CAC40: pending the first quarterly results

( – The Paris Stock Exchange begins the session in decline Thursday morning in a market that promises to be wait-and-see on the eve of the start of the fourth quarter results publications. The CAC 40 index fell by 0.3% to 7215 points.

The Parisian market ended Wednesday’s session with a gain of 0.75%, at 7237 points, a short distance from 7250 points, its highest of the day.

Investors gave a favorable reception to the latest inflation figures in the United States, which showed a marked deceleration in the rise in consumer prices in December.

‘The difficulty (is) now to know if this recovery is sustainable or if we are still on a ‘yo-yo’ effect, leaving the Parisian index without a clear direction’, wonder the analysts at Kiplink Finance.

Held back by the uncertainties surrounding the evolution of inflationary tensions and the pace of the Fed’s monetary policy tightening, the Paris market is struggling to maintain its upward momentum since the start of the year, which leads it to stay below its recent records.

Investors are now waiting for quarterly corporate results to see if high equity market valuations are justified.

The first real test will come tomorrow with the publications of the American banks JPMorgan Chase, Citi and Wells Fargo, which usually kick off the earnings season.

Tomorrow will also be rich in economic indicators across the Atlantic, with a host of statistics on the menu including retail sales, import prices, industrial production and consumer confidence in Michigan.

In the meantime, participants will learn today in the United States of unemployment benefit claims and industrial producer prices which will provide more information on the labor market and inflation, two factors closely followed by the fed.

In terms of values, TotalEnergies is once again at the top of the 13th tranche of the CRE 4 call for tenders, with 194 projects won for a cumulative power of nearly 58 MW, or 20% of the volumes awarded. In total, TotalEnergies won more than 250 MW of projects across all 13 tranches of the CRE 4 ‘solar on buildings’ call for tenders, launched in 2017.

Wendel is today launching a 12-year bond issue for a nominal amount of 300 million euros. “The purpose of this operation is to finance the general needs of the company and will allow Wendel to extend the average maturity of its bond debt,” the group indicates.

Vinci shares rose more than 1.5% on Thursday morning on the Paris Stock Exchange, appearing among the highest increases in the CAC 40, Barclays having raised its recommendation on the value. In a note devoted to the European infrastructure sector, the research department indicates that it has raised its advice on the Vinci title from ‘weight online’ to ‘overweight’, with a price target raised from 109 to 113 euros.

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