The Paris Stock Exchange finally seems to be holding its rebound thanks to cheap purchases after hitting its lowest levels since April 2021 the day before. Driven by the stocks most affected since the start of the war in Ukraine, the rebound n he remains essentially technical, especially since the Cac 40 remains in the correction zone after a drop of nearly 15% compared to its record of January 5th.
The recent sell-off was fueled by fears that Western sanctions against Russia could exacerbate inflationary pressures and slow down a barely nascent recovery on the Old Continent. The market is now hoping that the European summit in Versailles which will begin tomorrow will pave the way for measures, perhaps massive, of budgetary support. Another favorable element of this afternoon, Kiev would be willing to discuss the Russian request for neutrality on the condition of obtaining guarantees on its security, indicated a senior Ukrainian official. ” We are ready for a diplomatic solution Ihor Zhovka, deputy chief of staff to President Volodymyr Zelensky, told Bloomberg TV. The market is also awaiting the outcome of the ECB’s monetary policy meeting tomorrow, hoping for a boost. ” The end of the PEPP should not be questioned, but it may be premature to fix the end of the APP already “, estimated the cabinet Oddo BHF from the beginning of the week.
At 4:15 p.m., the Bedroom 40 increased by 5.87% to 6,310.18 points in a trading volume of 4.4 billion euros. In Frankfurt, the Dax appreciated by 6.45% and, in London, the Footsie earns 2.09%. In New York, the Dow Jones rebounds by 2% and the Nasdaq Composite by 2.8%.
Be that as it may, the embargo decided by the United States on imports of Russian oil and gas is fully integrated into the courts, whereas it only ratifies what Washington had been suggesting for several days. The barrel of Brent from the North Sea thus yields 5.1% to 121.45 dollars after a high of nearly 14 years at 139.13 on Monday. Ditto for natural gas, the price of a megawatt hour falling by 27% to 156.52 euros in Amsterdam, after a record at 345 on Monday, while Europe is reluctant to block imports of Russian gas, which represents 40% of consumption. of the European Union.
The losers are the winners, Berenberg to buy on Accor
At the European level, the Stoxx 600 indexes for the automobile, leisure travel and banks posted the best sector performances with gains of 7.8%, 7% and 6.4% respectively.
Accor jumped nearly 15%. Berenberg moved from “hold” to “buy” on the hotel group due to its limited exposure to Russia and Ukraine. The broker also believes that the cost reduction plan of 200 million euros is on the right track and should lead to an improvement in the gross operating surplus (EBITDA) this year.
BNP Paribas, Agricultural credit and Societe Generale win respectively 9.6%, 9.2% and 11.2%. Also struggling since the beginning of the year, Renault gets 10%, Stellantis 9.8%, Michelin 7.8%, Valeo 11% and Faurecia 13.9%
Conversely, recently sought after, stocks linked to defense are subject to profit taking. Thales loses 5.1% and Dassault Aviation 6%.