(CercleFinance.com) – The Paris Stock Exchange ended the session on an anecdotal rise of 0.11%, to 7326 points, well helped by the locomotive Kering (+7.3%).
The session promised to be busy, as the results season is now in full swing.
Among the big American names due to publish their accounts today were Goldman Sachs (+1% only despite the announcement of a dividend increase) and Halliburton (quarterly net profit weighed down by losses linked to transactions in Argentina), alongside closely followed European stocks such as ASML (-2%, despite a net profit of $1.94 billion against 1.41 a year earlier and $1.82 billion expected by the consensus, and despite an increase of 2 7% of sales).
Publications from IBM, Netflix and Tesla are expected in the evening.
The Parisian market seems to be experiencing some difficulty in prolonging the upward momentum of the past week, which allowed it to claim almost 4%.
The approach of the Federal Reserve meeting on July 25 and 26, which should lead to another rate hike, also seems to encourage investors to be cautious.
On the macroeconomic front, was marked by the publication of the latest inflation figures: the rise in consumer prices slowed to +5.5% year on year in June in the euro zone, mainly under the effect of energy prices, according to final data published on Wednesday by Eurostat, which confirms an initial estimate.
This figure marks a marked slowdown compared to May, which had seen the consumer price index climb by 6.1%, and compared to June 2022, which had seen prices soar by 8.6%.
Excluding energy, the index nevertheless shows an increase of 6.9% over one year.
In the United States, attention was focused on building permits and housing starts: the Commerce Department reports an 8% drop in housing starts in June, to 1,434,000 at an annualized rate, a level generally lower than economists’ expectations.
For their part, building permits for American housing – supposed to prefigure future housing starts – fell by 3.7% to 1,440,000 at an annualized rate last month, a level also below the market consensus.
On the bond front, the trend has reversed since 3 p.m. and is turning negative with +4pts on OATs and Bunds at 2.945% and 2.3880% respectively, T-Bonds remain stable at 3.7800%.
In the news of French companies, the Chinese joint venture of Alstom, CRRC Puzhen Alstom Transportation Systems (PATS) and Shanghai Shenkai Public Transport Operation Management have signed a contract for the maintenance of the electromechanical system of the Pujiang line in Puzhen, Nanjing .
Renault Group says it sold 1,133,667 vehicles worldwide in the first half of 2023, a number up 13% year-on-year. In Europe, the automaker’s sales rose 24% in a market up 17%.
Societe Generale raised its recommendation on Kering to ‘buy’ vs. ‘hold’ so far with a price target raised from 460 to 650 euros, which reflects an upside potential of almost 32% compared to Tuesday’s closing price.
Finally, Air Liquide announces that it will, through its engineering and construction activity, collaborate with KBR to offer technological solutions for the production of low carbon ammonia integrating its autothermal reforming process (ATR).
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