(CercleFinance.com) – After spending most of the day in positive territory – with a peak at 8147 points (+0.5%) – the Paris Stock Exchange marked time at the end of the session.
The Parisian index shows a limited decline of 0.17% at the final gong, to 8091 pts, penalized by the strong declines of Eurofins Scientific (-7.7%), Kering (-6.9%) and Orange (-3, 6%).
The CAC40 must deal with strong bond pressure and rates which are rising to contact their worst annual levels.
The US ’10 year’ climbs by +5Pts to 4.655%, Bunds soar by +8Pts to 2.586%, our OATs by +8.6Pts to 3.0086%, Italian BTPs by +13Pts to 3.946%.
The tension in rates was exacerbated after the publication of orders for durable goods in the United States: these showed an increase of 2.6% last month compared to the previous one, after a sequential increase of 0.7% in February (revised from an initial estimate of 1.4%).
The Commerce Department specifies that excluding the transportation sector, which is usually erratic and where orders climbed 7.7% month over month, US orders for durable goods increased by only 0. 2% in March.
Earlier in the day, investors took note of the Ifo business climate index in Germany. This rose from 87.9 in March to 89.4 in April, therefore coming out above the 89 expected by Capital Economics, with progressions both for the sub-indexes of expectations and current conditions.
Such figures will not calm concerns about the revival of inflation nor uncertainty regarding future rate cuts by the FED and the ECB.
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 453.6 million barrels during the week of April 15 signaling a decline of 6.4 million barrels compared to the level of the previous week.
In Europe as on Wall Street, the quarterly corporate accounts season is so far well received, even if the publications of the major American technology groups have not yet been released.
Some strategists are still cautious: in a study published at the start of the week, JPMorgan warns against a ‘shift’ in the stock markets, which they consider too ‘complacent’ with current valuation levels.
The American investment bank says in particular that it is concerned about the lack of ability of the markets to identify potential bearish catalysts, low volatility, the persistence of inflation, the tightening of credit conditions and geopolitical tensions.
The euro lost 0.1% against the greenback, to $1.069/E, while Brent oil fell 0.3%, to $88.2. Gold remains stable, around $2,328 per ounce.
In the news of French companies, Orange reveals an EBITDAaL as of March 31, 2024 at 2.41 billion euros, up 2.3% on a comparable basis, in line with its objective of slight growth over 2024, for a figure of business of 9.85 billion, up 2.1% on a comparable basis.
Eurofins Scientific announces a turnover of 1.65 billion euros for the first three months of 2024, up 5% in total data, despite negative currency and calendar effects.
Air Liquide posts a turnover of 6.65 billion euros for its first quarter 2024, down 7.3% due to the fall in energy prices and currency effects, but growing 2.1% on a comparable basis.
TotalEnergies announced Wednesday that it will partner with Vanguard Renewables, a portfolio company owned by BlackRock’s infrastructure business, to develop biomethane in the United States.
Finally, Alstom announced that it had completed the construction of the ‘Alstom Grivita Depot’ in Bucharest (Romania), a new facility dedicated to the maintenance and testing of electric trains and locomotives.
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