(BFM Bourse) – The Paris Stock Exchange lost 0.9% on Wednesday in the face of the gloomy picture of the economic situation painted by central bankers during the forum organized by the ECB in Sintra, Portugal.
Difficult to show optimism for investors, while the global economy is threatened to slow down sharply while central bankers are working on the Herculean task of reducing inflation to its highest level in decades. If there’s one thing the markets take away from Jerome Powell’s latest salvo, it’s that the president of the US central bank recognizes that there is a risk of doing too much when it comes to monetary tightening, but that he prefers to run this risk rather than that of letting the surge in prices slip further. No guarantee that the establishment manages to avoid a recession in the battle: on good terms… In this context, the day after a meager rebound., the Paris Stock Exchange retroceded 0.9% to 6,031.48 points.
On the other side of the Atlantic, after another sharp drop on Tuesday evening (the Nasdaq fell 3% while the S&P 500 fell by 2% after the publication of worrying statistics including a stronger than expected deterioration in consumer confidence), the main indices evolved in dispersed order this Wednesday at the time of the European close.
Within the French ranking, the pharmaceutical group Sanofi (+1.5%) was sought after, while TotalEnergies limited its gain to +0.6% supported by a note from Bernstein raising its opinion from neutral to “outperformance”.
On the SBF 120, Ipsen climbed by more than 4% while the FDA will examine in a priority framework the new application for the marketing of palovarotene, a treatment targeting an ultra-rare bone disease, and whose trials had to be discontinued at the end of 2019 due to side effects. The American drug agency could give its answer at the very end of 2022.
EssilorLuxottica lost 1%. The board has appointed Francesco Milleri as the new chairman, until the end of his current term following the death of founder Leonardo Del Vecchio on Monday. The proposed sale to Reworld Media of a set of emblematic brands (including aufeminin, Marmiton, Doctissimo, Les Numériques, Minute Buzz, Fraîches, Juste Mieux, Hero, Super Bon, Paroles de Maman, Gamekult and Beauté Test) did not benefit at TF1, down 2.9% at the close.
The rebound in oil prices undertaken since the end of last week lost intensity at the end of the day, with European benchmark Brent returning to just under $114 and WTI trading at $111.60. On the foreign exchange market, the euro faltered by 0.47% to 1.0473 dollars, and bitcoin came back to flirt with the bar of 20,000 dollars.
Guillaume Bayre – ©2022 BFM Bourse