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CAC40: falls back below 6,600pts, surge in energy


(CercleFinance.com) – The Paris stock market ended the day’s session down 1.17%, to 6,581 points, like Frankfurt (-1.4%) or the E-Stoxx50 (- 1.5%), London managing for its part to limit damage (-0.2%).
Across the Atlantic, red also dominates, the Dow Jones fell 0.8%, behind the S&P500 (-0.5%) and the Nasdaq (-0.1%).

The CAC had started the session up slightly – even posting +16% recovered since March 7 – before being taken aback by Vladimir Putin’s announcement prohibiting the payment of gas imported from Russia in dollars or euros. Russian authorities are due to implement a new ruble payment system within the week.

Not only do Western buyers not have rubles, but they should have a hard time getting them as long as the Russian central bank’s assets are frozen…

Immediate consequence? the price of gas soars (+15% to 115E the megawatt equivalent), the price of ‘Brent’ oil soars by +5.5% towards $121 and the WTI (+5%) pulverizes $115, approaching its peaks of March… 2012.

The Russian president presented this initiative as a response to the freezing of Russian assets in the West. For its part, the EU has planned to unveil tomorrow a section of additional sanctions against Moscow…

In this context, the bond markets remain close to their worst levels of the year: our OATs show 0.9450% against 0.965% the day before, a level well above the previous ‘peak’ of 0.8% in February (to be compared with -0.05% on 20/12/2021). The US T-Bonds posted 2.375% against 2.38% the day before, the ’30 years’ still flirting with 2.500%.

“Jerome Powell’s warning of a 50 basis point rate hike fueled a two-day selling wave in fixed-income assets, while equity markets remained confident in economic growth,” Liberum said.

“Despite rising yields and further yield curve flattening in Germany and the UK, technology and financials outperformed in Europe, while energy and materials lagged,” continued -he.

In terms of daily statistics, the Commerce Department published a 2% decline in new home sales in the United States in February, to represent an annualized CVS volume of 772,000, against 788,000 in January (revised from 801,000 in initial estimate).

The median price for US new home sales was $400,600 last month. At 407,000 at the end of February, the stock of new homes ready for sale represented 6.3 months at the current flow rate.

This morning, operators learned of record inflation for February in the United Kingdom: according to the national statistics office, consumer prices in the United Kingdom rose at an annual rate of 6.2% in February, a rate up sharply by 0.7 points compared to that of the previous month and reaching a new high for 30 years.

In terms of values ​​​​in Paris, Worldline, Kering and Publicis are the red lantern with -3.5%.
TotalEnergies announced Tuesday evening to end the purchase of oil and petroleum products from Russia, as soon as possible and at the latest by the end of 2022, and initiated the gradual suspension of its activities in the country.

L’Oréal announces the successful launch of its first bond issue for a total nominal amount of three billion euros, an issue which received a total demand of 10.7 billion, more than 3.5 times the combined volume of the offer.

Stellantis announces its support for the development plan of Automotive Cells Company (ACC) to transform the Stellantis factory located in Termoli, Italy, into a new battery production site. The group thus finalizes the agreement integrating Mercedes-Benz as a new equal partner of the company with TotalEnergies/Saft and Stellantis.

Virbac publishes current net income up 53.3% to €117.8 million for 2021, as well as current operating income up 42.4% to €168.9 million. A net dividend of 1.25 euro per share will be proposed for the past year.

The small household appliance group Seb announces the entry into its capital of the Lac1 fund, managed by Bpifrance on behalf of French and international investors, its fifth investment since its creation in 2020.

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