(CercleFinance.com) – After having signed an increase of 1% yesterday, the Paris Stock Exchange continues its momentum and gains almost 0.8% at the end of this afternoon, around 8145 points, supported by Axa, Schneider Electric and Veolia (between +2.1 and +2.2% each).
On this anniversary of May 8, 1945, the market is neglected by operators with barely 1.2 billion euros exchanged since the opening, which does not prevent the Parisian index from slowly approaching its closing record reached at the end of March (8253 points exactly).
In this context, Swiss asset manager Pictet AM announced yesterday that it had raised its recommendation on European stocks from ‘neutral’ to ‘overweight’, which it considers increasingly attractive.
From his point of view, the re-acceleration of activity should allow companies to exceed the results forecasts established by consensus this year.
As for the rare indicators on the agenda, production in German industry fell by 0.4% in volume in March compared to the previous month, according to data adjusted for seasonal and calendar variations from Destatis.
‘The new contraction in March is a reminder that the German economy remains struggling’, judges the London office, for which ‘industrial production will further increase a little during the year, but will remain moderate compared to past standards’.
Still on the statistics front, data released by the US Energy Information Administration (EIA) shows that crude oil inventories in the United States stood at 459.5 million barrels during the week of April 29 signaling a decline of 1.4 million barrels compared to the level of the previous week.
Finally, wholesale inventories continued to decline in the United States in March and fell by 0.4%, according to figures published Wednesday by the Department of Commerce.
In February, wholesale inventories had already decreased by 0.4%.
In the bond sector, the easing of rates continues in the United States and in Europe, with the yield on ten-year American Treasuries falling towards 4.48%, while the German Bund climbs slightly towards 2.46%.
In French company news, Alstom announced that it had recorded a strong rebound during the second half of the year, with solid order intake, strong organic growth, improved profitability and free cash flow generation of €562 million. euros.
Michelin announces that it has carried out a bond issue denominated in euros for a total amount of one billion euros in two tranches of seven and 12 years, with coupons of 3.125% and 3.375% respectively.
Finally, TotalEnergies announces the start of production on the Eldfisk North project, in the North Sea, ahead of the initial schedule thanks to effective cooperation between the various partners. The project will produce 15,000 barrels of oil equivalent per day at the plateau and utilizes available capacity at Eldfisk’s facilities for hydrocarbon processing and transportation.
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