(BFM Bourse) – The Paris Bourse continued its rebound on Wednesday (+1.46%) thanks to an easing of the yield on government bonds. After a difficult start to 2022, the CAC 40 index has now reduced its decline since the start of the year to 0.3%.
Rising for the third session in a row on Wednesday at mid-session, the CAC 40 seems to be giving itself the means to end this week a sequence (unprecedented since March 2020) of four consecutive weekly declines. Solid throughout the day, the tricolor barometer climbed 1.46% to 7,130.88 points, bringing its rebound to more than 2.6% since Friday’s close.
After a technical rebound on Monday (+0.83%), then a new timid increase (+0.23%) on Tuesday, the star index has indeed significantly increased its lead on Wednesday, helped by a lull on the rate front state loans. Following a peak of more than three years at 0.275%, the ten-year German Bund yield fell 6 basis points to 0.2135%.
Well launched from the opening in the wake of Wall Street’s progress the day before, the European markets again received the reinforcement of the American indices (the S&P 500 gained 1.2% and the Nasdaq Composite 1.2% at the time of the Parisian fence) this Wednesday.
The mood was therefore decidedly optimistic on the eve of the publication of the consumer price index (CPI) in January in the United States, the first of the three main statistics which will be published by March 10 and should dictate the conduct of monetary policy by the Fed and the ECB this year. So volatility may not have fully receded: higher-than-expected price data could hasten central banks in their drive for monetary tightening, while lower-than-expected inflation would instead tempt them to stall. “We cannot rule out that inflation will come out above expectations (+7.3% over one year for the Reuters consensus), which could have a significant influence on expectations of monetary tightening” write the analysts of Saxo Bank, according to which “the market is divided between an aggressive approach (rise of 50 basis points (+0.5% in March) and a more consensual approach (+0.25%)” from the Fed.
Apart from Danone and Sanofi, companies with an eminently defensive character, all the other components of the three-color flagship index ended in the green on Wednesday. Cyclicals like URW (+4.9%) or automotive (+4% for Stellantis and +2.7% for Renault) as well as technology stocks (+3.8% for STMicro, +3.6% for Worldline, +3% for Capgemini) recorded the most pronounced gains.
Among the main publications of the day, the European n°1 in asset management Amundi, a subsidiary of Crédit Agricole, announces that it exceeded 2 trillion in assets under management at the end of December, helped by the acquisition of Lyxor and the rebound of its business in Asia. In response, its price jumped 3.9%.
The day after a rebound of 10% after the open letter from its shareholder Mirova, Orpea for its part fell again by 5.6% (worst performance of all the securities eligible for the SRD), after the publication of quarterly results and annual without surprise.
On the rest of the coast, the building materials distributor Herige took off by 8.25% after seeing its turnover reach the unprecedented level of 712 million euros in 2021, and announces ambitious objectives for the current exercise. namR, which presents itself as a leader in “Data Intelligence” at the service of the ecological transition, for its part published a turnover for 2021 of 1.56 million euros against 3.6 million in 2020, a fall attributable to the completion of a project carried out on behalf of the Hauts-de-France region, but confirmed its objective of 9 million in revenue by 2023. Initially down 3.1%, the stock returned on analyst comment to end up 2%.
Finally, microbiota specialist MaaT Pharma jumped 7.8% on the announcement of a partnership with Skyepharma to build the largest factory in France entirely dedicated to the production of full-ecosystem therapies.
Oil prices were on the rise again after a fall of 4.76 million barrels of crude inventories last week in the United States according to data from the EIA, while the consensus was betting on an increase of 1.5 million. The barrel of Brent was trading at 91.35 dollars around 6:00 p.m. (+0.63%). On Forex, the single currency was moving forward (+0.14% to 1.1434 dollars).
Guillaume Bayre – ©2022 BFM Bourse