(CercleFinance.com) – The Paris Stock Exchange (+0.15% to 6,666) is stagnating around its equilibrium point (with exceptionally low volumes of 1.3 billion euros exchanged) and is registered for the 9th session between 6,600 and 6,666, one of the longest episodes of complete stagnation (less than 1% volatility measured during 8 out of 9 sessions).
The score could have changed from 2:30 p.m. with a wave of indicators, but this is not the case: the CAC40 shows 0.00%, the Euro-Stoxx50 +0.1%, the Dow Jones +0, 3%, the S&P500 +0.4% (the ‘4,000’ are hooked) and the Nasdaq +0.6%.
Unsurprisingly, the US indices are set to line up 3 bull sessions before the Thanksgiving ‘bridge’: the traditional ‘index draw’ is well under way.
We will see if the ‘sherpas’ continue their effort with the ‘minutes’ of the American Federal Reserve which will be published this evening.
Investors learned this afternoon of a contraction in the US private sector, given the composite PMI index published by S&P Global, which stood at 46.3 as a preliminary estimate in November, compared to 48, 2 ultimately for the previous month.
Investigators point out that service providers have reported faster declines in activity, but above all that manufacturers have seen their production move into contraction territory, with the manufacturing index even reaching a 30-month low.
The Commerce Department reported US durable goods orders rose 1% last month, higher than economists’ average estimate, following a 0.3% gain in September.
Excluding the transport sector, generally considered to be particularly erratic and which saw its orders increase by 2.1% in October, durable goods orders rose by 0.5%.
Weekly jobless claims increased by +17,000 to 240,000, the overall number of registered increased by +50,000 to 1,551,000.
Michigan new home sales and consumer confidence remain to be seen.
In France, the composite flash PMI index of overall activity calculated by S&P Global fell from 50.2 in October to 48.8 in November, signaling a contraction in the French private sector for the first time since February 2021.
Although the decline in manufacturing production that began in June has eased, it was the first decline in activity in the service sector for twenty months that pushed the French economy into contraction zone in November.
‘French business confidence has fallen to its lowest level in two years’, adds Joe Hayes, senior economist at S&P Global, noting however that ‘the latest data on prices have shown an easing of inflationary pressures’.
In the euro zone, the contraction of the economy slowed in November thanks to an easing of inflationary pressures in November, show the first results of the PMI surveys by S&P Global.
The composite ‘flash’ PMI of overall activity in the region thus recovered to 47.8 this month, from 47.3 in October, with Germany again recording the fastest pace of contraction. Mark.
The consensus gave it at 47.
This rebound is mainly attributable to the manufacturing industry, whose preliminary PMI index stood at 47.3 in November, after 46.4 last month.
The US bond markets are following their trajectory on that of equities: nothing is happening in New York with T-Bonds at 3.7500%.
The easing is strengthening in Europe after the weak French figures: our OATs erase -9Pts to 2.375%, the Bunds -6Pts to 1.923%, the Italian BTPs -15.5Pts to 3.765%.
Oil is correcting quite clearly (-3.5% to $85.25 in London, $78.5 on the NYMEX) while China is confining day after day with a vengeance (per million) in an attempt to illustrate the effectiveness of the ‘zero Covid’ strategy in the face of a resurgence of ‘cases’, several industrial and port cities are now partially or totally confined, and factories are idling.
In corporate news, Reworld Media announces the signing with Mondadori of an acquisition protocol subject to a condition precedent relating to the Grazia and Icon brands worldwide, a scope having generated in 2021 a turnover of around of 18 million euros.
Eutelsat announced on Wednesday that it has successfully launched its Eutelsat 10B telecommunications satellite, which will provide connectivity services for the aviation and maritime transport sectors.
Valeo announced on Wednesday that it has successfully placed its bond issue indexed to a sustainable development objective for an amount of 750 million euros maturing in May 2027.
Voltalia announces a co-development partnership with Uzbekistan, for an electricity complex, both renewable and controllable, including solar, wind and battery storage capacities with a total power of between 400 and 500 megawatts.
Finally, EDF Renewables and EIH announce the full commissioning of the Saint-Nazaire offshore wind farm with an installed capacity of 480 MW.
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