The Paris Stock Exchange regains a little height, thus interrupting a cycle of four sessions of decline in a row which saw the Cac 40 fall by 6% to fall on a two-month low. Investors are buying cheaply into banks and growth stocks recently weighed down by fears of policy tightening by major central banks as the global economy shows signs of slowing.
Shortly after 2:30 p.m., the Bedroom 40 gained 1.41% to 6,171.94 points in a business volume of 1.4 billion euros. The contracts future on American indices took between 0.8% and 1.6% the day after the first closing of the S&P 500 below the 4,000 point mark since March 31, 2021. The heavyweights of “tech” progressed ahead of the Stock Exchange in New York, Apple, Microsoft, Meta Platforms, Alphabet and Amazon gaining between 1.3% and 2%. Biohaven Pharmaceuticals jumps 73% after the announcement of its acquisition by Pfizer for 11.6 billion dollars.
Beijing braced on its “zero-Covid” policy
Questions about how high the Fed intends to raise interest rates continue to weaken the bond market, while the lack of a foreseeable outcome in the conflict in Ukraine and the slowdown in Chinese foreign trade cloud the outlook for the economy world. Especially since Beijing does not seem to be considering abandoning its “zero-Covid” policy, which is paralyzing many Chinese cities and businesses. The yield on the US 10-year bond eased slightly to just below 3% after crossing that threshold for the first time since late 2018.
On the raw materials front, the barrel of Brent from the North Sea yields another 0.5% after having fallen by more than 6% on Monday while the consensus within the European Union around an embargo on oil seems to crack.
Euroapi and the automobile driven by analysts
Biggest rise in SRD, Euroapi (+7%) is again sought after, brokers recommending the purchase of the title of the specialist in active pharmaceutical ingredients. Deutsche Bank, which highlights the group’s leading position in a structurally growing market, has started monitoring the “purchase” value to aim for 20 euros. Exane BNP Paribas and Oddo BHF have also initiated hedging of the “outperforming” share.
trigano wins 6.3%. The figures presented for the first six months of the 2021-2022 financial year demonstrate the company’s ability to raise its selling prices during a period of tight supply costs and chassis shortages.
Stellantis gains 2% while Berenberg is buying on the. Title. The broker has also adopted a “positive bias” on six other manufacturers. Apart from Stellantis, it is “purchase” on BMW and General Motors, and “keep” on Ford, Volkswagen, Tesla and Renault.
The action of the diamond brand gained 0.9%. Mobilize, the manufacturer’s new mobility and data services brand, is aiming for a double-digit margin by 2027, an illustration of the role it is called upon to play in the group’s financial recovery. The latter also announced the forthcoming sale of its 34.02% stake in its Korean subsidiary Renault Korea Motors to Chinese Geely Automobile Holding for 200 million euros.
Airbus appreciated by 1.7%. Societe Generale raised its recommendation on the title from “hold” to “buy” and raised its target price from 126 to 132 euros.
Among other analyst notes, Stifel began coverage ofAlstom to “keep” with a target price of 23 euros. The action of the railway equipment manufacturer appreciated by 3.7%.