CAC40: timid rebound under a rain of statistics

( – After a difficult start to the week which saw the Parisian index drop nearly 3% in three sessions, the Paris stock market attempted a rebound on Thursday.
At the end of the morning, the Parisian index rose to 1% and seemed to be on a promising trajectory… but this gain would gradually erode over the hours before completely disappearing in the middle of the afternoon. .
Taking advantage of a final burst, the CAC40 managed to grab 0.55% at the final gong, at 7137 points.

In terms of statistics, many figures have been published on each side of the Atlantic.
Thus, the private sector in the United States generated 278,000 jobs in May, a figure well above expectations (more than 50%), according to the monthly survey published on Thursday by ADP, a specialist in resource management outsourcing. human.

Job creations over the past month slowed very marginally compared to the 291,000 the previous month, a number revised down very slightly compared to an initial estimate which was 296,000.
The consensus was counting on only +175,000 new jobs.

The number of jobless claims in the United States increased by only 2,000 in the week of May 22, standing at 232,000 against 230,000 the previous week (figure revised from 229,000), according to the Department of Labor (the consensus was for +5,000).

Non-farm productivity fell by only 2.1% in the United States in the first quarter of 2023 at an annualized rate, a figure revised from a preliminary estimate by the Department of Labor which was -2.7%.

This drop, where Jefferies anticipated a revision to only -2.6%, is based on a 2.6% increase in the number of hours worked, while production increased at the same time by only 0, 5%.

Moreover, given a 2.1% increase in hourly wages, this fall in productivity resulted in a 4.2% jump in non-agricultural unit labor costs over the first three months of the year. year.

In terms of industrial activity, the American manufacturing sector contracted in May, according to S&P Global, whose PMI index ultimately stood at 48.4 for the past month, against 48.5 in flash estimate and after 50 ,2 in April.

In Europe, the unemployment rate has just fallen to its lowest since the beginning of the 21st century, at 6.5% against 6.6% in April.

The euro zone’s annual inflation rate is estimated at 6.1% in May 2023, marking a sharp deceleration after the 7% rate observed in April, according to a flash estimate published by Eurostat, the statistical office of the European Union. ‘European Union.

Regarding the main components, food, alcohol and tobacco should experience the highest annual rate in May (12.5%), followed by industrial goods excluding energy (5.8%), services (5%) and energy (-1.7%).
In Europe, hitting a 36-month low of 44.8 in May, the HCOB PMI index signaled a further monthly decline in the Eurozone manufacturing sector, and at an accelerated pace compared to that of the previous month (45 .8 in April).

In France, the HCOB PMI index signaled a further monthly decline in the French manufacturing sector, and at a pace very close to that of the previous month, given the 35-month low recorded in April (45.6).

Finally, it should be noted that investors welcomed without particular emotion the adoption by the American House of Representatives of an agreement aimed at suspending the ceiling of the debt of the United States, a file which finally seems to be coming to an end after laborious negotiations. .

The deal – which calls for suspending the US state borrowing limit until January 2025 in return for a drastic cut in federal spending – must now be presented to the Senate, which is controlled by Democrats: the raising of the ceiling is only a formality.

On the bond segment, the yield on 10-year government bonds fell -1pt to 3.63%, the removal of the risk of default from the United States making American debt more attractive.
In Europe, OATs and Bunds fell -2pts, to 2.82% and 2.25% respectively.

In the news of French companies, Sanofi announces the launch of Action 2023, its global shareholding plan open to 86,000 employees in 56 countries, to involve all employees, in all its geographical territories, in the future development and business results.

Safran announced on Thursday that it had entered into exclusive negotiations with Air Liquide with a view to acquiring its aeronautical oxygen activities.
Alstom unveils the first of new trains for the North-South and East-West lines in Singapore.

Finally, Rémy Cointreau publishes EPS of 5.79 euros for its 2022-23 financial year, up 37.5% (5.85 euros excluding non-recurring items) and a current operating margin of 27.7% (+ 2.3 points in published and +1.4 points in organic).

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