(CercleFinance.com) – The Paris Stock Exchange delays a little after a test of 6,900, following a mixed opening on Wall Street (S&P500 stable, Nasdaq -0.25%).
The CAC40 benefits from the support of Worldline (+3.8%), Bouygues (+4.5% after the publication of its quarterly) and Unibail-RW (+3%).
The morning was rich on the statistics front: in France, GDP growth stood at +0.1% in the 3rd quarter, after +0.6% the previous quarter, according to CVS volume data. (in 1st estimate) from INSEE.
Furthermore, still according to INSEE (provisional estimate), consumer prices in France would increase by 4% over one year in October 2023, a significant deceleration therefore, after a rate of +4.9% observed in September.
This drop in the annual inflation rate would be due to the slowdown over one year in the prices of energy, food and, to a lesser extent, manufactured products, while the prices of services should accelerate slightly.
US markets are a little wait-and-see in the Atlantic as the Federal Reserve meeting, which opens today, could provide some grounds for hope regarding the start of a path towards a ‘pivot’ in its policy monetary.
‘We are convinced that the process of increasing rates has now come to an end (…) and that we are now entering a period of stability for several months’, estimates Emmanuel Auboyneau, associate manager at Amplegest.
For its part, the Bank of Japan (BoJ) formalized on Tuesday a further relaxation of control of the ten-year Japanese bond yield curve, now authorized to move beyond the 1% ceiling.
In the bond compartment, the yield on the ten-year German Bund eased from -3.7 points to 2.79%, a trend that we find on our OATs at 3.4050% (-4 points).
US T-Bonds are undecided with a ten-year yield around 4.865% (-1Pt), far from the peak of more than 5% established last week.
Note the near stagnation of the $ (around 1.0610/E) and Brent oil ($88).
In the news of French companies, the Bouygues conglomerate publishes a net profit share of the group of 665 million euros for the first nine months of 2023, an increase of 24% compared to the same period a year earlier, helped by the contribution of Equans.
Stellantis announced on Tuesday that it had maintained favorable momentum in the third quarter, despite the impact of the UAW strike. The automotive group says it recorded a net turnover of 45.1 billion euros over the July-September period, an increase of 7% year-on-year thanks to the increase in its volumes and stable prices.
Thales reported this morning a turnover of 12.9 billion euros for the first nine months of the year, representing organic growth of 7.5% (+4.5% in total variation). Its turnover for the third quarter, however, came to 3.7 billion euros, a level well below the market consensus which gave it at 4.1 billion.
Finally, the food distributor Casino posted a turnover of 4.56 billion euros for the third quarter of 2023, a change of -5.5% in published data and -5.3% in comparable data.
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