The Paris Stock Exchange will have to fight to finish in the green this Friday. And this is the condition for the Cac 40 to align a seventh week of increase in a row while the balance sheet was almost neutral at the close of Thursday (+0.05%).
At the start of the morning, the flagship index dropped 0.25%, to 6,428.82 points, hampered in particular by the publication of a record surge in producer prices in Germany, up very sharply by 37.2% over a year in July and 5.3% over one month. This is the largest increase observed by the Federal Statistical Office since the start of the studies in 1949.
Yesterday evening, the major American indices thus contented themselves with gaining a few points. The Dow Jones gained 0.06%, the S&P 500 rose 0.23% and the Nasdaq Composite 0.21%. This morning, Asia evolved in dispersed order.
No improvement in inflation in the euro zone
The outlook for inflation in the euro zone has not improved since the rate hike in July, said Isabel Schnabel, member of the executive board of the European Central Bank, yesterday morning. Enough to fuel the suspense about an increase of 25 or 50 basis points in the refi at the next meeting in September, a new turn of the screw, after that of 0.5 point in July, seeming acquired. ” I would not rule out that in the short term inflation will continue to rise. These inflationary pressures are likely to be present for some time, they will not disappear quickly “Admitted Isabel Schnabel.
Prospects that weigh in particular on land companies. Covivio, Icade, Klepierre, Unibail-Rodamco-Westfield, Gecina and Carmila are all down this Friday.
The next major event is undoubtedly the Jackson Hole symposium, the annual American gathering of the most influential fundraisers on the planet. It will be August 26, the date has just been confirmed by the US Federal Reserve. Some believe that this could be an opportunity for the president of the central bank, Jerome Powell, to raise his voice, even if the publications of inflation and employment figures for August, will undoubtedly constitute the most decisive elements of the decision of the institution’s monetary policy committee during its September session.
SNCF orders new TGVs
For the moment, the CME tool based on futures contracts on Fed-funds gives a probability of 58.5% to a 50 basis point increase in key rates, in the range of 2.75% to 3%, against 41.5% for an increase of 75 basis points, or 3% to 3.25%.
On the business side, Alstom (+0.4%) signed an order with SNCF for the delivery of 15 additional TGVs. Amount: 590 million euros.
Valneva (+0.8%) launched the authorization request for its vaccine against chikungunya in the United States, with the Food & Drug Administration, the country’s health authority. It should also be noted that the World Health Organization (WHO) now recommends the vaccine developed by biotech against Covid-19.