(CercleFinance.com) – The Paris Stock Exchange gained almost 0.3% this morning, around 7,815 points, notably driven by Carrefour (+4.8%) and Alstom (+3.4%).
The mood remains cautious as the Fed’s ‘minutes’ will be published in the evening, which could provide clues as to the potential future trajectory of rate cuts in the United States.
Given the resistance of the American economy, which calls for a restrictive approach, investors seem increasingly convinced that the first rate cuts will not take place before June.
Investors will also have to position themselves with a view to the publication of the results of chip manufacturer Nvidia, the fifth largest American capitalization, expected after the close of Wall Street.
Analysts expect the semiconductor designer’s quarterly accounts to exceed market expectations and to raise its annual targets in the process.
Any disappointment could be enough to trigger a correction, knowing that its stock price has posted a gain of 40% since the start of the year and more than 230% over the past 12 months.
‘But it’s unlikely,’ says Christopher Dembik, investment strategy advisor at Pictet Asset Management.
‘Over the last eight fiscal years, Nvidia has exceeded consensus expectations seven times. This will certainly still be the case,’ he prophesies.
‘This is also what the options market expects,’ concludes the analyst.
‘The movements on the options suggest that the stock could fluctuate by around 10.5% in one direction or the other after the results, so we must prepare for fireworks after the close,’ adds Jim Reid, market analyst at Deutsche Bank.
As an indication, some 50 billion dollars were traded yesterday on the stock, almost the equivalent of what was traded on the CAC 40 in the space of a month.
On the rates market, the first signs of stabilization are beginning after six negative weeks, which translates into a yield on ten-year Treasuries moving around 4.27%. In Europe, Bunds of the same maturity appreciated by 2 points, to 2.39%.
The euro is stable against the greenback, around $1.08/E.
In terms of oil, prices continue to evolve within narrow limits, shared between the current crisis in the Middle East on the one hand and the prospects of support from OPEC+ and an improvement in appetite for risk as the rate reduction cycle approaches in the United States on the other.
Brent thus lost 0.75%, towards $81.9/barrel.
In the news of French companies, Carrefour this morning signed the strongest increase in the CAC40 after the publication of its results yesterday evening.
The distributor published a 2023 turnover of 94.13 billion (+10.4% on a comparable basis) for an adjusted net profit, group share of 1,304 ME (+7.6%), and an adjusted EPS of 1.83 euros ( +12%).
For its part, Airbus announced this morning that Taiwanese company Starlux Airlines has placed a firm order for five brand new A350F freighters and three additional A330neo wide-body aircraft at the Singapore Air Show.
Technip Energies announced on Wednesday that it had made a ‘strategic’ investment in a fund intended for the development of sustainable aviation fuels (SAF).
Thales announces a contract with Malaysia Airlines through which 20 Airbus A330neo aircraft in its fleet will be equipped with its Flight Management System (FMS), as well as Traffic Collision Avoidance Systems (T3CAS) from ACSS.
Finally, Airbus and TotalEnergies have signed a strategic partnership to respond to the challenges of decarbonization of the aviation sector using sustainable aviation fuels.
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