(CercleFinance.com) – The CAC40 lined up a 4th consecutive session of consolidation on Thursday, thus continuing its downward trajectory. If the decline is certainly limited (-0.33% to 7229 points), the Parisian index has already lost nearly 3.4% since the start of the week.
The meeting was punctuated by the publication of several statistics: in the United States, GDP growth for the 1st quarter came out at +1.3% according to the Department of Commerce, which had announced a rate of 1.1% as a very first estimate , a month ago.
Disappointment, on the other hand, on the side of promises of new home sales: they were just stable in April in the United States whereas they were anticipated at +0.5% (after -5.2% in March).
Still on the statistics front, the business climate in France darkened in May, for the third consecutive month, given the INSEE indicator which lost two points and returned to its long-term average at 100. . This is its lowest level since April 2021.
Finally, investors took notice of the new estimate of Germany’s 1st quarter GDP.
This fell by 0.3% compared to the 4th quarter of 2022, according to new volume and CVS-CJO data from Destatis, while stability had initially been announced.
It should be noted that the news of the financial world is still marked by the issue of raising the US debt ceiling. On this subject, Deutsche Bank notes that ‘the latest news was not particularly promising, with House Speaker McCarthy telling reporters that there were a number of areas where negotiators were still far away’.
The German bank also points out that after the close of the American markets, the credit rating agency Fitch placed the rating of the United States on negative watch, even if its basic scenario remains that an agreement will be concluded.
“We remain constructive on an agreement reached in time to avoid a default on the American debt, even if we expect that the soap opera will continue in the very short term”, also judged Libby Cantrill, head of public policy at PIMCO.
On the bond market, US T-Bonds deteriorated by 6Pts after GDP and the 10-year yield rose from 3.715% to 3.776%.
The heaviness is a little less pronounced in Europe where Bunds and OATs show +3.3 basis points at 2.485% and 3.035% respectively.
The situation remains critical on the British fixed income market with Gilts seeing their yield soar by +20pts to 4.41% (for the record, Italian BTPs are unchanged at 4.3200%) and repeating their worst levels in the crisis at the end of September which caused the BoE to intervene in disaster and the resignation of Liz Truss.
In the news of values, the environmental services group Derichebourg (-7%) publishes a net result down 39.1% for its first half of 2022-23, for a turnover which is contracted by 12.7%.
For its part, Pierre & Vacances posted a half-year adjusted EBITDA up 28% in annual comparison, allowing it to confirm the increase in its financial forecasts for the 2022-23 financial year, announced in April.
Eurazeo, along with Trocadero Capital Partners and Bpifrance, announces a recent investment in Eowin, to continue and accelerate the development of this document management services company in the industry.
Alstom announces that it has signed a contract with the Romanian municipality of Cluj-Napoca, in Transylvania, for the construction of line 1 of the city’s metro, as part of a consortium with the public works companies Gulermak and Arcada.
Finally, Figeac Aéro posted revenue growth of 21.1% to 341.4 million euros over its entire 2022-23 financial year (ended at the end of March), with organic growth of 14%, in accordance to its annual objectives.
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