The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange closed down 0.16% on Thursday, at the end of a relatively uneventful session, the market being nevertheless satisfied with the signals of slowdown in the American economy.
The flagship CAC 40 index fell 12.03 points to 7,571.40 points. On Wednesday, the Parisian rating had already experienced a calm session (+0.12%), like the week for the index which has fallen by 0.34% since Monday.
Investor attention turned to third-quarter U.S. gross domestic product (GDP) growth, which was revised down from 5.2% annualized to 4.9%. , which supports the scenario of a less buoyant American economy.
However, “weak growth amplifies the risk of recession, and the solution to mitigate this risk is lowering central bank key rates,” explains Edouard Faure, head of credit management at Swiss Life AM France.
The publication thus “led to a little positivism on the markets”, however, “after a month and a half of euphoria on the markets, the good news is received with less magnitude”, he continues.
Furthermore, while the markets have already been anticipating for several weeks the first rate cuts from the Fed, which would like to see inflation reduced to 2%, stock market operators will be scrutinizing the publication on Friday in the United States of the inflation index PCE for November.
Getlink down
An unexpected strike action by employees of Getlink (-2.32% to 16.43 euros), the company managing the Channel Tunnel, led to the closure of the structure, through which no trains have passed since Thursday midday. while the first departures have already started for the holidays.
Employee shareholding: Stellantis extends its plan to the United States
Stellantis (+0.02% to 21.23 euros) will extend its employee shareholding plan beyond France and Italy in 2024, particularly in the United States, its management announced on Thursday.
The automobile group, born in 2021 from the merger of Peugeot-Citroën (PSA) and Fiat-Chrysler (FCA), launched a first share purchase operation in France and Italy in November.
Casino: commitments on employment
The managers of Intermarché and Auchan, who must buy most of Casino’s large format stores, have “made commitments” concerning the preservation of jobs with the government, assured Bruno Le Maire on Thursday, while the group in dire straits is making progress in restructuring its debt.
The management of the group, which also includes the Monoprix and Franprix brands, told AFP on Tuesday that nearly 12,300 jobs are affected by a change of brand as part of the proposed sale of 313 super and hypermarkets.
Casino shares fell 6.05% and are now worth only 66 cents.
© 2023 AFP
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