The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / Eric PIERMONT)
The Paris Stock Exchange ended Thursday’s session up slightly by 0.23%, on the heels of a drop in bond interest rates after a speech by the head of the American central bank, who spoke of a slowdown in tightening. monetary policy of the Fed.
The star CAC 40 index gained 15.42 points to 6,753.97 points. The day before, the Parisian place had closed up 1.04%, ending the last session of November with an index which jumped 7.5% over the month.
“It is above all Jerome Powell’s speech that guides the trend of the day” because “the question of when the Fed will start to slow its rate hikes is the only thing that interests investors”, estimates Lionel Melka, director of the research at Homa Capital. “And it looks like that point has arrived.”
The head of the US Federal Reserve indicated on Wednesday after the close of European markets a possible moderation in rate hikes from December, while warning that the work was far from over: “inflation remains far too high”, a- he hammered.
The Wall Street indices jumped from 2% to more than 4% in the wake of this declaration and on the bond market the interest rates of European states fell sharply. The French 10-year debt rate ended at 2.26%, against 2.40% the day before.
After a sharp rise in the start of the session, the Paris Stock Exchange slowed: the momentum lost momentum in the face of bleak macroeconomic data.
The general activity of the American manufacturing industry contracted in November, a first since May 2020, at the height of the Covid-19 pandemic, the index of the professional federation ISM.
In France, manufacturing activity continued to contract in November, albeit less sharply than the previous month, while inflationary pressures showed signs of easing, according to data from S&P Global.
“The think that the markets have not yet taken into account the recession of 2023”, underlines Lionel Melka. Investors are therefore showing a little caution in the face of indicators warning of a recession.
“Tech” at the top of the CAC 40
The technology sector benefited from the drop in bond rates. Dassault Systèmes jumped 4.52% to 36.67 euros, Capgemini by 4.44% to 178.60 euros, Teleperformance by 2.69% to 221.20 euros and Soitec by 4.56% to 160.55 euros .
Pierre et Vacances is back in the green
The Pierre et Vacances group, the European leader in leisure residences, returned to profit during its 2021/2022 financial year, thanks in particular to new investors. Its action rose 8.11% to 0.92 euros.
Positive results for Valneva
The Franco-Austrian biotechnology laboratory Valneva has reported positive results concerning the clinical study on the effectiveness of its vaccine against Lyme disease, developed with the American Pfizer. Its share price rose 8.08% to 6.77 euros.
Brussels is interested in Vivendi and Lagardère
The European Commission announced on Wednesday the opening of an “in-depth investigation” into the proposed takeover of the French media group Lagardère (+ 2.81% to 19.75 euros) by its compatriot Vivendi (+ 3.78% to 8.90 euros), considering that the operation risked reducing competition in the publishing of books and magazines.
EDF: OPA progress report
The French State has exceeded the threshold of 90% of EDF’s voting rights, according to a document from the Financial Markets Authority (AMF). In the midst of a takeover bid on the energy company, the State must still acquire nearly 5% of the capital to initiate the withdrawal of the company’s rating.
© 2022 AFP
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