The end of May trading (the "3 Witches" session) confirms the return of confidence with a flurry of absolute records: the CAC40 'GR' (Global Return) climbs +1% to 22,430 (it has posted +18% exactly since January 1 and +1.5% over the past week), erasing its previous zenith of April 20 (another "3 Witches" session) set at 22,345.
The CAC40 remains slightly behind (7.520) despite a +1% rise.

Absolute record for the Euro-Stoxx50 at 4,412 (also above the April 20 zenith), record broken for the DAX40 at 16,330 (vs. 16,285 on January 5, 2022, i.e. +1.5% hebdo).

Tokyo kicked off this wave of records this morning, with the Nikkei (+0.7% to 30,808, or +5% weekly) recording its best mark (30,900 intraday) in... 33 years.

US indices were not left behind, with the S&P500 (at 4,210) and Dow Jones (at 33,600) gaining around 0.3%.
The New York Stock Exchange continued to be buoyed by hopes of a trans-partisan agreement in Washington to raise the US debt ceiling, and by better-than-expected quarterly results (+8% on average, but with massive share buybacks by some of the market's titans, as over 70% of S&P500 components are below their MM200).

In a statement issued on Thursday, House Speaker Kevin McCarthy gave an optimistic view, saying he saw 'the path we can take to reach an agreement'," said Wells Fargo.

Moreover, he even said that he expected the House of Representatives to consider a deal next week, with an 'agreement in principle' possible this weekend", added Deutsche Bank this morning.

On this side of the Atlantic, the news is particularly light in this so-called "three witches" session, as the day after Ascension Thursday is not expected to see any major corporate releases: investors therefore remain motivated by the hope of seeing the US escape the "lockdown".

The only statistic of note in Europe, Germany's industrial producer price index rose by 4.1% year-on-year in April, marking a clear slowdown compared with the 6.7% increase recorded in March.
The bond markets, which had deteriorated sharply on Thursday, are finding it hard to reverse the trend: our OATs added +3Pts to 3.04%, Bunds +4Pts to 2.455%, Italian BTPs stabilized at 4.300%... and T-Bonds +6Pts to 3.727%, while the hypothesis of an 11 rate hike towards 5.25/5.50% now attracts 40% of votes.
The Dollar's rise stalls against the Euro in the 1.0750 zone, with the Euro recovering 0.2% to $1.0790.
The rise in rates continues to harm precious metals: the ounce of Gold falls back -1.2%, below $1.960, while silver dips to $23.5 (-0.5%).

Brent crude oil rebounds +0.7% to $76.5 in London, while gas prices (Megawatt/hour equivalent) fall back below $30, the lowest since April 2021.



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