Holiday this Thursday in France for the Ascension, but the Paris Stock Exchange is open. And it gains a little ground in the early morning, the Bedroom 40 rising by around 0.4% to 6,325.85 points, in the wake of Wall Street, which did not flinch at the publication of the minutes of the last monetary policy meeting of the US Federal Reserve.
The trend is also benefiting from hoped-for new support measures from Beijing. This morning, Premier Li Keqiang said the country’s economy was at a ” critical moment “in the face of difficulties” even more important than in 2020 “, before indicating:” We need to seize this window of opportunity to get the economy back on track “. In Paris, Kering, Hermes International and LVMH earn 1.7% to 2%.
In closing, the Dow Jones increased by 0.60% and the Nasdaq Composite by 1.51%. The minutes confirmed that members voted unanimously to raise the 50 basis points fed funds announced on May 4, in the range of 0.75% to 1%. They further agreed that the US economy was very strong, the labor market was extremely tight and inflation was very high. »
What confirms the scenario according to which the central bank will raise again, during its next two meetings in June and July, its key rates by another 50 basis points, an increase deemed the most appropriate, in the current state of affairs, by members of the Fed, with a view to ” quickly shift the monetary policy stance to a neutral stance. “But they don’t rule out going faster” than market expectations in the process of tightening monetary policy to ease current inflationary pressures.
6% of Vallourec’s capital invested at 12.20 euros
For Paul Ashworth, of Capital Economics, these two rate hikes will then give way to tightenings of 25 basis points during the last three sessions of the year. Raphael Bostic, president of the Atlanta Fed, would rather favor a break at the September meeting, in order to begin to assess the consequences of the two decisions in June and July.
The program of the day is once again essentially American. Three statistics are expected this afternoon: the second estimate of GDP in the first quarter, weekly jobless claims and promises of home sales for the month of April.
No company publication to report in France. We note, however, the drop of nearly 10% in Vallourecthe manufacturer of seamless tubes subject to a placement of 13.7 million shares by investment funds at a price of 12.20 euros, i.e. a discount of 12.5% compared to the share price Wednesday closing.