(CercleFinance.com) – The Paris Stock Exchange is procrastinating a little: its lead is reduced to +1.1% towards 7,075Pts against +1.45% towards 7,100 at 1/2H from the reopening of Wall Street.
The US indices had managed to limit their losses during the last session of January (+1.9% for the S&P500 and +3.4% for the Nasdaq) but the upward momentum wanes after 1 hour of trading : the Dow Jones crumbles by -0.2%, the S&P500 by -0.4% to 4,500, the Nasdaq by -0.7% to 14,140
In Europe, the Euro-Stoxx50 also climbed by +1% towards 4.212 and outside the Euro zone, the FT-100 gained +0.9%.
However, some strategists are hesitant to consider the correction over, as the Nasdaq’s PER fell from 35x to 27x… then to almost 30 on Monday evening, a level that remains well above its pre-Course average of 24x. pandemic.
The trend is also favored by the easing of tensions on the bond compartment, which have shaken the equity markets for long weeks.
The yield on 10-year US government bonds continued to stabilize yesterday to fall back towards 1.785%, then 1.775% on Tuesday, a value still above the zenith at the end of March 2021.
T-Bonds reacted little to the publication of the manufacturing PMI index (IHS-Markit) in the United States: it was revised slightly upwards (to 55.5 against a flash estimate of 55) but fell -2 .2pts from 57.7 in December.
The activity of this same manufacturing sector according to the ‘ISM’ survey (by the Institute for Supply Management) fell only -1.2 Pts to 57.6 against 58.8 in December (close to the consensus of 57.5 ).
Note the spectacular rise in the price paid component, which stands at 76.1 against 68.2 in December.
Dead calm reigns on the European bond markets, our OATs are stagnating at 0.425% after publication of the IHS Markit PMI buyers’ index for the French manufacturing sector.
It stood at 55.5 in January, down very slightly from December 2021 (55.6), and thus continues to signal growth in the sector at the start of 2022.
Growth in production and employment strengthened compared to December. The rate of expansion in production, however, remained below its historical average, as shortages of raw materials and personnel weighed on the activity of manufacturers.
‘Manufacturers’ selling prices soared in January as inflation hit an unprecedented pace. However, unless supply improves in the near future, these record inflation rates are likely to persist over the coming months,’ said Joe Hayes, senior economist at IHS Markit.
In the euro zone, the final IHS Markit PMI for the manufacturing sector recovered from 58.0 in December 2021 to 58.7 in January, posting its highest level since last August, and thus signals a rebound in growth. after posting a ten-month low the previous month.
Among the most actively traded stocks, Faurecia takes +5% and Korian with +6%, Air-France/KLM is in ambush with +4.6%.
In the news for French companies, ING and Société Générale announce the signing of a memorandum of understanding between ING and Boursorama – the online stock market subsidiary of Société Générale – to offer banking solutions to ING’s retail customers in France.
The intention of both parties is to reach a final agreement by April 2022 at the latest. The exact scope of the final agreement remains to be clarified and would concern day-to-day banking (current accounts and cards), savings and investment products (life insurance and brokerage).
Suez announces the completion today of the sale of the new Suez to the consortium of investors made up of Meridiam – GIP – CDC and CNP Assurances, in accordance with the terms of the acquisition contract dated October 22, valuing the new Suez at 10, 4 billion euros.
Finally, JCDecaux announces that it placed this Monday 500 million euros of eight-year bonds, maturing February 7, 2030. The margin was set at 135 basis points above the swap rate, which brings the coupon to 1.625 %.
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