(CercleFinance.com) – The Paris Stock Exchange will end the session as it began, with a decline of 0.3% which is an exact reflection of the trading average, not only for this Thursday but also for the past week.
The CAC index remains trapped in a range 4,540/7,570, penalized by Renault (-1.2%), Kering and Unibail (-1.4%): the index has been oscillating around 7,565 to 0 for 5 sessions .3% close.
The relaxation of rates on OATs and Bunds (-1.5Pt to 2.4700% and 1.963% respectively) and Italian BTPs (-4Pts to 3.5710%) maintains optimism about a radical easing of monetary policies in 2024.
The positive reopening of Wall Street having been ‘priced’ from the first exchanges, the gains of 0.6% of the ‘S&P’ of the Dow Jones and the Nasdaq do not cause the prices to shift.
The exchanges could have livened up with the 4 US figures of the day but nothing happened!
No reaction to the downward revision of third-quarter US GDP growth from +5.2% to 4.9% (final estimate).
No reaction to the announcement of a further deterioration of the ‘Philly Fed’ index which stood at -10.5 this month against -5.9 in November, while economists expected it rather around -3.
The sub-index measuring the evolution of new orders received by businesses has returned to the red zone, at -25.6 against +1.3 last month, as has the employment component, which has gone from +0, 8 to -1.7 month over month.
The indicator covering prices paid, however, increased to +25.1, compared to +14.8 in November.
No reaction to the -0.5% decline in the indicator index in November (after -1% in October): the Conference Board which calculates these figures anticipates a recession at the start of 2024.
Weekly unemployment registrations recovered marginally (+2,000 to 205,000) at the end of the week of December 11, a figure up by 2,000 compared to the revised figure of the previous week (203,000, against 202,000 initially announced) .
The four-week moving average – more representative of the underlying trend – stood at 212,000 last week, a drop of 1,500 compared to the revised average of the previous week.
All these current data would support the scenario of a ‘soft landing’, or even that of a ‘fairy tale’ (‘goldilocks’) combining moderate growth and low inflation (no recession, no significant drop in profits companies).
But investors could be hesitant ahead of household income and spending figures, which will include the ‘PCE’ price index, closely monitored by the Federal Reserve.
The American bond market is reversing course at the end of this afternoon: 2033 Treasury bonds which tested 3.825% (at their lowest since mid-July) are returning to balance.
The dollar falls back to its lowest levels since the summer (-0.5% to 101.9 on the ‘$-Index’) against a Euro which is rising towards $1,100.
Oil prices consolidate horizontally towards $79.2: the barrel is preparing for a second week of rise due to the increase in attacks carried out by the Yemeni Houthi rebels, close to Iran, against ships at sea Red, which disrupt maritime trade.
In French company news, Airbus announces that the Spanish Ministry of Defense has ordered 16 Airbus C295s in maritime patrol aircraft (MPA) and maritime surveillance aircraft (MSA) configuration, a contract for an amount of almost 1.7 billion euros.
Casino announced on Thursday the convening of an upcoming meeting intended to allow its shareholders and creditors to vote on the draft accelerated safeguard plans.
Neoen announces that it has won 104.4 MWp of solar projects during the last government call for tenders in France managed by the Energy Regulatory Commission (CRE), thus ranking itself to date, with this latest success, the first winner of the CRE calls for tenders.
Finally, Crit group announces the signing of a memorandum of understanding relating to the acquisition of a majority stake of 57.7% in the capital of Openjobmetis, the sixth player in temporary employment in Italy, at a price of 16.50 euros per share.
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