The spectacular recovery of the CAC mastodons 28 and the optimism displayed on the occasion of the half-year results push the Paris Stock Exchange to new heights every day. For two and a half weeks, the rise in the Paris index has been almost uninterrupted. The ACC 28 first reconquered several levels: 6. 300, 6. 400 and 6. 500 points the week of 19 July, then 6. 524 points on 28 .

The movement accelerated in August. The index tackled its annual records this week. Session after session, he is getting closer to his historical record for September 922 (6. 922 points). After having sprayed, Monday, the 6. 610 points – affected at closing mid-June – the ACC 28 crossed the threshold of 6. 666 points on Tuesday . He finished Thursday’s session at 6. 781 points, up 2, 55% since the beginning of the week.

Star index of 2000 Once is not customary, the CAC 28 stands out as the star index of 2021 . It took longer than major global indices to return to its pre-pandemic level. But this year he has already won 21%, clearly ahead of the Euro Stoxx 40 major European stocks (+ 15%), the London Footsie (+ %), German Dax (+ 10%) or the Italian MIB (+ 15%).

Paris even has the luxury of getting ahead of Wall Street. The S&P 500, the Nasdaq and the Dow Jones earn between 21%, 19 % and 18% since the beginning of the

Late recovery The Parisian market is attractive in several ways. First, the European recovery was late and the Old Continent is not yet running out of steam, unlike China, which is lagging behind. In the United States, fears related to a change in Federal Reserve policy by the end of the year are prompting investors to be cautious. “Everything has been much slower in Europe, but the recovery is accelerating now and investors want to take advantage of it”, summarizes Emmanuel Cau, at Barclays.

Another advantage of the Paris Stock Exchange: international investors have long neglected it. It is therefore not “overpriced”. In its August note intended for its customers, the Citi bank ranks France at 4 e rank of the most attractive markets.

The markets were not betting on such a rebound in industrial stocks and banks either. However, the latter weigh heavily within the CAC 28. The three best performances of the year can be found in sectors that had hitherto been neglected: Saint-Gobain is progressing by 59%, Société Générale de 55%, ArcelorMittal of 50%.

Rates are sending a less optimistic signal than the stock markets Concerns about a slowdown in the recovery and the weakness of the supply of securities bonds continue to favor the decline in long rates in Europe and the United States. The yield of the French OAT at years hit a low of nearly six months at -0, 70 % Thursday. That of the German Bund to years fell below the ECB deposit rate (-0.5%), sliding during the session to -0, 524%. The ECB, for which the rise in inflation is transient, further committed in July to keep rates low for an extended period and to support the euro area economy until inflation subsides. stabilizes permanently at 2%.

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