(CercleFinance.com) – The Paris Stock Exchange ended the session with a gain of 0.42%, to 6707 points, thus heading towards an 8th consecutive week of increases. Since the beginning of the week, the Parisian index has assumed almost 2%.
The session was marked by low volumes with barely 2.3 billion euros traded since the opening, many investors having indeed absented themselves due to the closure of Wall Street today for Thanksgiving. The US stock market will not reopen until tomorrow for half a session.
In this particular context, investors were nevertheless able to take note this morning of the business climate index in Germany. This improved more than expected, to 86.3 against 84.5 in November, companies being less pessimistic about their prospects, shows the monthly survey published Thursday by the Ifo institute.
This 1st positive figure since March makes Clemens Fuest, the president of the Munich institute, say that ‘the recession could turn out to be less severe than expected’.
In France, the business climate remained stable in November, given the synthetic indicator calculated by INSEE from the responses of business leaders in the main market sectors, an indicator which remains at 102. for the third consecutive month.
Highly anticipated, the minutes of the last monetary policy meeting of the European Central Bank (ECB) suggested that interest rates in the euro zone will have to continue to rise in order to contain the rise in inflation.
According to officials of the institution, the latest statistics relating to inflation are ‘not at all reassuring’ and are still well above expectations.
Regarding the possibility of a recession, the members of the Governing Council considered that a shallow or ‘technical’ recession was unlikely to stem inflation given the recent upward momentum in prices and the difficulty of making reduce inflationary pressures.
On bonds, in the absence of US operators (absent for 48 hours), OATs continue to fall with -10pts to 2.285%, Bunds erase -8pts to 1.841%, Italian BTPs -11pts to 3.675% (i.e. + 184pts of ‘spread’ with the Bund).
In corporate news, Gucci, flagship brand of the luxury group Kering (+0.3%), announces the departure of its creative director Alessandro Michele. Gucci’s design studio will continue to provide creative responsibility for the house until a new organization is announced.
Rémy Cointreau (stable) publishes EPS group share up 64.7% to 4.40 euros for its first half of 2022-23, with a current operating margin of 36.8%, an improvement of 1.7 point organic and 3.8 points published.
As part of its Renaulution strategy, Renault Group (+3.1%) announces an acceleration of the decarbonization plan for its industrial sites with three strategic and unprecedented partnerships to achieve its energy transition objectives.
Finally, Derichebourg (+8.3%) confirms this morning the existence of discussions with Elior (+10%) for the possible contribution of its multiservices branch. ‘To date, there is no certainty as to the outcome of these discussions and the conclusion of a firm agreement relating to this contribution’, specifies Derichebourg who confirms ‘not to have the intention of filing a takeover bid on Elior’.
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