(BFM Bourse) – The Paris Stock Exchange continued to push back its records this Tuesday, before the first results from the American tech giants. The CAC 40 ended its run up 0.5% to 7,677.47 points, or a new historic closing high.
Not even afraid. The Paris Stock Exchange increased by 0.48%, which allowed it to end its race at a new historic closing high, at 7,677.47 points. During the session, the CAC 40 had already recorded an absolute high of 7,686.03 points, around 4:00 p.m.
However, the Parisian index could have paused like the American markets which are expectant before the first results of the tech giants this Tuesday evening.
Microsoft and Alphabet (Google’s parent company) will enter the arena after Wall Street closes. Publications from Apple, Amazon and Meta will follow on Thursday. This burst of publications will have test value and will or may not reinforce enthusiasm for the Magnificent 7 (which in addition to Gafam include Tesla and Nvidia), real stock market stars of the year 2023 and the start of the 2024 financial year.
On the macroeconomic front, US traders saw a surprise increase in job openings to 9.03 million in December to a three-month high, according to the Jolts report. This statistic, published on the eve of the monetary policy decision of the American Federal Reserve, once again demonstrates the robustness of the American job market. To confirm this trend, investors will have to wait until the weekend, and the publication of the traditional federal monthly report (NFP), like every first Friday of the month at 2:30 p.m.
The auto sector is accelerating
In the morning, investors had the opportunity to dissect the economic statistics published in the euro zone, particularly gross domestic products. That of France stagnated in the fourth quarter as in the third, and France ends the year 2023 with growth of 0.9% and a very meager growth gain, of 0.1%, for 2024. More broadly, Eurozone GDP stagnated in the fourth quarter and grew by 0.5% in 2023.
“The eurozone economy stagnated in the fourth quarter and we believe it will also stagnate in the first half of this year, as the effects of past monetary tightening continue to be felt and fiscal policy becomes more restrictive,” analyzes Capital Economics.
On the stock side, Renault gained 1.3% after abandoning its IPO plan for its subsidiary Ampere, dedicated to electric vehicles, an operation which was hardly favored by investors. This renunciation is appreciated by analysts this Tuesday.
Auto stocks were in sight this Tuesday with Stellantis ending up 3.8% benefiting from the reassuring publication from General Motors. The Detroit automotive group delivered an optimistic outlook for the current year, after having significantly exceeded analysts’ expectations at the end of 2023.
On the other hand, at the bottom of the CAC 40 Michelin lost 0.84% while the French group confirmed on Tuesday in a statement to Reuters that it was one of the European tire manufacturers under investigation by the European Commission.
On the smallest stocks, the biopharmaceutical company NFL Biosciences gained 61.4% driven by the success of a study for its drug candidate to help with smoking cessation. The Lumibird laser group advanced 9.6% after publishing its 2023 turnover.
On other markets, the euro increased by 0.1% against the dollar to 1.0844 dollars. Oil is regaining some color, while investors remain attentive to developments in the situation in the Middle East. The March contract on Brent from the North Sea gained 0.9% to 82.55 dollars per barrel, while that of the same maturity on WTI listed in New York appreciated by 1.4% to 77.86 dollars. the barrel.
Sabrina Sadgui – ©2024 BFM Bourse