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CAC40: slightly reduces its losses, China worries


(CercleFinance.com) – After losing up to 1% in the morning, the Paris Stock Exchange slightly reduced its losses and ended the day with a decline of 0.7%, to 6665 points.

The proliferation of protests in China against increasingly burdensome health constraints are raising concerns about the growth of the world’s second largest economy.

While it is difficult to measure the economic impact of the movement, China’s growth has been one of the major reasons for market concern in recent months.

These social unrest should all the more hold the attention of the speakers as some commentators evoke a movement ‘unprecedented’ since the demonstrations in Tian’anmen Square in 1989.

The protests of the last few days have raised fears of economic disruption, strikes would bring down growth and this is reflected in a -2% fall in the barrel of Brent to $82 in London, an 11-month low (January 10 2022 to be precise).

In terms of indicators, the week promises to be loaded with statistics. Unlike previous years, when strong numbers were equated with good news, investors are hoping for disappointing data that would deprive the Fed of arguments to raise rates further.

The publication of employment statistics in the United States on Friday (economists expect a moderation in non-farm payrolls, to 200,000 in November, with an unemployment rate down to 3.7%) should be the point organ of the week.

In the meantime, it will be necessary to monitor indicators such as US household spending or the first inflation figures in the euro zone in November.

In Asia, the declines in stock markets were moderate but general on Monday, with declines ranging from 0.4% for the Nikkei index in Tokyo to more than 1.6% on the Stock Exchange of Hong Kong, Shanghai and Shenzhen losing no more than 0.75%.

The S&P 500 – the benchmark index of the New York Stock Exchange – posted an average gain of 2% over the last month of the year, against an average of 0.5% for the other months of the year.

On the rate side, our OATs tightened by +3Pts to 2.615%, Bunds by +2Pts to 1.99% and after 4 days off, T-Bonds reopened almost unchanged at 3.6900% (-1Pt base ).

On the stock side, the fall in oil prices weighed heavily on Total-Energies and Technip Energy (-1.2% and -1.8% respectively).

LVMH announced on Friday evening the acquisition, from the Equinox III SLP SIF investment fund, of the Pedemonte Group, a jewelry producer based in Italy and France.

The Casino group announces the launch of the sale of part of its stake in Assaí for 140.8 million shares (including in the form of ADS) in order to accelerate its deleveraging. This sale represents 10.4% of Assaí’s capital. This number may be increased by a maximum of 49.5 million shares (including in the form of ADS) representing 3.7% of Assaí’s capital.

Sanofi announces its move to its new global headquarters in Paris, in the 17th arrondissement, called ‘La Maison Sanofi’. Stretching over some 9000m², the site has been designed to ‘promote new hybrid working methods and allow the nearly 500 employees to better connect, collaborate, create and celebrate’.

Vinci announces the commissioning of the first airport solar power plant in Portugal. Faro airport, managed by ANA (Vinci Airports/Vinci Concessions), is equipped with a solar power plant with a capacity of 3 MWp.

Finally, STMicroelectronics announces that it has obtained EMVCo1 certification for its STPay-Topaz-Bio biometric payment card platform.

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