(CercleFinance.com) – The Paris Stock Exchange completely reversed steam 45 minutes from the close, the CAC40 falling from +0.6% this morning (around 6,614 points) to -1.1% (around 6,504, i.e. – 110Pts in a straight line, ‘online trend’ way), in a market increasingly deserted by investors (1.3 billion euros in 8 hours of quotations) two days before the Christmas break.
Note the steeper decline in the Euro-Stoox50 (-1.3%) and the DAX (-1.4% with an incursion below 13,900 Pts) while Wall Street is in sharp decline (-1.4 % on the Dow Jones and -1.9% on the S&P500, -2.5% on the Nasdaq).
The ‘Vix’, the stress index (linked to the S&P500) surged by +6.5% towards 21.5…
Clearly, the macroeconomic ‘good news’ passes for bad on the US markets: the GDP of the United States is indeed revised upwards by +0.3% to 3.2% at an annualized rate in the third quarter of 2022, according to the third Commerce Department estimate.
This surprise revision therefore marks a more sustained recovery after the 0.6% contraction observed in the second quarter: this is due to the rise in exports and consumer spending, while activity was held back by a drop in investment. in the accommodation.
The PCE price index rose 4.3%, unchanged from the previous estimate. Excluding food and energy prices, it increased by 4.7%, a rate revised upwards by 0.1 percentage point.
Claims for unemployment benefits in the United States increased by only 2,000 during the week of December 12 (to 216,000).
The Labor Department says the four-week moving average – considered a better indicator of the underlying trend in the job market – shows a decline of 6,250 week-over-week to settle at 221,750.
Oil prices fall back with Brent returning from $83 a barrel to 82.3 (unchanged) while US light crude (West Texas Intermediate, WTI) is trading at $78.25 (stable): the trend remains however, on the rise and this could foreshadow a rise in the cost of fuel.
Some observers also want to interpret the strength of the black gold as a signal evoking growing optimism about the economy and a return to risk appetite.
Market sentiment now seems more constructive and fear of missing the bullish bandwagon has so far outweighed fears of continued policy tightening by major central banks next year.
Note an acceleration of the ‘2-year’ whose yield is up +5Pts to 4.2650% (following the revision of GDP) while the 5, 7 and ’10-year’ remain stable at 3.78% and 3.68% respectively.
In Europe, long rates deteriorated again with +6pts on our OATs at 2.883% and on the Bund at 2.357% (same difference on Italian BTPs at 4.490%).
In the news of French companies, Stellantis announced Thursday that it has completed the acquisition of the Hungarian software publisher aiMotive, an operation intended to enable it to accelerate its dynamics in autonomous driving.
Voltalia announces the launch of the first construction works of a 148 megawatt solar power plant in Bolobedu, South Africa, just two months after the signing of the CPPA with Richards Bay Minerals (RBM).
Neoen announces that it has signed a power purchase agreement (Corporate Power Purchase Agreement) with TDF, operator of digital infrastructure and networks in mainland France and overseas, for 62 MW over a period of 15 years.
New all-time low on Orpéa (-5.5% to 5.77E) after new asset impairments: the 2 million M² owned by the group + dependency care activity, are no longer valued at 373MnsE by the market against more than 5.6 billion euros at the start of the year, the company had estimated the value of its real estate assets at 8.4 billion as of December 31, 2021 (the market applying a 35% discount).
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