The Paris Stock Exchange closes higher after US inflation

The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)

The Paris Stock Exchange ended up 0.52% on Wednesday in response to the announcement of the slowdown in US inflation in July, after a session that had long remained in balance.

The CAC 40 index ended up 33.44 points at 6,523.44 points after a jump at 2:30 p.m., just after the announcement of US data that investors had been watching since the start of the week.

It does not fully compensate for the losses of the previous day (-0.53%), the results of a summer session marked by reduced trading volumes and the nervousness of investors as the publication of the index approaches consumer price index (CPI).

This increased by 8.5% over one year according to figures released Wednesday by the Department of Labor. Over one month, inflation was even zero, which means that prices did not, against all expectations, increase compared to June.

Core inflation, which excludes particularly volatile food and energy prices, also slowed to 5.9% over one year, while the markets were expecting it to rise (+6.1 % according to Factset).

“The markets have breathed a sigh of relief because we have the impression that the macroeconomic context is better” both on the inflation front and the risks of recession linked to geopolitical tensions, observes Pierre Bismuth, managing director of Myria AM.

Mr. Bismuth remains cautious, however, on the relevance of economic figures from a summer month to indicate a broader trend.

Even beyond the inflation figures, an optimistic wind was blowing through European markets as Russian oil deliveries to Slovakia resumed on Wednesday after a sanctions-related cut on Moscow over transit rights through Ukraine .

At midnight, however, the European embargo on Russian coal will come into force, four months after it was adopted as part of a fifth round of sanctions against Russia.

“All excuses are good to take to have a breath of fresh air” in a context that remains gloomy, underlines Mr. Bismuth for whom “the markets are trying to build a rebound and fill the gap” between the values ​​​​that have particularly suffered from the economic situation, such as the automobile or “tech”, and the others.

Tech and automotive get together

On the “tech” side, supported by renewed market optimism, the Franco-Italian semiconductor manufacturer STMicroelectronics ended up 3.30% at 36.62 euros per share, the day after a difficult session. for the industry worldwide.

The Wordline payment services specialist took 2.95% to 43.57 euros per share, the French software giant Dassault Systèmes 1.95% to 42.80 euros and the IT juggernaut Capgemini 1.66% .

The automobile, which had also suffered the day before from the nervousness of the market, ended in the green. Renault took 3.45% to 30.55 euros per share, Michelin 2.80% to 27.58 euros per share and Stellantis 1.36% to 14.60 euros per share.

© 2022 AFP

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