(CercleFinance.com) – After gaining up to 3% shortly after the opening, to 6,169 points, the Paris Stock Exchange finally ended the session with a loss of 0.32%, to 5,962 pts, thus illustrating the great vulnerability of the market.
The index had soared this morning in reaction to a statement by Volodymyr Zelensky showing openness to discussions on the autonomy of Donbass, the neutral status of Ukraine and adding that ‘NATO took him out of the spirit’.
The CAC remains supported by the sharp rebound in banking stocks such as Société Générale (+5.7%), BNP Paribas (+3.2%) and Crédit Agricole (+1%), against the backdrop of a possible diplomatic solution to the Russian conflict. -Ukrainian this weekend in Turkey.
Across the Atlantic, the US indices drop between -0.5% (Dow Jones) and -0.8% (Nasdaq).
The E-Stoxx rose 0.3%, while Frankfurt and London were almost in balance.
The markets had a real concern today: the announcement of the boycott of Russian oil by the United States – which is putting pressure on Europe to do the same – caused a new surge in the barrel, the brent gained more than 6%, to $132 a barrel.
Yesterday, Ursula von der Leyen, President of the European Commission, reaffirmed the need for Europe to free itself from its dependence on Russian gas, oil and coal.
‘We distinguish three main lines of approach: the first is the diversification of supply from Russia, in favor of reliable suppliers. This axis mainly concerns LNG and gas transported by pipeline. The advantage in both cases is that the infrastructure will eventually be compatible with hydrogen,” she explained.
More and more investors see in the surge in energy prices the signal of a possible entry of the European economy into recession in the more or less short term.
“Our analysis shows that when the price of oil climbs 50% above trend, recessions tend to follow with a short lag,” warns Frédéric Rollin, investment strategy advisor at Pictet AM
In terms of figures, wholesale inventories increased by 0.8% in January in the United States according to statistics published Tuesday by the Department of Commerce, after +2.6% in December.
Wholesale sales for their part increased by 4% in January and are up 22.4% over 1 year.
The US trade balance deficit widened from $82 billion to $89.7 billion (consensus of 87.1).
The surge in oil is almost anecdotal in view of the explosion in the price of a ton of nickel: the LME ‘May’ contract has just soared in 48 hours from 27,000 to more than $100,000/ton.
Another contract on Nickel ‘spot’ in London doubled in 24 hours, going from 43,000 to 86,000$/tonne in 24 hours (it was quoted at 28,600 on Friday, ie a multiplication by 3).
For its part, gold continues to rise and gains more than 4%, the ounce of yellow metal is now trading for $2057.
The Euro recovered +0.2% towards $1.0885 and moved away from the low of 1.0810 the day before.
In the news of French stocks, Danone presented its strategic plan ‘Renew Danone’, aimed at ‘restoring performance, competitiveness and value creation over the long term’, as well as new objectives for the period 2022- 2024.
It anticipates like-for-like revenue growth of between +3 and +5% and trading profit growth higher than like-for-like revenue growth of +3-5% for 2023-2024.
Orange and Masmovil announce that they have entered into exclusive negotiations with a view to combining their activities in Spain, in the form of a 50-50 joint venture, with a total enterprise value of 19.6 billion euros.
Finally, the weekly Marianne ensures that Vincent Bolloré would be interested in the Dassault Holding Group, ex GIMD, the holding company of the Dassault family, and would benefit from the support of the Élysée.
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