The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended down 0.58% on Tuesday, driven by the fall of the aircraft manufacturer Airbus, at the end of a session without a major economic meeting, the market awaiting political developments in France.
The flagship CAC 40 index lost 44.59 points to 7,662.30 points. On Monday, it ended sharply up 1.03% to finish 7,706.89 points.
The session was particularly notable for Airbus, which fell 9.41% to 134.78 euros after the group downgraded its financial outlook for the year. The European aircraft manufacturer is among the largest companies in the CAC 40.
The fall also brought down Safran (-3.28% to 199.25 euros), Thalès (-1.93% to 155.05 euros) on the flagship index but also Dassault Aviation (-2.17% to 175, 70 euros) on the broader SBF 120 index.
“There is an overlap of risks: a high valuation of American stocks, political risk in Europe and the United States, and monetary policy,” explains Florian Ielpo, head of macroeconomic research at Lombard Odier IM.
Thus, “without new stimulus that could push the market higher, it is slipping,” continued the economist.
However, investors are facing a heavy political agenda with “questioning French legislative elections and American presidential elections” which are approaching, added Florian Ielpo.
The first round of the French legislative elections will be held on Sunday and the second round on July 7.
On the bond market, the gap between German and French 10-year rates is still being scrutinized by investors after closing on Friday at its highest level since the eurozone debt crisis in 2012.
The French 10-year rate was worth 3.16%, compared to 3.18% the day before and that of Germany 2.41%, compared to 2.42%.
Air Liquide is expanding into the United States
The French giant Air Liquide gained 1.07% to 166.52 euros, after announcing on Monday that it planned to invest $850 million in an oxygen production site in the United States, i.e. “the investment the most important industrialist in the group’s history”.
With these production units in Baytown, Texas, Air Liquide will supply oxygen and nitrogen to ExxonMobil, which plans to establish the world’s largest hydrogen production plant there, according to a separate press release from the company. American oil major.
Eurofins fights back
The pharmaceutical, food and materials analysis company Eurofins Scientific on Tuesday rejected accusations launched the day before by the Muddy Waters fund, in particular of embezzlement.
“All of the allegations and insinuations contained” in the report “are either inaccurate, irrelevant, biased and/or misleading,” Eurofins said in a statement.
The stock rebounded 4.03% to 46.00 euros, but remains down 12.78% since the start of the week.
Stellantis in uncertainty
The car manufacturer Stellantis (-0.08% to 19.36 euros) could stop its production in the United Kingdom for lack of sufficient support for electricity, while the Labor Party, given the victory in the July 4 elections, promises to bring forward by five years the ban on the sale of new cars running on gasoline and diesel.
“The fact is that the demand (for electric cars) is not there, contrary to expectations,” said Maria Grazia Davino, managing director of Stellantis in the United Kingdom, at a press conference on Tuesday in London. “We need the government to support” the request, she insisted.
Trigano unscrews
the motorhome specialist Trigano fell 5.92% to 112.90 euros despite publishing a turnover up more than 10% in the third quarter.
Since January 1, the value of the stock has fallen by almost 24%.
© 2024 AFP
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