(BFM Bourse) – The CAC 40 finished stable, despite a slight slowdown in bond yields following slightly weaker than expected employment data.
The Paris Stock Exchange continues to be gray this Wednesday. The CAC 40 finished stable at 6996.73 points after two significant declines on Monday and Tuesday.
However, the rise in bond yields, which has been worrying the market for several sessions, is fading slightly. The rate on the 10-year US Treasury bill is moving to 4.733% compared to 4.804% on Tuesday evening.
The report from the private firm ADP on American employment, which prefigures Friday’s official figures, reported job creations lower than expected, at 89,000 units in September compared to 153,000 units expected according to a consensus compiled by Reuters.
In addition, the ISM services index in the United States in September fell to 53.6 from 54.5 in the previous month, this time in line with expectations.
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Capgemini and Orange stand out
The statement by European Central Bank Vice President Luis de Guindos may have weighed on risk appetite. The central banker warned that the battle against inflation would still take time to win, speaking at a conference in Cyprus.
On the value side, certain cyclical stocks suffered, particularly in tech, potentially due to the rise in interest rates. OVH lost 8.6% and Atos 6.7%. Atos has also announced the appointment of a new general manager in the person of Yves Bernaert. Reuters notes that this is the third chief executive appointed in less than two years.
Oil and oil-related stocks have fallen in the wake of oil prices. TotalEnergies fell 1.9%, Vallourec dropped 3.2%.
Black gold is indeed suffering this Wednesday. The December North Sea Brent contract lost 3.3% to $87.91 per barrel while the November WTI contract listed in New York lost 3.45% to $86.17 per barrel.
Conversely, Capgemini gained 2.3%. In a sector note, Stifel reiterated its purchase advice on the stock, as well as on Dassault Systèmes (+0.11%) and Worldline (+0.08%).
Orange gained 1.9% supported by Bank of America, which went from “underperform” to “buy” on the stock, judging that the group is starting to check the boxes that appeal to investors in the telecoms sector.
Air France-KLM gained 0.2% after announcing a stake of nearly 20% in the Scandinavian airline SAS. The title of the Franco-Dutch airline also benefits from a rating from Bernstein which moved to “outperform” on the file.
Parrot fell 13.4%. The title of the drone and software manufacturer is sanctioned by the Paris Stock Exchange after announcing Wednesday morning that it expects a drop in its 2023 turnover.
On the foreign exchange market, the euro gained 0.47% against the dollar, to 1.0515 dollars.
Julien Marion – ©2023 BFM Bourse