Paris (awp / afp) – The Paris Stock Exchange ended up 0.44% on Friday, above 6,000 points, ignoring the US employment report which seems to still leave room for the Federal Reserve of the States United States to tighten its monetary policy.
The flagship CAC 40 index rose 26.43 points to 6,033.13 points, its third session of consecutive increases. It ends with a weekly increase of 1.72%.
The Parisian rating changed direction several times during the session, going down in the two hours following the publication of employment figures in the United States at the start of the afternoon. But a final buying impulse made it possible to cross the 6,000 point mark.
“After a very difficult month of June”, the Parisian rating is in “a phase of temporization of the downward trend”, with several upward sessions which allow “to correct certain excesses downwards” that there may have been , explains Christopher Lhuillier, financial investment manager at Milleis Banque. The longer-term trend remains precarious, he adds.
Inflation, recession, war in Ukraine still weigh heavily on the Parisian market, which is still down 15.66% since January 1.
On Friday, the job market in the United States created a surprise with job creations much more numerous than expected in June, according to data from the Department of Labor.
This comforts investors in the idea that “the Fed will undoubtedly favor an increase of 0.75 percentage points” at its next meeting at the end of July, analyzes Mr. Lhuillier.
Indeed, “the tension on the labor market can contribute to the maintenance of inflation” that the Fed has been trying to fight hard for several months.
On the bond market, the interest rate for the French 10-year loan rose slightly, to 1.87%, but still remained far from the 2% above which it had spent most of June.
Nearly 13 billion planned to buy EDF
EDF climbed 5.64% to 9.56 euros, still supported by the announcement of its renationalisation. On Thursday, the French economy minister said the government planned to mobilize 12.7 billion euros for the operation.
Weakness of luxury
Heavyweights of the Parisian market, luxury stocks have fallen back, notably under the effect of the fall in the euro against the dollar, which reduces the value of their sales made outside the euro zone.
They may also have suffered from profit taking after strong gains at the start of the week. Thus, Hermès fell by 1.43% to 1,070 euros, Kering by 0.83% to 501 euros, LVMH by 0.12% to 606.90 euros.
The biggest drop is for L’Oréal, which fell 3.91% to 330.45 euros, which does not prevent it from ending the week in the green (+0.32%).
Alstom yellow jersey
The railway manufacturer Alstom signed the strongest increase of the week in the star CAC 40 index, climbing 11.20% to 24.32 euros, after notably announcing a new contract in India. Over the year, however, the stock remains down 22.10%.
On Friday, on the broader SBF 120 index, other discounted stocks of the year were also in the spotlight: OVH (+8.46% to 16.29 euros) and Casino (+6.11% to 13 .54 euros).
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