Europe: The euphoria of the last few days is slowly fading

( – After the euphoria of the last sessions, Frankfurt and London took a break this morning and remained in balance, while Paris tried to extend the dynamic driven by Nvidia’s results.

The CAC thus rose 0.3%, to 7933 pts, setting a new absolute record.
As a reminder, the title of chip manufacturer Nvidia jumped some 16.4% yesterday, surrounded after the publication of an EPS almost sixfold in the fourth quarter.

‘In a market where performance is very concentrated, Nvidia’s excellent results are certainly much more important for the short-term trajectory of the stock market than any statistic or central bank decision,’ said Christopher Dembik.

‘For the moment, everything indicates that the increase will continue. The economic deterioration perceived at the end of 2023 does not seem to be a subject for investors, continues the Pictet Asset Management economist.

In terms of today’s statistics, detailed German GDP data for the last quarter of 2023 were published this morning, as well as the Ifo business climate index in Germany for February.

Germany’s GDP fell by 0.3% in volume in the fourth quarter of 2023 compared to the third, according to CVS-CJO data from the Federal Statistical Office, which thus confirms its first estimate published on January 30. .

The Ifo business climate index in Germany rose from 85.2 in January to 85.5 in February, an increase ‘entirely attributable to an improvement in the expectations component’, according to Capital Economics.

In stock news, ABB indicates that its board of directors has appointed Morten Wierod as CEO. He will take office on August 1 and succeed Björn Rosengren, who will leave the position effective July 31 and retire on December 31.

Allianz indicates that its board of directors has decided on a new share buyback program for up to one billion euros, which will begin at the beginning of March and be finalized by the end of 2024 at the latest.

BASF published a net profit of 225 million euros in 2023, far from the loss of 627 million euros in 2022. The group also indicates having achieved a turnover of 68.9 billion euros during of the 2023 financial year, compared to 87.3 billion euros the previous year.

Finally, Deutsche Telekom recorded an adjusted net profit of 7.94 billion euros (-12.6%) in 2023; revealing an adjusted EPS of 1.6 euros (-12.6%).

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