The Paris Stock Exchange is moving forward after cascading results and Powell

The Paris Stock Exchange was moving forward (+0.50%) on Wednesday after the president of the American central bank (Fed) Jerome Powell mentioned again the reassuring term of disinflation, and under the effect of several results of companies welcomed.

The star CAC 40 index took 0.50% 7,167.82 around 10:55 a.m. The Parisian coast had stagnated (-0.07%) the day before while awaiting with apprehension an intervention from Mr. Powell.

With the official U.S. jobs report showing on Friday that the world’s largest economy created far more jobs than expected in January, investors feared their hopes of the Fed pausing rate hikes could be dashed. to then lower them in the year.

Investor fears after the jobs figures (Friday) were that Mr Powell’s tone would be markedly more hawkish but the surprise data didn’t really change Mr Powell’s message, comments Christian Parisot, economist of the broker Aurel BGC.

Mr Powell reiterated on Tuesday that inflation was slowing but that the central bank would be ready to raise rates further if economic activity indicators were stronger than expected.

He also defended, again, the need, according to him, to maintain Fed Funds rates at a high level until the end of the year, because inflation should not approach the target of 2% before 2024. .

TotalEnergies getting better and better

TotalEnergies posted the largest profit in its history, 20.5 billion dollars (19 billion euros) in 2022, thanks to soaring gas and oil prices in the wake of the war in Ukraine.

The action suffered the largest drop (-3.01% to 55.81 euros around 10:35 a.m.) in the CAC 40 index, while RBC Capital Markets reported in a note on results, increase in dividends and outlook in broad line with the market expectations.

Divided opinions on banks

Socit Generale (-0.41% to 27.91 euros) published growth in turnover in 2022 but a net profit almost divided by three, 2.02 billion euros, due to the negative impact of the sale of its Russian subsidiary Rosbank, but which nevertheless exceeded analysts’ expectations.

The only negative point concerns the distribution, slightly below expectations for the fourth quarter, estimate those of Jefferies in a note.

BNP Paribas (+ 1.48% 63.26 euros) made an unprecedented net profit last year, 10.2 billion euros, beating its 2021 record, but explained to unions on Tuesday about its consumer credit business that it planned to cut 921 posts in this activity.

Results well received for Amundi

The European leader in asset management Amundi (+2.78% 62.95 euros) ended a positive financial year 2022 in terms of capital raised in its funds, even if its net profit fell by 20% compared to the record of 2021.

source site-96