The Paris Stock Exchange fell by 0.60% on Friday morning, tossed about by numerous company results, economic indicators, but also by the poor performance of American technology giants.
The star CAC 40 index lost 37.48 points to 6,192.18 points around 10:30 a.m. Thursday, he had lost 0.51%.
On the markets, the American tech worries with slow growth and unexciting forecasts, showing that the Internet gloves which seemed untouchable are being caught up in the economic crisis and competition from new players, disconcerting news for investors, estimates CMC Markets analyst Michael Hewson.
In France, the rate hike by the European Central Bank shows that we are indeed in the midst of a massive monetary tightening, but anticipated by the markets, according to Xavier Chapard, member of the strategy team at Banque Postale AM.
In addition, the growth of French economic activity slowed in the third quarter, with GDP rising only 0.2% after having crept 0.5% in the spring, according to data released Friday by INSEE.
As it is above all a question of absorbing production backlogs, it is difficult to characterize the economic performance of the third quarter as very solid and the prospects for the coming months remain difficult, estimates Charlotte de Montpellier, economist at ING.
Different currents for the air
The Franco-Dutch group Air France-KLM lost nearly 8% to 1.45 euros around 10:25 a.m. after announcing 460 million euros in net profit in the third quarter thanks to strong demand for air travel during the summer, even achieving a figure of business higher than the corresponding period of 2019, before the Covid. Analysts consulted upstream by Factset and Bloomberg were counting on a net profit again and those of Stifel have pointed to accounts that are still fragile in the face of the feared deterioration in market fundamentals next year.
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The automobile plummets by Volkswagen
The French automotive supplier Valeo announced Thursday a rebound of 33% over one year of its turnover in the third quarter, 5.3 billion euros, but the title was badly received on the stock market: it lost more than 5% 16 ,32 euros around 10:20 a.m.
In the wake of the results of the German car giant Volkswagen (-2.75% around 10:30 a.m. Frankfurt) which announced Friday a net profit down 26.5% in the third quarter over one year, Renault’s share lost 2.19 % 31.10 euros.
Other automotive groups were also down. Faurecia fell by 2.33% to 14.46 euros, Stellantis by 1.72% to 13.39 euros.