(CercleFinance.com) – The Paris stock market soared at the end of the session and ended the session with a gain of 1.94%, at 6,250 points, notably driven by Air Liquide (+6.7%), Dassault Systèmes ( +4.8%) or even Hermès (+4.8%).
In Europe, Frankfurt assumes 0.9% while London is balanced.
Across the Atlantic, Wall Street was adorned with green, with a Dow Jones at +0.8%, an S&P500 at +1.2% and a Nasdaq at +1.8%.
For the past week, the underlying trend has once again been globally bullish on the stock markets thanks to hopes of a more moderate rate hike from the Fed at its December meeting.
American consumer confidence, which deteriorated markedly in October, according to the Conference Board’s monthly survey published on Tuesday, also pleads for less aggressiveness.
The confidence index compiled by the employers’ organization fell to 102.5 in the current month, against 107.8 in September, while economists forecast an index at 105.3 after the 108 initially announced for last month .
The sub-index measuring consumers’ judgment of their current situation fell to 138.9, against 150.2 last month, while that of their expectations fell to 78.1 after 79.5 in September.
The yield of ten-year Treasuries eased significantly by -13Pts to 4.098% after the peaks reached last week 25Pts higher (in the meantime, bets on a rise of 50Pts in mid-December instead of +75Pts have strengthened).
Rates are also easing in Europe (-15 pts on our OATs at 2.720% against 3% and more on Thursday and last Friday) since the publication, yesterday morning, of poor PMI activity indices, with the German 10-year now retreating towards 2.3% against another 2.4% yesterday.
The Bunds also show -17Pts at 2.175% and the Italian BTP -22Pts at 4.375%: these 2 countries are very dependent on energy prices because they are highly industrialized and the ‘spot’ price of gas in Rotterdam has just fallen … negative territory!
It is the buyers who are paid to buy natural gas (be careful, nothing to do with LNG which remains very expensive) because the producers are faced with a storage problem, most countries having filled their reserves to the maximum for the winter, there is no longer anywhere to keep it (it would have to be liquefied and tanks urgently needed to contain it).
Investors remain focused on the ‘quarterly’: the coming days will be marked by an avalanche of company results and investors are hoping for good news that will make 2022 forget a calamitous year for the moment.
Investors will follow this evening, after the close of Wall Street, the results of Alphabet, the parent company of Google, and Microsoft.
In securities news, Air Liquide (+6.7%) announces sales of nearly 8.3 billion euros for the third quarter of 2022, up 8.3% on a like-for-like basis and 41.3% on a reported basis, in a context of sharply rising energy prices.
Rémy Cointreau (-4.7%) announces that it achieved revenue of €867.1 million in its first half of 2022-23, up 21.1% on an organic basis (+16.2% in the second quarter) despite an exceptionally high basis of comparison a year earlier.
Orange reports an almost stable EBITDAaL (+0.2% on a comparable basis) at 3.58 billion euros for the third quarter of 2022, with revenue of more than 10.8 billion, up by 1% on a comparable basis (+3% in historical data).
Worldline Reports Third Quarter 2022 Revenue of €1.16 Billion, Organic Growth of 10%, Driven by Strong Commercial Momentum in Merchant Services Delivering Organic Growth of 13.6 %.
Finally, TotalEnergies announces that it has reached the milestone of 500 MW of solar production capacity on the sites of its B2B customers for self-consumption, with more than 300 sites of its industrial and commercial customers now equipped with solar panels worldwide.
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