(CercleFinance.com) – The Paris Stock Exchange concludes this first session of December with a gain of 0.48%, to 7,346 points, notably driven by Worldline (+5.9%), Alstom (+3.9%) or again URW (+2.7%).
The Parisian index rose 0.5% over the week and recorded a 5th consecutive week of increase.
Across the Atlantic, Jerome Powell, the head of the Fed, announced that it was premature to talk about a rate cut (adequate figures will be needed for several months). He also confirms that an increase remains on the table… but he is clearly not believed by the markets.
Goldman Sachs is therefore counting on an easing of the price of money from the 2nd quarter of 2024 and estimates that oil should evolve between $80 and $100 in 2024, which means that the fall in energy prices will no longer be the driving force. of a fall in inflation.
If the CAC and the S&P500 have just ended their best month of the year, many analysts point out that the worst-case scenario has now been ruled out, which suggests a new sequence of increases for the stock markets.
The month of December is traditionally a good month for the stock markets thanks to year-end balance sheet adjustments, which see managers sell less performing securities to favor winning stocks in order to make their portfolios more attractive.
On the statistics front, the contraction of the manufacturing industry in the United States slowed down in November, according to the monthly ‘ISM’ (Institute for Supply Management) survey published this Friday.
The index came out perfectly unchanged last month at 46.7, the same level as in October, while economists expected it to rise to 47.8.
Investors also took note this morning of the HCOB PMI index for the Eurozone manufacturing industry, produced by S&P Global.
This recovered from 43.1 in October to 44.2 in November, its highest level since last May, but still signals a strong contraction in the sector.
The data again highlights declines in activity, new orders, the volume of purchases and inventories, but the outlook for activity has recovered. At the same time, purchase prices fell sharply again.
On the bond market, the 10-year T-Bonds eased by -7Pts towards 4.28% (despite Powell’s remarks), the German Bund of the same maturity posted -7Pts 2.38% and the French OAT relaxed by -8Pts towards 2.94%, a ‘lowest’ since the end of summer.
On the currency side, the dollar recovered by +0.2 against the euro, to $1.08/euro.
On the energy market, Brent is not benefiting from yesterday’s announcement of a ‘voluntary’ reduction (nothing binding) in the production of OPEC+ countries and marks a decline of 1.8%, to $81.3 per barrel.
In the news of French companies, relying on ‘people close to the matter’, Bloomberg understands that Crédit Agricole SA would study the possibility of taking a stake in Worldline SA in order to help stabilize its payment partner in difficulty.
In this context, Worldline shares gained more than 5%, the best performance in the CAC.
Pierre & Vacances publishes a net result of -20.6 million euros for its 2023 financial year, compared to +325 million the previous year, but an adjusted EBITDA of 137.1 million, up 74% compared to the financial year 2019 (pre-Covid reference).
TotalEnergies announced on Friday that it had signed an agreement with the British group Prax providing for the sale of its minority stake in a refinery located in South Africa.
Thales indicates that it has signed an agreement to ensure the entirety of its pension plan in the United Kingdom, a decision which will result in the recognition of a financial charge.
Finally, taking note of the opening of insolvency procedures with regard to several entities of the Signa group, Peugeot Invest indicates that its exposure to this group represents 2.9% of the revalued gross assets, which amounted to 6.4 billion euros at the end of June.
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