(BFM Bourse) – The Parisian index is moving sharply higher at mid-session this Friday, while investors await the report on American employment.
The Paris Stock Exchange is preparing to end the week on a good note. The CAC 40 regained 0.7% this Friday at mid-session to 7,965.02 points. Over the course of the week as a whole, however, the Parisian market’s flagship index has lost 1.5% for the moment.
Investors are awaiting the publication of the US employment report at 2:30 p.m. which could change market behavior. Economists surveyed by the Wall Street Journal expect 240,000 job creations and an unemployment rate of 3.8%.
“Weaker than expected job creation could considerably strengthen hopes for conciliatory measures from the American Federal Reserve (Fed), thus strongly supporting the appetite for the equity markets”, estimates Pierre Veyret, technical analyst at ActivTrades .
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Crédit Agricole SA in the spotlight
Conversely, data higher than expected “would prove the resilience of the American economy and maintain the ‘higher for longer’ discourse (on Fed rates, Editor’s note), which would probably exert additional pressure on stocks while by supporting the American dollar,” he adds.
In the meantime, the market continues to dissect company publications, which are pretty good overall.
On the CAC 40, Crédit Agricole SA (+3.5%) delighted the market, after publishing results above expectations and bringing forward its medium-term profit objective by one year. Societe Generale jumped 4% at the start of the session but is now down 4.3%. If the results of the La Défense bank were generally good, some analysts point to lower performance than expected in retail banking in France.
Luxury is also trending well, with LVMH gaining 2.6% and Kering 2.5%.
Legrand recorded a decline of 3.3% after publishing results below expectations for the first three months of the year.
Excluding CAC 40, JCDecaux is thriving (+8.7%) thanks to brisk activity in the first quarter and solid prospects for the second.
On other markets, the euro advanced 0.2% against the dollar to 1.0744 dollars. Oil is sluggish. The July North Sea Brent contract is stable at $83.66 per barrel while the June contract for New York-listed WTI is also stable at $78.90 per barrel.
Julien Marion – ©2024 BFM Bourse