(CercleFinance.com) – The Paris Stock Exchange widens its losses and yields nearly 1.3%, around 7250 points, in very reduced volumes with less than one billion euros exchanged since the opening.
All forty CAC stocks are currently in the red in a context of concerns surrounding the Chinese economy after disappointing statistics came to revive fears around global growth.
Several statistics released overnight showed that consumption, like activity in the industrial sector, fell short of market expectations last month.
Faced with the loss of momentum in the recovery, the People’s Bank of China (PBC) even decided to cut the interest rate on its medium-term credit facility for the second time in three months.
Still on the statistical front, activity in the manufacturing sector in the New York area fell sharply this month, according to the Empire State index (calculated by the local Fed) which stood at -19. against +1.1 in July, while the consensus expected it to be only very slightly negative.
Meanwhile, U.S. retail sales rose 0.7% sequentially in July, slightly beating consensus expectations, after rising 0.3% the previous month (revised from an initial estimate which was 0.2%), according to the Commerce Department.
Finally, import prices rebounded in the United States in July, without however calling into question the basic trend which remains towards the moderation of inflationary pressures in the country.
The Labor Department on Tuesday reported a 0.4% rise in import prices last month, following a 0.1% drop in June, driven by an upturn in utility costs. oil products.
In Europe, the ZEW indicator of economic sentiment for Germany, assessing the country’s economic outlook, recorded a slight increase in the current survey of August 2023: at -12.3, it is 2.4 higher points to its value of the previous month.
After climbing above 4.2%, the 10-year US government bond rate eased, with a Treasuries yield of 4.18. In Germany, the 10-year government bond remained around 2.68%, up 1.9 pts, and the French OAT reached 3.21% (+1.3 pts).
The rise in bond yields penalizes the equity market, neglected by investors in search of more advantageous returns.
On this holiday, the news is calm on the side of French companies. It should be noted, however, that Voltalia announced last night the opening of a new office in Albania, in Tirana, welcoming 23 employees.
Finally, Danone (-1.8%) is among the biggest drops in the CAC 40 index on Tuesday, penalized by an unfavorable opinion from Bernstein analysts, who say they are worried about the group’s prospects.
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