The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / ERIC PIERMONT)
The Paris Stock Exchange ended down 0.37% on Monday, caution having finally taken precedence at the start of a week full of indicators, which could call into question the good performance of November.
The flagship CAC 40 index lost 27.31 points to 7,265.49 points, after initial upward trading allowing it to rise above 7,300 points. Last week, it had gained 0.81% after five sessions already with small variations.
“Volatility”, which measures the extent of variations in stock prices, “is at extremely low levels”, not seen since 2020, observes Andrea Tuéni, analyst at Saxo Bank.
With the rise of the indices in November (+5.52% for the CAC 40, best month since January), “we are at fairly high levels and it is difficult without any real argument to exceed them”, according to him.
However, “we are also not in market configurations where we can correct a lot.”
Stocks had even less reason to move on Monday with an almost empty agenda. But this state of tranquility will not last.
American consumer confidence on Tuesday, the second estimate of American growth on Wednesday, and especially inflation in the euro zone and in the United States on Thursday as well as the American employment report on Friday will give more indications to investors on the health of the economy.
The oil exporting countries and their allies, united within OPEC+, are also holding their summit in Vienna on Thursday, after an initial postponement.
For the moment, “the markets have a lot of certainty”, showing themselves to be sure that central banks will lower their key interest rates from the start of 2024 thanks to declining inflation and to avoid too heavy a recession, indicates Mr. Tuéni .
These projections allowed the indices to rise sharply after a lackluster end of summer and start of autumn. They also contributed to lowering government interest rates on the bond market.
The interest rate on the 10-year loan on the French State ended at around 3.11%, compared to 3.20% at the close on Friday, around its lowest levels since September.
Casino revises its copy
The distributor Casino (-6.32% to 0.68 euros), pending the restructuring of its debt and its change of majority shareholder, confirmed on Monday that it was studying the sale of super and hypermarkets beyond an agreement providing for the sale of 119 stores to the Les Mousquetaires/Intermarché group.
Casino also announced the purchase, for 10 million euros, and from Grupo Pao de Acucar (GPA), of a Luxembourg company, CBD Luxembourg Holding, holding “indirectly 34.0% of the capital of Cnova”, the parent company of the e-retailer CDiscount. The operation brings “Casino’s stake in its online sales subsidiary to almost 99%”.
Green light for Valneva
The European Medicines Agency (EMA) has given a favorable opinion on the marketing of a vaccine against chikungunya from Valneva (-0.42% to 5.18 euros), already approved on November 10 in the United States. United, according to a press release published Monday by the manufacturer.