption and production – data that is more “hard (that is to say tangible, editor’s note)” than confidence figures – “will end up deteriorating”, Judge Frédéric Rollin. A phenomenon that will weigh on the profits of listed companies.

Finally, the ECB should continue to maneuver on interest rates, in the face of high inflation, which remains tenacious. “Employment remains quite solid in Europe and wage growth is accelerating, which will slow the expected gradual decline in inflation. While its monetary policy remains behind in the face of the phenomenon of soaring consumer prices, the ECB should remain offensive on rates”, estimates the expert.

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Momentum, Capital’s dedicated daily premium investment letter and newsletter, had a good week, with many bullish anticipations on equities (LVMH, Kering, Eurofins, Eramet, etc.) coming to fruition. Conversely, ether (Ethereum) lost a lot of ground following the sinking of well-identified (and relevant) technical support. Our caution has thus paid off on the main challenger of bitcoin.

This week, Momentum analyzed the outlook for the CAC 40, Wall Street (S&P 500, Dow Jones), as well as those of many stocks (L’Oréal, Française des Jeux – FDJ, Carrefour, Métropole Télévision – M6, Eurofins, Edenred , Netflix, EssilorLuxottica…), without forgetting our message of caution on ether, for cryptocurrency enthusiasts.

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