(BFM Bourse) – The day after a gloomy start to the month of June on the stock market, the CAC 40 regained 6,500 points with a short head…while the London Stock Exchange began a four-day holiday, with the Platinum Jubilee celebrations of Queen Elizabeth II. The good orientation of the luxury compartment in Paris supported the trend.
The Paris Stock Exchange celebrates as it should the start of the festivities organized for the platinum jubilee of Queen Elizabeth II. The flagship Parisian index is making up for the delay recorded the day before and resumes in extremis the 6,500 points Thursday evening thanks to an increase of 1.27%, in a market however rather sluggish with 2.6 billion euros exchanged.
The British celebrate from today until Sunday the Platinum Jubilee of Queen Elizabeth II. On the financial planet, the event leads to the closure of the London Stock Exchange until Monday, with a “spring bank holiday” today followed by a “platinum jubilee bank holiday” on Friday.
On Wall Street, the trend is contrasted on Wall Street with a Dow Jones in equilibrium at 32,809 points, the S&P grabbed 0.4% while the Nasdaq posted an increase of more than 1%. The operators had learned a little earlier in the day of American employment figures well below expectations at 128,000 jobs created in the private sector in May against 295,000 expected and of a profit warning from the giant Microsoft, penalized by the strength of the greenback.
Recession imminent?
Fed Vice President Lael Brainard has also declared that it was not appropriate to take a “pause” in the rate hike in September, despite the risks of recession. The priority for the American financier is to stem the rise in prices.
Investors remain generally very reluctant to commit, with some predicting an imminent recession, in a very inflationary context. Others consider that the economic situation remains fundamentally rather solid given the undeniable strength of the labor market in the major economies, and rely on the hope linked to a certain reopening of the Chinese economy following severe reconfigurations applied for long weeks… The way in which the equation will be resolved will probably depend a lot on the outcome of the current geopolitical crises, starting with the conflict in Ukraine.
Oil prices are up slightly after the meeting of OPEC and their allies, ie 10 countries of which Russia is currently a part. The expanded cartel announced an increase in production for July to 648,000 barrels per day against 432,000 more units produced in previous months. OPEC+ has decided to open the floodgates more significantly to curb the price spike visible since the start of the war in Ukraine. The futures contract on a barrel of Brent is at 117.4 dollars around 6 p.m. (i.e. +1%).
Luxury in sight
With regard to French stocks, it is the representatives of luxury which once again pull up the star index with gains of 1.7% for LVMH, 2.1% for Kering and Hermès or even 3.1% on L ‘Oreal. But it is Saint-Gobain which ends the race in the lead with a gain of 4.79% after announcing that it expects a double-digit margin for the first six months of 2022. The industrialist is followed by Alstom (+4 .59%).
Outside the CAC, the spirits and mainly cognac producer Rémy Cointreau is advancing nearly 5% after 2021-2022 results revealing a current operating margin of 25.5%, an all-time high.
Going down towards the Pyrénées Orientales, the Catana shipyard stands out with 2.5% growth following its first-half results, during which the multihull specialist doubled its operating profit.
In (very) sharp decline, the newcomer AMA Corporation, barely a year after its introduction, plunged another 25.54% at the close, while the company must resolve to drastically cut its workforce to remain financially healthy. afloat, so far are its results from the prospects envisaged.
In terms of currencies, the euro made up for its losses the day before at 1.0732 dollars, up 0.75%.
Sabrina Sadgui
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