(CercleFinance.com) – The Paris Stock Exchange did it: the 7,800Pts were tested at 11:50 a.m. this Friday, February 16 (i.e. +0.7%).
The CAC40 then fell slowly and now only shows +0.35% at 7,770, which limits the weekly gain to +1.7%.
The CAC benefits from the dynamism of Eurofins Scientific (+4%), Legrand (+2.5%) and Safran (+2.7%).
Note that trading volumes are still very low with only €1.8 billion traded after 7 and a half hours of trading, which is very unusual for a ‘3 witches’ session.
On the other hand, seeing the indices point in the green and break records (the Euro-Stoxx and the DAX shone this Friday, at 4,782 and 17,200 respectively) constitutes a classic scenario at the end of a stock market term with 100% of positive weeks (and a 15th out of a series of 16 for the US indices).
The February stock market results in a gain of +5.8% for the CAC40, that of the Euro-Stox50 is almost dizzying with +7.5%… but only +5.5% since the 1st January.
But that’s nothing compared to the Nikkei with +8% since January 19… and +15% since January 1.
On Wall Street, a new wave of records was expected since yesterday evening at the opening (the S&P500 pranced beyond 5,040 in electronic transactions, the Nasdaq-100 was close to 18,000 points) but the figures published at 2:30 p.m. have cooled down a little. ambient euphoria.
The S&P500 crumbles by -0.2% (it will struggle to achieve a 16th week of increase, this depends on 0.1%), the Nasdaq-100 on the other hand will end the week in the red (-0 .5% this Friday at mid-session, it will be complicated to get the 18,000 by 10 p.m.).
Investors reacted poorly to US producer price figures (PPI), a component of the PCE index (the Fed’s preferred measure of inflation).
The ‘PPI’ increased by 0.9% in January at an annual rate in the United States while it was expected to increase by 0.6% (compared to + 1% in December). On a monthly basis, producer prices are up 0.3% compared to an expected increase of 0.1%.
Excluding food and energy, they are up 0.6% month-on-month, compared with a consensus of +0.1% and +0.2% in December.
Disappointment also on the building permit side with a decline of -1.5% on an annual basis, to 1,470 million in the United States.
And it’s worse with housing starts which fell by -14.8%, to 1.331 million, after 1.562 million in December (compared to 1.450 expected).
Building permits and housing starts remained penalized by the high level of rates, even if mortgage rates have fallen since their peak, with hopes of lower rates from the Fed.
In the bond compartment, the previous day’s gains went up in smoke: the yield on ten-year Treasuries rose towards 4.312% (+7.5 pts and +14 pts over the week) while its European equivalent of the same maturity, the Bund evolves to 2.412% (+6 Pts), our OATs deteriorate by +5.5 Pts towards 2.888% as well.
The euro is almost stable at $1.0775, while oil prices remain in touch with $83 in London although the International Energy Agency revised its demand forecasts for 2024 downward on Thursday.
In the news of French companies, Tarkett published last night a net profit share of the group of 20.4 ME in 2023, far from the loss of 26.8 ME recorded in 2022. The EPS thus stands at 0.31 euros, against -0.41 euros previously.
This morning, Eutelsat publishes a net result attributable to the group of -191.3 million euros for its first half of 2023-24, compared to +51.9 million a year earlier, with an adjusted EBITDA margin of 64.1 % at constant exchange rate compared to 73% a year earlier.
EDF announces a return to profits for the 2023 financial year thanks to the resumption of nuclear production in France in a context of historically high prices. The public energy company generated an operating profit (Ebitda) of 39.9 billion euros last year, compared with an operating loss of almost 5 billion euros in 2022.
Orpéa (+4% at 0.0132E) reports that over the entire financial year, consolidated turnover amounts to 5,198 million euros (unaudited figure), an increase of +11% per year. compared to 2022, including +9.5% organically.
Finally, Sanofi announces that the Japanese Ministry of Health has authorized the manufacture and marketing of Dupixent for the treatment of chronic spontaneous urticaria (CSU) in people aged 12 and over, inadequately controlled by existing medications.
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