(CercleFinance.com) – The CAC40 concluded the session with a gain of 0.69%, to 8187 points, signing a fifth consecutive session of increase with the help of Carrefour (+2.3%), Legrand and Stellantis (+ 2.1% each).
The Parisian index has gained nearly 3.5% over the last five sessions.
On this Ascension Thursday, volumes were logically restricted with less than 2.2 billion euros exchanged throughout the session.
Note that across the Rhine, the session will be remembered with a DAX (+1%) which smashes a new absolute record despite the reversal of Mercedes (-5.5%).
While the last sessions were punctuated by the publication of numerous quarterly company results, JPMorgan reports that 78% of companies did better than expected in the United States while 56% exceeded expectations in Europe, a performance superior to the usual average.
‘Despite the good surprises which characterized the accounts of American companies, the reaction on the stock market remained gloomy, since the publications better than expected were greeted, on the whole, with zero scores, while the disappointments were punished more harshly than usual’, observes the New York bank.
This midday, the Bank of England (BoE) left its key rate unchanged as expected. The institution nevertheless specifies that it ‘should reduce its rates within a few months or a few quarters’.
The BoE anticipates 2.6% inflation – and no longer 2.8% – in the United Kingdom in 2024.
British Gilts do not benefit from this and see their yield increase by +5 points towards 4.19%.
The trend is not much more encouraging in the Eurozone with OATs at +4Pts towards 3.003%, Bunds at +4Pts towards 2.498%, Italian BTPs with +5Pts at 4.85%.
US 10-year T-Bonds are moving around 4.48%.
The only statistic on the agenda, the US Department of Labor announced that it had recorded 231,000 new registrations for unemployment benefits in the United States during the week of April 29, a figure up 22,000 compared to the previous week, including the level was revised marginally upwards, from 208,000 to 209,000.
The four-week moving average – more representative of the underlying trend – stood at 210,250, an anecdotal increase of 250 compared to the previous week.
The Dollar is crumbling against the Euro which is gaining 0.2% towards $1.077/E, the barrel of ‘Brent’ is falling by 0.2% towards $83.6 in London.
In French company news, EDF announces that following the delivery of the authorization to commission the Flamanville EPR by the ASN, its teams have started loading the 241 fuel assemblies into the reactor vessel this May 8, loading which will last several days.
For its part, Renault announced this morning that Nissan’s contribution to its own results was estimated at 225 million euros for the first quarter of 2024. The Losange also gained nearly 1.8% this morning, i.e. the largest increase in the CAC.
Finally, Oddo BHF reiterates its ‘outperformance’ opinion and its price target of 24 euros on Alstom, the day after the publication of the annual results accompanied by the presentation of measures to strengthen the balance sheet, including a capital increase.
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