(CercleFinance.com) – The Paris Stock Exchange is weighing down a little, the CAC40 is losing between -0.3 and -0.4% towards 7,255 points… in insignificant volumes since only 1.2 billion euros were traded in 8 quotation hours.
Investors are being cautious, in every sense of the term, two days before the big ECB meeting scheduled for this Thursday.
The European stock markets are moving in a dispersed order this Tuesday and rather down in the Euro zone: +0.4% in London, but -0.6% in Frankfurt which is suffering from a -8.1Pts fall in the ‘ZEW’ index of ‘current situation’ at -79.4.
But the outlook sub-index recovered by 0.9 points to -11.4.
Wall Street for its part – and on the eve of the ‘CPI’ – does not validate any directional signal with -0.1% on the Dow Jones, -0.4% on the S&P500 and -0.6% on the Nasdaq.
On the oil market, the drop in production in several OPEC+ countries, in particular Saudi Arabia and Russia, is outweighing fears surrounding a global economic slowdown, which is resulting in a surge in prices.
Brent rose by 1.6% and passed the $92/barrel mark while American light crude (West Texas Intermediate, WTI) rose by +2% to $89.1, a new annual record.
In the space of three months, the rise in oil prices has jumped by more than 33%, a surge which is unlikely to subside in the short term according to specialists.
‘A barrel of 100 dollars is now a credible scenario before the end of the year,’ explains DeftHedge, a specialist in corporate currency and commodity risk management, who mentions both cyclical and structural factors.
The bond markets are trying to digest the inflationary impact of the price of a barrel which is breaking records and accelerating further: OATs and Bunds manage to stabilize around 3.175 and 2.635% respectively, T-Bonds are tightening at the margin of + 0.4Pts towards 4.295% is rather reassuring.
In the news of French companies, Interparfums publishes for its first half of 2023 a group share of net income up 43% to 77.6 million euros and an operating margin improving by 3.3 points to 25, 8%, for a turnover growing by 24% to 396.1 million.
Fnac Darty announced on Tuesday the launch of a senior bond offering maturing in 2029 for a total amount of 300 million euros in order to refinance itself.
Voltalia announces the signing, by its subsidiary Helexia, of a 46 megawatt contract with Prime Energy, one of Brazil’s largest electricity traders, for the supply of 46 megawatts of photovoltaic energy over a period of 20 years .
TotalEnergies announces that the cap at 1.99 euros per liter in all its service stations in France will be extended beyond the end of 2023, ‘as long as prices remain high’.
SES-imagotag jumped 9% in Paris, the day after the publication of first half 2023 results which ‘reflect a very strong operational performance’ according to Stifel, which remains ‘buy’ on the stock.
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