(BFM Bourse) – The Parisian index ended slightly lower on Tuesday, digesting the statements of several Fed officials including Christopher Waller who said he was convinced that the current level of rates were sufficient to tame inflation. Luxury, for its part, suffered.
The Paris Stock Exchange refused to take risks on Tuesday, awaiting major indicators later in the week. The CAC 40 ended down 0.21% at 7,250.13 points during a session with limited volumes.
The market remained attentive to the interventions of members of the American Federal Reserve (Fed) which will hold its next monetary policy meeting on December 12 and 13.
Governor Christopher Waller said he was “increasingly confident” that the current level of the central bank’s key rates could allow inflation to return to around 2%, according to comments reported by CNBC. The president of the Chicago Fed, Austan Golsbee, simply judged that inflation was falling without falling within the target desired by the American institution, reports Bloomberg.
Published in the afternoon, American consumer confidence for the month of November, measured by the Conference Board, did not cause major waves in the market. The confidence index stood at 102 compared to 99 in October.
Investors are especially awaiting several important statistics on the inflation front this week. Germany on Wednesday, then France and the euro zone on Thursday will publish the first estimate of inflation for the month of November. In the United States, the PCE index, the preferred gauge of the American Federal Reserve (Fed), will also be published on Thursday.
Another big event: the speech of Jerome Powell, the president of the Fed, who is due to speak on Friday.
Luxury in a small form
On the value front, luxury weighed on the Parisian trend. Kering returned 2.6%, LVMH lost more than 1.8% while Hermès lost 2.01%.
In a note devoted to the sector and published this Tuesday, the HSBC bank reported a certain caution for next year. Entitled “Goodbye stellar growth”, the establishment explains that it expects growth of 8% for all luxury goods next year, after 35% in 2021, 15% in 2022. and 11% in 2023.
Ubisoft lost almost 9% while the group controlled by the Guillemot family issued bonds convertible or exchangeable into new or existing shares amounting to 495 million euros. The market welcomes the operation since it involves potential dilution for shareholders.
Atos continued its decline and lost 6.6% after S&P lowered its credit rating to “BB-”. The group declared for its part that it had “the necessary liquidity to meet its financial obligations over the next twelve months”.
On the exchange side, the euro gained 0.3% against the dollar to 1.0989 dollars. On the oil price front, it is recovering and gaining more than 2% ahead of the next OPEC+ meeting, scheduled for Thursday. Markets are counting on further production cuts. The January contract on Brent from the North Sea therefore gained 2.4% to 81.79 dollars per barrel while that of the same maturity on WTI listed in New York rose 2.6% to 76.83 dollars per barrel. .
Julien Marion – ©2023 BFM Bourse