(BFM Bourse) – The Paris Stock Exchange rebounded 1% above 6,500 points, the debate relating to the conduct of the Fed on its rates in the coming months is partly overshadowed by the dynamism of Chinese markets and Wall Street. The rebound took place calmly, several operators went green for Whit Monday.
The Paris Stock Exchange went green, with a rebound of 0.98% to 6,548.78 points after falling 0.5% last week. The flagship index slowed slightly at the end of the session, the CAC 40 gained 1.66% to 6,593.15 points at the highest of the day around 4:00 p.m. Volumes remained low on Monday, with 2.7 billion euros traded. Many operators have taken to the field, while the Paris Stock Exchange: the calendar of public holidays on Euronext this year hardly gives opportunities to escape for more than two days (spoiler: the next day of closing of markets does not intervene before December).
Asian markets, closed as of now, kicked off the week on a positive note, with Shanghai climbing 1.3% and Hong Kong 2.7% as Chinese authorities continue to loosen health constraints in several major cities in China.
The New York Stock Exchange is currently following the movement with an increase of 0.7% for the S&P 500, the Nasdaq recovers 0.8% while the Dow Jones gains only 0.3% after ending in decline Friday following the announcement of job creations (390,000) for the month of May. On the whole, the US indices fell more sharply than in Europe (-1% for the Nasdaq last week, -1.2% for the S&P 500). This week, investors will carefully follow the press conference of the European Central Bank (ECB), where Christine Lagarde could confirm the raising of rates by this summer, for the first time in more than ten years… Atlantic the new reading of inflation (CPI) is due on Friday, with economists expecting a further slowdown in the pace of price increases to +8.2% in May.
The American rating was driven by Amazon, whose share price was divided by 20 on Monday, not for a poor performance of the company but to make the title more accessible to investors. Twitter loses nearly 3% as Elon Musk threatens to withdraw his offer for lack of sufficient information on the number of fake accounts and spam.
The news on the side of companies listed in France is totally anemic, apart from the announcements of biotechnology companies present at ASCO, an essential congress which is held in Chicago until June 7th.
Nanobiotix in the spotlight
Among the few Parisian stocks showing significant progress on Monday, Nanobiotix rebounded by 4.78% after having gained nearly 9%, while the firm is currently presenting (among more than 3,000 “abstracts”) data on its NBTXR3 treatment, making it possible to boost the effectiveness of radiotherapy. Also present in Chicago, Transgene is content to garner 1%. The Strasbourg company highlighted on Sunday at this congress of the American Society of Oncology the preliminary data of the therapeutic vaccine against cancer TG4050.
In decline on Friday at the announcement of the terms of its capital increase, Faurecia recovered by 9.76% and offered the head of the SRD, dragging Valeo (+6.99%) in its wake or Plastic Omnium (+3 .82%). Several analysts like UBS have confirmed their positive opinion on Faurecia.
Also favored by a research office, Societe Generale gains 2.64%: for Jefferies, the objective on the title goes from 25 to 35 euros, while the question of exposure to Russia now seems to be integrated (a study from Yale University also shows that the withdrawal of Russia was the profitable choice for the majority of Western companies that left this market, even at the cost of heavy depreciation).
Down, Aperam yields more than 1% at the close after the decision of the board of directors of the Spanish giant Acerinox to put an end to the discussions initiated within the framework of a merger project with a view to forming one of the world leaders in stainless steel.
On the foreign exchange market, the euro falls back below 1.07 dollars. The yen plunged to a 20-year low against the dollar at 131 yen, the maintenance of an accommodative monetary policy weighing on the Japanese currency. The pound, on the other hand, is strengthening against the greenback ahead of a vote of no confidence in British Prime Minister Boris Johnson. Oil prices are rising, hovering around 120 dollars for Brent (119.50 dollars, while WTI is at 118.47 dollars).
Sabrina Sadgui
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