(BFM Bourse) – The Paris Stock Exchange recorded a new closing high, while in the United States the price trajectory could lead the Fed to delay before lowering its key rates. On a weekly basis, the CAC 40 rose by 1.6% thanks to excellent annual results.
The session took place once again at 2:30 p.m., with American statistics and in particular those relating to prices. This Friday, prices on the producer side showed some signs of booming.
Up 0.6% at mid-session, the CAC 40 reduced its gains after the statistic. However, it closed up 0.32% to 7,769.18 points, once again erasing its short-lived record from the day before at 7,743.42 points. The tone was already set during the session, with again a new session high at 7,800.91 points at 11:50 a.m.
Over this record week as a whole, the Parisian index therefore increased by 1.58%. But the results could have been more flattering without today’s statistics suggesting a persistence of inflationary tensions across the Atlantic.
Wholesale prices actually increased more than expected, by 0.3%, compared to a more modest increase of 0.1% expected by the market. Prices are therefore rising again over one month, after having fallen by 0.1% in December. Over one year, they increased by 0.9% against +0.6% expected by the consensus. On Tuesday, prices, but this time on the consumer side, had already tensed up the markets. The latter appreciated at an annual rate of 3.1%, a slowdown in inflation that was much less significant than market expectations, at 2.9%.
Enough to further reduce hopes of cumulative declines in Fed Funds yields over the year 2024. And on the bond markets, the reaction was immediate, the yield on the 10-year American bond rose significantly to 4 .30% compared to 4.23% the day before.
Meanwhile, American household morale increased in February. The University of Michigan confidence index increased by 0.6 points over one month, to 79.6, its highest since July 2021.
TF1 on display
Investors continue to digest company results. EssilorLuxottica lost 0.4%, suffering from a lowering of Stifel’s recommendation to “hold” compared to “buy” previously.
Outside the CAC 40, TF1 was the star of the day (+6.8%). The media group certainly published its results Thursday morning. But several research offices revised their targets upwards this Friday and appreciated the company’s very promising ambitions in streaming, via the TF1+ platform.
Tarkett gained 3.3%. The flooring specialist returned to profit in 2023.
Inventiva fell 17% after pausing recruitment for a clinical study involving lanifibranor, its most advanced drug candidate for soda sickness.
On other markets, the euro stabilized at 1.0774 dollars. Oil is regaining some ground. The April contract on Brent from the North Sea gained 0.5% to 83.25 dollars per barrel, while that of the same maturity on WTI listed in New York appreciated by 0.6% to 78.47 dollars per barrel.
Sabrina Sadgui – ©2024 BFM Bourse