The Paris Stock Exchange fell 0.58% in the first trade on Thursday, after two sessions of sharp decline, investors taking note of the economic slowdown and the uncertainty over renegotiations around the American debt.
The star CAC 40 index fell 41.97 points to 7,211.49 points around 9:30 a.m. The day before, he lost 1.70%, his worst session since March 15, in full panic around the American banking sector.
This follows a drop of 1.33% on Tuesday, where profit-taking on luxury goods accentuated the decline in the Parisian rating. The CAC 40 is its lowest since the end of March as it approached its all-time high on Friday. In the meantime, it has lost more than 4%.
The gloomy macro-economic news is linked around the world. The rating agency Fitch on Wednesday placed under surveillance the AAA rating of the United States, the highest possible, because of the negotiations on the raising of the ceiling of the American debt which still do not advance. The United States could find itself in default of payment from June 1st.
In the euro zone, the economic surprises indicator has been moving into negative territory since the beginning of May, which means that economic data is worse than expected, a level better known since August 2022, note analysts from Natixis.
For France, the business climate deteriorated again in May, for the third consecutive month, due to a deterioration in all market sectors, INSEE said on Thursday.
Germany has officially fallen into recession with a second quarter decline in gross domestic product (-0.3%). In addition, German consumer sentiment is expected to lose steam in June, according to another indicator released on Thursday.
On Wednesday, UK inflation was stronger than expected.
The minutes of the US Central Bank’s latest monetary policy meeting were not a particularly important event for the market, according to Deutsche Bank analysts. They confirmed to the markets that the hope of seeing several rate cuts by the end of the year is slim, an idea they have been getting used to since the beginning of the month.
Soitec in the wheel of Nvidia
The semiconductor manufacturer Soitec achieved the best performance of the SBF 120 at the start of the session, with a gain of 4.49% to 126.85 euros, in the wake of better than expected results from the global giant Nvidia.
After the first fanfare exchanges, STMicroelectronics did not benefit from it and fell 0.57% to 39.10 euros, at the bottom of the CAC 40 with other technology companies such as Cagemini (-0.88% to 157.25 euros), or Teleperformance (-3.17% 151.34 euros).
Derichebourg unwelcome
The recycling group Derichebourg was heckled (-6.87% to 4.88 euros) after its half-year results published on Wednesday, with a drop in profitability, mainly due to the drop in turnover for the recycling division and the increase costs.
Pierre and Vacances nerd
The Pierre et Vacances-Center Parcs group (-4.99% to 1.67 euros) reduced its losses in the first half of its delayed financial year to 104.4 million euros, against 114.9 million euros in the first half of the financial year. above, and confirms the increase in its financial forecasts for the 2022/2023 financial year.