(CercleFinance.com) – The Paris Stock Exchange ended the session with a decline of 0.89%, to 7,588 points, penalized by the plunge of -10.3% in Dassault Systèmes and -9.2% in BNP-Paribas. or even Sanofi (-4.1%).
Last night, as anticipated by the markets, the Fed opted for the status quo on rates before Jerome Powell’s speech more clearly dampened hopes of monetary easing from March.
‘The Fed confirms its pivot but does not want to make a mistake by lowering its key rates too quickly’, analyzes Bastien Drut, head of strategy and economic studies at CPR AM.
There are now only 35% of traders who anticipate a rate cut in March according to the FedWatch tool, compared to 73% a month ago.
While the publications of the technology giants have so far been freshly received, reinforcing investor pessimism, the announcements from Apple, Amazon and Meta will take on particular importance this evening.
In the meantime, on the statistics front, the day is quite busy: non-agricultural productivity increased by 3.2% in the United States in the fourth quarter of 2023 at an annualized rate, according to the preliminary estimate from the Department of Labor, after an increase of 4.9% in the previous quarter.
Note a 0.4% increase in the number of hours worked and a 3.7% increase in hourly wages: non-agricultural unit labor costs in the United States increased by 0.5% in the last quarter of 2023. .
Furthermore, the manufacturing sector in the United States saw its activity start to rise again in January, according to S&P Global, whose PMI index for the sector ultimately stood at 50.7 in January (compared to 50.3 in flash estimate). ), after 47.9 in December.
Although production was penalized by extended lead times, new orders returned to growth, but cost inflation accelerated to reach its highest rate in nine months.
The Department of Labor announces 224,000 new registrations for unemployment benefits in the United States the week of January 22, a figure up 9,000 compared to the revised figure for the previous week (215,000 instead of the 214,000 initially announced).
In France, the PMI HCOB buyers’ index for the manufacturing industry, produced by S&P Global, rose from 42.1 in December to 43.1 in January, however continuing to signal a sharp deterioration in the sector’s economic situation.
The HCOB PMI index for the euro zone manufacturing industry, for its part, climbed from 44.4 in December to 46.6 in January, its highest level in ten months, and signals a slowdown in the sector’s contraction. for a third consecutive month.
Finally, the annual inflation rate in the euro zone stood at 2.8% in January 2024, down slightly after that of 2.9% in December 2023, according to a rapid estimate published by Eurostat, the statistical office. of the European Union.
The bond markets which had relaxed significantly the day before continued their momentum with -14 basis points on T-Bonds falling to 3.82%.
On the European Treasury bill side, Bunds eased by -11Pts to 2.12% and our OATs by -9Pts to 2.63%.
The dollar remains stable against the euro at around $1.085/euro (+0.3%).
For its part, Brent lost 0.6%, around $81.2 per barrel.
Finally, in the news of French companies, Dassault Systèmes (-10.3%) publishes non-IFRS EPS of 1.20 euros for the year 2023, up 12% at constant exchange rates, ‘i.e. doubling in five years as initially announced’, despite an adjusted operating margin down one point to 32.4%.
Bnp Paribas (-9.2%) publishes distributable income of 11.2 billion euros for the year 2023, up 10.2% and in line with its objective, the group highlighting an increase in revenue , a positive jaws effect and a low cost of risk.
Kaufman & Broad publishes net income, group share, up 23% to 60.2 million euros for 2023, with a current operating margin improving by 0.3 points to 7.8% and a figure of global business up 7% to 1.41 billion (excluding tax).
Canal+ confirms that it has submitted to the board of directors of MultiChoice a letter containing a non-binding indicative offer with a view to acquiring all of the issued ordinary shares of MultiChoice that it does not yet hold.
The American biotechnology company Graviton Bioscience announced on Thursday a strategic investment from the French pharmaceutical giant Sanofi.
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