(CercleFinance.com) – The Paris Stock Exchange signs a new closing record this evening, at 8,161 points (+0.29%), after having signed a new absolute intraday record midday, at 8,218 points.
The Parisian index, notably driven by Vivendi (+2.4%) and Publicis Groupe (+2.1%), stalled in the second part of the session, after the publication of producer prices in the United States (‘ PPI’) which increased by 0.6% in raw data in February (twice more than expected) compared to the previous month, and by 0.4% without food, energy and commercial services.
According to the Labor Department, the increase was 1.6% on an annualized basis and 2.8% excluding food, energy and commercial services last month, compared to respective annual rates of 1 % and 2.7% observed in January.
No surprise, however, for retail sales in the United States which rebounded by 0.6% sequentially in February, a rebound generally in line with market expectations, after a decline of 1.1% the previous month. (revised from an initial estimate which was -0.8%).
The Department of Commerce, which publishes these figures, specifies that excluding the automobile sector (vehicles and equipment), American retail sales increased by 0.3% last month, after a drop of 0.8% in January.
Finally, the Department of Labor announces 209,000 new registrations for unemployment benefits in the United States the week of March 4 in the United States, a figure down by 1,000 compared to the revised figure for the previous week (210,000 instead of 217 000 initially announced).
The four-week moving average – more representative of the underlying trend – stood at 208,000 this same week, an anecdotal decline of 500 compared to the revised average of the previous week.
These figures have cooled the atmosphere a little but this could only be temporary (we saw it with the ‘NFP’ then the ‘CPI’, less good than expected but quickly digested).
‘No matter what news breaks, operators remain confident in the future’, analyzes Christopher Dembik, at Pictet AM, warning however that ‘at a certain stage, it will take a breather, at least to allow profits to be taken’.
‘A future bad company publication or bad statistic can be the trigger. This will allow those who missed the bullish rally at the start of the year to enter, believes the professional.
‘Let us finally keep in mind that once the reduction in key rates begins, a priori next June, a large part of the capital which is placed in money market will go to the equity market in search of a higher return. high’, he continues.
In the meantime, the reaction of the bond market to the publications of the ‘PPI’ and retail sales is negative: US T-Bonds tend by +10Pts towards 4.295%, our OATs by +7Pts to 2.8600%, Bunds of +7 Points to 2.4200%.
The Dollar took advantage of this to recover a little, by +0.3% towards $1.0915 against the Euro.
Note a fairly volatile sequence on bitcoin which set a new absolute record at $73,800 (this morning around 8:05 a.m.) then fell again (-3.1%) towards $70,700.
The barrel of oil (+1.4% to $85.1 in London) confirms the overflow of the resistance of $83.7, even if consumption forecasts in the US are revised downwards for 2024, lowering growth forecasts requires .
In stock news, the in vitro diagnostics specialist bioMérieux publishes a group share of net profit down 21% for 2023, but a contributing operating profit up 2% organically.
The Iliad group’s turnover growth reached 10.4% to 9.24 billion euros in 2023 and 11.3% in the 4th quarter. The Group’s 2023 EBITDAaL, which amounts to 3.44 billion euros, is up 4.2% (2.1% organic pro forma). ‘The Group has the ambition, in 2024, to reach a turnover of 10 billion euros and become the 5th European mobile operator,’ indicates management.
Air Liquide announces the sale to Adenia Partners Ltd of its activities in twelve African countries, representing an annual turnover of approximately 60 million euros (or less than 10% of the group’s turnover on the continent ).
Thales Alenia Space, a joint company between Thales (67%) and Leonardo (33%), announces the signing of a first 7 ME contract with the European Space Agency (ESA) aimed at developing the radar instrument which will equip both Earth observation satellites.
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