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CAC40: drops below 6,500 pts, Wall Street also in red


(CercleFinance.com) – The Paris stock market ended this last session of the week with a decline of 0.94%, to 6495 points, close to its lowest level of the day (6488 points).

The Parisian index had to contend all day with the decline in banking stocks such as Société Générale and BNP Paribas (-2.8%), Crédit Agricole (-2%) or with the decline in the automotive sector, with Renault and Stellantis ( -3%).

In Europe, the E-Stoxx50 lost 1.3%, just behind Frankfurt (-1.2%) while London limited the damage by remaining balanced.

On the other side of the Atlantic, the equity markets are picking up the favorable momentum of recent weeks, which is not enough to maintain the enthusiasm of investors who are beginning to worry about the sometimes high valuation levels of the shares.

The Dow Jones lost nearly 0.8% ahead of the S&P500 (-1.3%) and the Nasdaq Nasdaq Composite which fell by 2%.

While few catalysts were expected in this session of the ‘three witches’, investors learned this morning of the German industrial producer price index. This rose by 37.2% in July 2022 compared to the same month in 2021, the largest increase ever recorded compared to the corresponding month of the previous year, according to the Federal Statistical Office.

In June, the increase was +32.7% and in May +33.6%. Compared to June 2022, the overall index rose 5.3% last month, the largest increase ever from the previous month.

Over the week as a whole, the CAC 40 posted a decline of nearly 1%, a figure which should not overshadow the rise in the index of nearly 4.5% over the last month and 3.5 % over the last quarter.

On the energy market, a barrel of Brent from the North Sea is now trading for $96 (+0.2%). For its part, the euro is once again close to parity with the dollar and loses 0.4% against the greenback, at $1.0051.

In corporate news, IT Link posted revenue growth of 9.7% for its first half of 2022 to 32.46 million euros, in the high range of its forecasts, with increases of 9. 2% in France and 15.8% internationally.

McPhy Energy lost more than 3% in Paris, penalized by an analysis by Berenberg, which this morning reduced its target price on the stock from 21 to 18 euros in anticipation of “difficult times” for the specialist in production equipment. ‘hydrogen.

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