The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / ERIC PIERMONT)
The Paris Stock Exchange closed up 0.23% on Tuesday, with measured optimism ahead of a series of indicators, including inflation figures in the United States which are decisive in adjusting expectations of central bank rate cuts.
On Tuesday, the flagship CAC 40 index advanced 18.58 points to 7,948.40 points. On Monday, it had broken a series of eight consecutive increases, including seven records in points at the close, by giving up 0.46% to finish at 7,929.82 points.
“On the CAC 40, last week was busy with the results from Nvidia which gave a boost. We are in a phase of setbacks, the markets are struggling to find the fuel to seek new gains high”, comments Andréa Tueni, analyst at Saxo Bank.
After the recent stock index records, “it is normal to see this pause” which allows the “market to breathe a little”, he continues.
Investors are more focused on the macroeconomy this week and in particular on the American PCE, which is the preferred inflation indicator of the Federal Reserve (Fed), the publication of which is expected on Thursday.
If this indicator comes out below market expectations, it would be good news since “this would mean that there would be no brake” on the rate cuts expected from the Fed, explains Andréa Tuéni.
While market observers estimate that the Fed could carry out “three rate cuts starting in June”, the Saxo Bank analyst nevertheless recalls that the American monetary institution “has never committed to a date”.
The Bouygues group recorded net profit in 2023, up 6.9% to 1.04 billion euros, despite the real estate crisis, driven by its construction activities and the services of Equans in the construction sector. the energy transition. The stock jumped 8% to 36.70 euros, the best performance on the CAC 40.
The Eurofins group, giant of analysis laboratories, fell 6.65% to 54.74 euros after annual results showing a fall in its profitability. The group’s earnings per share in 2023 are notably below consensus, noted Jefferies analysts.
The French prepaid services company Edenred, which markets Ticket Restaurant, recorded record revenues in 2023, but its net profit was affected by a fine paid to the Competition Authority. The stock, up sharply at the opening, ultimately fell by almost 5% to 47.05 euros. Since January 1, it has fallen by 13.10%, the worst performance of the CAC 40, due to the launch of an investigation in Italy for fraud.
Euronext CAC40