(CercleFinance.com) – The Paris Stock Exchange is accelerating a little 1/2h from closing: the CAC has gained around 0.4%, around 7320 points thanks to a sharper increase in the US indices, despite the publication of a quite a disappointing figure in the United States (consumption is slowing sharply and remains only weakly positive) which does not arouse more emotion on Wall Street.
The US indices are in the green with +0.4% on the S&P500 and +1.1% on the Dow Jones, but the Nasdaq is down -0.3%: banking stocks clearly make the difference, much more than retail sales in the United States in June.
They rose just 0.2% sequentially in June, after rising 0.5% the previous month (revised from an initial estimate of 0.3%), according to the Commerce Department. .
Excluding the automotive sector (vehicles and equipment), US retail sales also increased by 0.2% last month compared to May, where the market consensus was expecting an increase of +0.5%.
Industrial production in the United States fell 0.5% in June for the second consecutive month, including a contraction of 0.3% for manufacturing production itself and a fall of 2.6% for that of utilities. ‘, according to the Federal Reserve.
Total industrial production over 12 months fell by -0.4%. The capacity utilization rate fell by -0.55%, from 79.4% in May to 78.9% in June, 0.8 percentage points below its long-term average (1972-2022). ).
The Commerce Department said Tuesday that business inventories rose 0.2% after an already modest 0.1% rise (revised from +0.2% in the first reading) the previous month, in line with economists’ estimates. .
Business sales also rose 0.2% in May, meaning that at the current rate it takes businesses 1.40 months to clear inventory, compared with 1.33 months in May 2022.
The Dollar loses a few fractions against the Euro around 1.1240 and the Dollar Index is not more inspired: stable 99.85.
Knowing that this week should truly launch the earnings season, the markets could be relatively hesitant until they manage to get a general idea of the trend for the second quarter.
Even if they are not the only ones to publish their results today, the big American banks are giving a good boost to Wall Street: Bank of America (+4.6%) recorded a jump of +19% of its profit (to $7.4 billion) and an 11% increase in sales to $25.2 billion.
Morgan Stanley also climbed (+5.6%) despite a declining net profit (-14%) but turnover increased by 2% over one year to $13.46 billion and the wealth management branch collected $90 billion. $ through transfers from troubled regional banks.
Overall, earnings for the U.S. financial sector are forecast up 7.8% according to FactSet, the strongest gain expected among the sector indices of the S&P 500.
Today, Bank of America, Charles Schwab and Morgan Stanley will reveal their accounts before the opening of Wall Street.
In Europe, the Swiss biopharmaceutical giant Novartis announced this morning strong growth in its turnover and its margin in the second quarter, raised its forecasts and launched a share buyback of 15 billion dollars.
Against a background of recurring concerns about global growth, investors are also hoping that retail sales on the menu of the day in the United States will reflect the relative dynamism of the American economy.
In a note released yesterday, Jan Hatzius, the star economist at Goldman Sachs, said he had revised downwards, from 25% to 20%, the estimated probability of a recession in the United States over the next 12 months.
In the news of French companies, Ipsos announces the acquisition – without specifying the financial terms – of the Insights activity of Big Village Australia, which covers market studies in the public sector, employee satisfaction studies and customer experience measurement.
Sanofi and AstraZeneca announce that the United States FDA has approved their Beyfortus for the prevention of lower respiratory tract infections due to respiratory syncytial virus (RSV), in newborns and infants.
Finally, Casino confirms that it received a revised offer on July 15 from EP Global Commerce as, Fimalac and Attestor with a view to strengthening its equity, and that 3F Holding has decided not to submit a revised offer.
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