(CercleFinance.com) – The Paris Stock Exchange is stable this morning, around 7060 points, while the CAC40 is dominated by Worldline and Alstom (+4.3% and +3.3% respectively) which are regaining some timid colors after their recent stock market setbacks (Worldline and Alstom lost 45% and 37% respectively in one month).
Investors’ attention will today focus on the employment report in the United States after four sessions of increases motivated by the more patient approach adopted by the Fed.
Global equity markets have been buoyed in recent days by the prospect of an end to the cycle of rate hikes by the American Federal Reserve, confirmed Wednesday evening by the more accommodating tone of its president, Jerome Powell.
On the statistics front, French production falls again in September 2023 in the manufacturing industry (-0.4% after -0.3% in August) as in industry as a whole (-0.5% after -0.1%), according to CVS-CJO data from INSEE.
In particular, production fell back in transport equipment (-4.3%, including -5.8% in automobiles), agri-food industries (-1.4%), as well as extractive industries, energy, water (‑0.8%) and capital goods (‑0.5%).
At this stage of the week, the CAC 40 shows a gain of around 2.3% which allows it to return above the psychological threshold of 7000 points and return to contact with the 7100 point mark.
The appetite for risky assets could be further whetted this afternoon by the publication of a series of reassuring indicators from the United States.
Investors hope that the Fed’s more calm speech will be reinforced by the job creation figures for the month of October, which should have slowed to 190.00 last month compared to 336,000 in September.
The speakers will also closely monitor, still in the afternoon, the ISM services index which should indicate still positive growth in the sector, but below normal.
The prospect of a normalization of monetary policy in the United States also pushes back the yield on 10-year Treasuries, which suddenly falls towards 4.66% after having increased for months.
The only downside is that Apple is expected to be in the red at the opening of the New York Stock Exchange after revealing quarterly results last night that are generally in line with expectations.
iPhone sales exactly matched the $43.8 billion analysts expected, while revenue came in at $89.5 billion versus a consensus of $89.25 billion.
Its profits also turned out to be very slightly higher than forecasts, which means that with Apple, the rate of American companies having beaten the consensus stands at 80.5% this season, which constitutes an unusual outperformance compared to to the average of 74% which prevailed over the last ten years.
In the news of French companies, Société Générale publishes a net profit share of the group of 295 million euros for the third quarter of 2023, down 79.6% in annual comparison, under the weight of certain exceptional elements without which it stood at 905 million.
On the occasion of its quarterly publication, Spie adjusts its annual objectives to now aim for organic growth above +7% (and no longer at least +6%), with an EBITA margin still expected to increase by about 30 basis points.
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