The Paris Stock Exchange ended in a slight decline of 0.22% on Thursday, after a start to the year with a bang, barely disturbed by US economic data suggesting further significant monetary tightening in 2023.
The star CAC 40 index fell 14.93 points to 6,761.50 points. Over the first four sessions of the year, it rose by 4.44%.
The Parisian rating had opened lower, investors recovering their profits after the jump of 2.30% on Wednesday, before hovering around the balance in the second part of the session.
The data was once again very robust: private employers in the United States created far more jobs than expected in December, despite the slowdown in economic activity caused by the American central bank (Fed) and its rate hikes to fight against inflation that has reached levels not seen in 40 years.
Published Wednesday, the minutes of the last monetary policy meeting of the Federal Reserve (Fed), held in mid-December, highlighted that “employment remains the most important indicator” for the Fed, according to Nicolas Leprince, manager of Edmond de Rothschild AM.
None of the institution’s officials considered a decision to lower key rates in 2023 possible, but on this point “the market does not believe in the Fed”, and thinks that it will start to lower rates slightly during the second semester, points out Mr. Leprince.
The big chunk on Friday will be the official US employment report.
But the CAC 40 has been much more dynamic than the New York Stock Exchange since the start of the year, where the three main New York indices have lost ground after experiencing their worst performance since 2008 last year.
“Europe, via its exports, is more sensitive to China”, and therefore reacts more to signals of reopening of the economy, “convincing” despite the explosion of cases of Covid-19 contamination in the country, continues the manager.
raw materials ahead
Investors have turned to oil stocks, including Technip Energies (+3.43% to 15.70 euros). This supplier of energy projects and services announced on Thursday the five-year extension of a contract in Kuwait.
CGG (+6.88% to 0.65 euro) and Vallourec (+2.59% to 11.91 euros) also rose, as did the mining companies ArcelorMittal (+3.10% to 26.48 euros), Aperam (+2.49% to 32.13 euros) and Eramet (+2.37% to 82.20 euros).
Interparfums nose in the air
The Interparfums group (+4.48% to 60.60 euros) raised its 2022 objectives for the fourth time, counting on an increase of “more than 25%” in its turnover over one year and better profitability, while showing caution for 2023.
Health coughs
Health companies were down after a downgrade in the sector by Jefferies analysts in a note, with Sanofi (-2.08% to 90.35 euros) and Eurofins Scientific (-2.82% to 66.14 euros) on the CAC 40, or Ipsen (-3.27% to 100.50 euros), Euroapi (-2.91% to 14.02 euros) or BioMérieux (-2.17% to 96.38 euros) on the broader SBF 120 index.
Slow restart for Trigano
The manufacturer of leisure vehicles and motorhomes Trigano fell 4.60%, to 120.40 euros, after the results of its first quarter 2022/2023 were poorly received by investors. Among these, the firm Kepler Chevreux lowered the recommendation of its rating. Trigano’s turnover was slightly lower than the same period last year, which ended with a record profit. This is the second worst performance of the week on the SBF 120.
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