(BFM Bourse) – The Paris Stock Exchange put the gum in the second part of the session, supported by solid statistics published across the Atlantic and the reception reserved for the announcements of Tesla and STMicroelectronics. The CAC 40 ends up 0.7% but refuses the obstacle of 7,100 points at the end.
The access of weakness of the CAC 40 Wednesday evening was only a parenthesis. The flagship index of the Paris Stock Exchange closed up 0.74% at 7,095.99 points, after allowing itself a small foray into 7,100 points shortly after 2:30 p.m.
The enthusiasm observed on the markets is not unrelated to evidence of better than expected resistance of the US economy. The GDP of the United States rose by 2.9% in the fourth quarter, against a growth of 2.6% expected by economists. The job market across the Atlantic is in iron health, with jobless claims down from 6,000 to 186,000 last week against a consensus of 205,000 applications. As for the demands for durable goods, they also surprised operators. The Commerce Department announced an unexpected jump in durable goods orders of 5.6% in December, after falling 1.7% in November.
“Furthermore, investors are still betting on the fact that the Fed will be less hawkish than expected next week. Debatable…”, asserts John Plassard, of Mirabaud, in his morning note.
While awaiting the monetary policy decisions of the major central banks next week, investors have their noses plunged into corporate publications, which are gaining in intensity in Europe.
Tesla puts gum to Wall Street STMicro featured on the CAC 40
The star of the day is indeed Tesla. The automaker may have disappointed expectations for its fourth-quarter results on margins, but Elon Musk’s comments to analysts seem to have pleased the market. The businessman said the group’s forecast for production of 1.8 million vehicles in 2023 was “cautious” and that the manufacturer could very well approach 2 million without major disruption. He also tried to send reassuring signals on demand, a reason for chronic concern in the market.
As for Parisian values, STMicroelectronics retained the lead in the CAC 40 (+8.2%) after delivering forecasts for the first quarter of 2023 which thwarted the pessimism of the market.
Sartorius Stedim Biotech ends up 7.4% after publishing its preliminary results for the 2022 financial year, with sales of 3.5 billion euros in particular. The company also raised its revenue forecast for 2025 to 4.4 billion euros from 4 billion euros previously, to take into account inflation and price adjustments of its products.
Luxury also shone, taking advantage of buoyant winds for the sector, including some signs of a recovery in the Chinese economy, particularly on the tourism front, reports Bloomberg. Kering rose 2.6%, LVMH won 1.2% before its annual results and note the record session of the Hermès share at 1,700.50 euros. The title of the saddler gained 2.3%.
Elior leaves a bitter taste in the market
Elior tumbled 14.4% after taking stock of its activity in the first quarter of its 2022-2023 financial year, i.e. from October to December. Contract renegotiations, which are taking longer than expected, are worrying the market.
Maisons du Monde lost 5.7%. The furniture specialist has published sharply lower sales and announced the replacement of its general manager, Julie Walbaum, who will succeed François-Melchior de Polignac, a defector from Carrefour, in March.
On other markets, the euro fell 0.5% against the greenback at 1.0865 dollars. Oil contracts, they advance by 1.3%. The contract on Brent from the North Sea for delivery in March advances to 87.23 dollars per barrel, while that on WTI listed in New York for the same maturity is moving to 81.19 dollars per barrel.
Sabrina Sadgui – ©2023 BFM Bourse