CAC40: negative but SBF-120 at +0.4%, W-Street leaves positive

( – The Paris Stock Exchange lost almost 0.3%, the CAC40 has been oscillating for several hours around 7,230/7,240 points (in volumes less than 1.1MnsE), particularly penalized by the decline in luxury with notably -2.5% for Kering, Hermès and Pernod-Ricard, -2.3% for LVMH… but Air Liquide (+0.8%) and Safran (+1.1%) are breaking new absolute records.
The SBF-120 – exceptionally – remains positive by +0.4% at 5,535, the Euro-Stoxx50 falls by -0.3%, also due to the weight of the decline in luxury.

Wall Street has turned the tide and is trying to erase its small losses from the day before (-0.2%): the fall ‘rally’ is still ‘alive’ and after 4 consecutive weeks of increase, a 5th could materialize while rates continue to ease.

The 3 main New York indices are now gaining between +0.1% (Nasdaq) and +0.3% (Dow Jones) while the S&P 500 (+0.2%) has gained almost 11% since on October 27, +8% on November (best performance in 43 years), a jump which was accompanied by a crushing of volatility.

The VIX index – often nicknamed the ‘barometer of fear’ – relaxed by -0.5% to now hover around 12.6 points, in contact with its lowest levels of the year and even since January 15 2020.

Treasury bonds have had an excellent start to the week with a clear easing of yields on both sides of the Atlantic, with the yield on ten-year Treasuries falling by -3.5 points to 4.357% (stable this Tuesday) , at a low of more than 2 months.
OATs and Bunds further eased by -6 basis points to 3.055% and 3.493% respectively.

The publication on Thursday of inflation figures in Europe and the United States will not fail to fuel the debate which has animated the financial markets for months.
In terms of US figures, the price of individual houses continued to increase in September in the United States, although at a less sustained pace than expected, shows the S&P/Case-Shiller index published on Tuesday.

This index, which measures price variations in the country’s 20 main urban areas, increased by 0.3% from one month to the next, which is lower than the rate of 0.7% that was expected by economists.

The widely followed Conference Board ‘confidence’ barometer rebounded by +3 points in November (after 3 months of decline) thanks to a slight improvement in household expectations.

According to the monthly survey by the employers’ organization Conference Board, the confidence index reached 102 this month, compared to 99.1 (revised from 102.6) in October.

The expectations sub-index improved to 77.8 from 72.7 last month, while the current situation sub-index fell to 138.2 from 138.6

The expectations sub-index appears for the third consecutive month below the threshold of 80 points, a level generally heralding the onset of a recession within a year, warns the ConfBoard.

According to the association, two in three consumers now consider a recession ‘very likely’ or ‘somewhat likely’ over the next 12 months.

This morning, operators were able to note an improvement in household confidence in France in November: at 87, its synthetic indicator – calculated by INSEE – increases by three points, but remains well below its average long period.
48 hours before an OPEC+ meeting which could reveal some dissension within the cartel, according to specialists, North Sea Brent is gaining 1%, towards $80.8 per barrel, just like American light crude ( WTI) which also gained 1%, towards $75.7.

In a note released yesterday, BofA strategists said they expect oil prices to rise next year due to the restocking movement affecting commodity markets.

The American investment bank estimates that Brent should reach an average level of $90 in 2024, while WTI is expected around $86 over the coming year.

In French company news, Ubisoft Entertainment (-9%) indicates that it has successfully completed its placement of OCEANEs (convertible bonds) maturing in 2031 through a public offering intended exclusively for qualified investors, for a nominal amount. of 494.5 million euros.

Atos (-6.5%) confirmed on Tuesday that it had started advanced negotiations with a view to modifying and simplifying certain terms of the proposed sale of its subsidiary Tech Foundations to Daniel Kretinsky.

Nacon publishes a net profit down 61.6% to 3.2 million euros for its first half of 2023-24, but with an EBITDA up 20.1% to 29.3 million, or 43. 2% of turnover compared to 31.4% a year previously.

Spie announces the signing of an agreement to acquire ROBUR Industry Service Group, a company based in Munich, allowing it to establish a strategic position in the German industrial services market in which Spie was previously little here.

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