(CercleFinance.com) – After gaining 0.5% yesterday, the Paris Stock Exchange has lost 0.2% on average since opening, towards 7,265 points… in insignificant volumes since only 800MnsE were exchanged in 7 hours of quotes.
Investors are being cautious, in every sense of the term, two days before the big ECB meeting scheduled for this Thursday.
Even without significant buyer participation, the CAC40 is moving away from its bearish alert zone (7,150) by going back above 7,250 points.
From Kiplink’s point of view, the Parisian index can now target the area of 7,294/7,339 points.
The European stock markets are moving in a dispersed order this Tuesday: +0.3% in London, but -0.6% in Frankfurt which is suffering from a -8.1Pts fall in the ‘ZEW’ index of the ‘situation current’ at -79.4.
Wall Street has just reopened with a decline identical to that of Paris with -0.2% on the Dow Jones as on the S&P500.
But the outlook sub-index recovered by 0.9 points to -11.4.
‘More and more respondents anticipate stable interest rates in the Eurozone and the United States. Furthermore, experts expect a further easing of China’s monetary policy, explained Achim Wambach, President of ZEW.
Alongside the ECB’s decisions, markets are awaiting a series of American statistics in the coming days which will allow them to know more about the state of inflation and the labor market in the United States.
On the oil market, the drop in production in several OPEC+ countries, in particular Saudi Arabia and Russia, outweighs fears surrounding a slowdown this week, resulting in firm prices.
Brent rose by 1.45% and tested $92 (at $91.9/barrel) while American light crude (West Texas Intermediate, WTI) soared by +1.6% towards $88.7, a new annual record.
In the space of three months, the rise in oil prices has jumped by more than 30%, a surge which is unlikely to subside in the short term according to specialists.
‘A barrel of 100 dollars is now a credible scenario before the end of the year,’ explains DeftHedge, a specialist in corporate currency and commodity risk management, who mentions both cyclical and structural factors.
The bond markets are trying to digest the inflationary impact of the price of the barrel: OATs and Bunds manage to stabilize around 3.175 and 2.635% respectively, T-Bonds tend to the margin of +0.4 points towards 4.298%, c It’s rather reassuring.
In the news of French companies, Interparfums publishes for its first half of 2023 a group share of net income up 43% to 77.6 million euros and an operating margin improving by 3.3 points to 25, 8%, for a turnover growing by 24% to 396.1 million.
Fnac Darty announced on Tuesday the launch of a senior bond offering maturing in 2029 for a total amount of 300 million euros in order to refinance itself.
Voltalia announces the signing, by its subsidiary Helexia, of a 46 megawatt contract with Prime Energy, one of Brazil’s largest electricity traders, for the supply of 46 megawatts of photovoltaic energy over a period of 20 years .
TotalEnergies announces that the cap at 1.99 euros per liter in all its service stations in France will be extended beyond the end of 2023, ‘as long as prices remain high’.
SES-imagotag jumped 9% in Paris, the day after the publication of first half 2023 results which ‘reflect a very strong operational performance’ according to Stifel, which remains ‘buy’ on the stock.
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