Here we are, 8 consecutive sessions up (5 out of 5 this week), including 7 absolute records in a row (since February 15), what more can we say?
We can point out that the CAC40 (+0.8%) has just peaked at 7.980Pts, that it has gained +2.5% over the past week and that it is on course for a 17th week of gains, with just one weekly consolidation of -1.6% at the end of the first week of January.
While the CAC40 has not (yet) validated the '8.000' mark, the day was not lost, as the SBF-120 hit the '6,000' and set a new record at 6,025Pts.
The Euro-Stoxx50 (+0.5%) also set a new record at 4,878 and Wall Street unsurprisingly unrolled a new litany of absolute records.
The Dow Jones (+0.4%) peaked at 39,250, the S&P500 (+0.4% at 5,108), the Nasdaq-100 (+0.4% above 18,070), again in the wake of Nvidia with +4% at $825... the stock's capitalization surpassed the $2,000 billion mark.000Bn (that's more than the GDP of Canada, South Korea or Russia).

on Thursday, the stock also smashed the record for the biggest capital gain in history with +$277Bn (that's more than the GDP of Portugal or New Zealand), far ahead of Meta and its +$200Bn 3 weeks earlier and Apple's +190Bn in December 2022.
Nvidia also broke the record for the highest activity on derivatives (a tsunami of call buying, a strategy that pays off, which is rare when everyone is "in the same direction") and for the highest turnover on 1 stock in 1 session with $60 billion (i.e. 1 month's trading for the CAC40).

In a market where performance is highly concentrated, Nvidia's excellent results are certainly much more important for the short-term trajectory of the stock market than any statistics or central bank decisions", says Christopher Dembik.

For the time being, all indications are that the rally will continue. The perceived economic deterioration at the end of 2023 doesn't seem to be an issue for investors", continues the Pictet Asset Management economist.

In today's statistics, detailed German GDP data for the final quarter of 2023 and the Ifo German business climate index for February were published during the morning.

Germany's GDP fell by 0.3% in volume terms in the fourth quarter of 2023 compared with the third, according to CVS-CJO data from the Federal Statistical Office, which thus confirms its first estimate published on January 30.

The Ifo business climate index for Germany rose from 85.2 in January to 85.5 in February, an increase 'entirely attributable to an improvement in the expectations component', according to Capital Economics (business leaders are openly expecting a rate cut in the second half of 2024).
Bond markets are - at last - enjoying an upturn, although stock markets remain in risk-on mode, with T-Bonds easing by 3pts to 4.295%, Bunds shedding 5pts to 2.385% (Germany in recession, no jump), and our OATs down 6pts to 2.8480%.
The foreign exchange market remains calm with -0.1% on the $-Index (at 103.85), the Euro recovering by 0.05% to $1.0825.
Of particular note is the sharp fall in oil prices (-1.7% on 'Brent' to $82), which was stable this morning at $83.4 after peaking overnight at $83.95 (losing -1.5% over the week, all between 9 a.m. and 4 p.m.).

In other stock news, Capgemini announces the extension of its strategic alliance with Unity, a platform for the creation and exploitation of interactive 3D content in real time, from which it will acquire its business services activity specializing in digital twins.

Bouygues Telecom announces an exclusive agreement with La Poste to acquire its subsidiary La Poste Telecom, the leading virtual operator in the French market, for an enterprise value of 963.4 million euros.

Sanofi reports that the US FDA has agreed to grant priority review to its supplemental Biologics License Application (sBLA) for its Dupixent (dupilumab) in a potential sixth indication.

Investors will also be able to react to the annual results published Thursday evening by household appliances and cultural products retailer Fnac Darty, engineering and consulting firm Alten, and fastener manufacturer Lisi.

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