The Paris Stock Exchange failed to end a fourth consecutive session up on Wednesday (-0.12%), the persistence of inflation in Europe and the attempted coup in Gabon taking precedence over the easing of the market of employment in the United States.
The flagship CAC 40 index ended down 9.03 points to 7,364.40 points. The day before, it had finished up 0.67%.
The Parisian coast had however left in the green, carried by some signs of relaxation of the labor market in the United States. This trend is seen as good news in the eyes of investors because it gives the US Central Bank more leeway to end its sequence of key rate hikes since March 2022.
After the drop in the number of vacancies on Tuesday, job creations were also weaker than expected on Wednesday. But investors are looking to Friday’s report with official labor market data, which is more meaningful, said Lionel Melka, partner at Swann Capital.
Conversely, in Europe, market participants consider that the latest known information, the inflation figures in Spain and Germany confirm that the European Central Bank will have to continue to raise its key rates in order to bring back the pace of price rise closer to its 2% target, continues Mr. Melka.
New figures are expected on Thursday for France and for the euro zone. The meeting of the European Central Bank is held on September 14.
On the bond market, the interest rate on the French 10-year loan, the maturity which refers, rose to 3.06%, against 3.02% on Tuesday.
The manager also notes a return of political risk, with the coup d’etat in Gabon which caused a little stress and could weigh on the prices of the day.
Repercussions of the coup in Gabon
Soldiers announced Wednesday to put an end to the regime in place in Gabon, a coup aimed at outgoing President Ali Bongo, in power for 14 years and whose contested re-election had just been announced overnight.
Shares of companies operating in the country suffered on Wednesday. Starting with Eramet, which told AFP that its activities have been stopped, and fell 16.54% to 63.60 euros.
TotalEnergies EP Gabon, a company in which TotalEnergies holds 58.28% and the Gabonese Republic 25%, also fell by 14.49% to 158.20 euros.
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The French hydrocarbon producer Maurel & Prom lost 14.83% to 4.18 euros.
Casino degrad
Casino fell 9.16% to 3.23 euros. Ratings agency Fitch declared the retailer in restrictive default on Tuesday after finding that the company failed to repay interest on its debt due July 15. However, the situation is usual in a debt restructuring process and the relevant court has temporarily suspended payments under a number of financial obligations, including the aforementioned coupon, Fitch said.
Its parent company Rallye sold 7.29% to 0.19 euro.
Spirits drop one degree
The Pernod Ricard spirits group ended down 0.69% at 194.30 euros after a note from JP Morgan having slightly deteriorated the financial outlook ahead of the results expected tomorrow due to exchange rate effects and a drop in organic growth. In the same sector, Rmy Cointreau lost 1.70% to 147.50 euros.