(CercleFinance.com) – The Paris Stock Exchange gained almost 0.5% this morning, around 7355 points, well helped by the rebound of Kering (+6%).
The session promises to be busy, as the earnings season is now in full swing and new economic indicators are expected.
Among the big American names due to publish their accounts today are Goldman Sachs and Halliburton, alongside very popular European stocks such as ASML.
Publications from IBM, Netflix and Tesla are expected in the evening.
Since the good US inflation figures released last week, investors have felt a little invincible and solid corporate results could support their recent renewed optimism.
The Parisian market seems, despite everything, to experience some difficulties in prolonging the upward momentum of the past week which had allowed it to arrogate almost 4%.
With slower growth looming in the second half of the year, traders may be tempted to start taking profits.
‘Some stakeholders are wondering in particular about the valuation of the American market while the second half should not be as buoyant as the first in terms of growth’, underline the teams of Fidelity.
“The economy is currently overleveraged and asset valuations are skyrocketing,” said Peter Garnry, head of equity strategy at Saxo.
‘A soft landing is very unlikely in this environment and, as an economic concept, it is extremely rare’, notes the analyst.
The approach of the Federal Reserve meeting on July 25 and 26, which should lead to another rate hike, also seems to encourage investors to be cautious.
On the macroeconomic front, the session will be mainly dominated by the publication of the latest inflation figures in the United Kingdom, which should not reveal any pleasant surprises.
The session will also be marked by the announcement, at the start of the afternoon, of building permits and housing starts in the United States, which should in turn suffer from the credit crunch.
In the news of French companies, the Chinese joint venture of Alstom, CRRC Puzhen Alstom Transportation Systems (PATS) and Shanghai Shenkai Public Transport Operation Management have signed a contract for the maintenance of the electromechanical system of the Pujiang line in Puzhen, Nanjing .
Renault Group says it sold 1,133,667 vehicles worldwide in the first half of 2023, a number up 13% year-on-year. In Europe, the automaker’s sales rose 24% in a market up 17%.
Finally, Air Liquide announces that it will, through its engineering and construction activity, collaborate with KBR to offer technological solutions for the production of low carbon ammonia integrating its autothermal reforming process (ATR).
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