(BFM Bourse) – Climbing up to almost 2% at the start of the afternoon, the CAC 40 sharply reduced its lead at the close. The week nevertheless started on a positive note of +0.54%, while oil prices fell back sharply.
Having limited its decline to 1% last week, after two weeks of strong rebound, the Parisian market started up again on Monday, the CAC 40 index gaining 0.54% to 6,589.11 points in an average volume of 3 .4 billion euros.
In session, the barometer of the Parisian market gained up to nearly 2%, but the fluctuations of Wall Street in the morning slowed down the march of the European indices. At the time of the Paris close, the main US indices were all in the red, the Dow Jones closing the march at -0.75%.
Faced with strong geopolitical and economic uncertainties, with the escalation of the war in Ukraine which is causing a large-scale humanitarian crisis, sanctions which are fueling the volatility of commodity prices, but also the tightening of monetary conditions and an unprecedented outbreak Covid in China, investors nevertheless decided to invest in equities. This is partly due to the TINA effect [il n’y a pas d’autre choix, there is no alternative]explains the UBS strategy team, in the face of rising bond yields – which implies falling bond prices.
Lightly loaded for the moment, the macroeconomic news will intensify over the week to find its climax on Friday with the monthly report on employment in the United States.
Oil down
The continuation of a policy of large-scale containments in China leads operators to bet on a drop in demand for crude, while the prospect of an Iranian nuclear agreement could allow this major producer to put its production back on. the world oil market. The barrel of WTI traded down 5.80% to 107.29 dollars, according to the price of futures contracts on the Nymex, while its European equivalent Brent lost 5.33% to 111.12 dollars (on ECI).
At 1.0978 dollars at the end of the day, the euro changed little on its side (-0.04%).
Very few movements to report with regard to listed French companies. GTT climbed to +5%, but ended at only +1.5%, while the project for a floating liquefied gas terminal (FSRU) off Le Havre is being discussed. The group’s technology is at the heart of this type of installation.
Orpea signed a spectacular intraday recovery: after having lost up to 8% at the start of the session after the Minister for Autonomy announced that it would send the IGAS/IGF investigation report on the management of the group and ask the company to repay public funding, the title finally gained 4.5%.
Pharmagest Interactive, which announced a new bonus in the dividend paid for 2021 (thereby confirming its status as a dividend aristocrat), ended up almost in balance. CS Group despite a reduction in its net loss shifted 1.9%.
Guillaume Bayre – ©2022 BFM Bourse