The Paris Stock Exchange on Tuesday offset its losses from the previous day with a rebound of 0.80% concluding an essentially wait-and-see session, before several important indicators, and where movements took place in the bond, oil and foreign exchange markets.
The star CAC 40 index took 47.90 points to 6,044.20 points. This more than offsets the 0.61% loss recorded on Monday.
The Parisian price had started down, before rising gradually during the session, returning to the green shortly after the opening of the American markets. But investors have especially kept in mind the publication of the consumer price index in the United States, scheduled for Wednesday, and the first bursts of corporate results at the end of the week.
In days of waiting like this, the European markets are linked to the American markets, which have recovered slightly from the first estimates available at the start of the session, notes Florian Allain, manager at Mandarine Gestion.
Equities could also have been supported by the fall of around 7% in oil prices at the time of the Paris close, the black gold being weighed down by the weak outlook for global demand.
Investors have on the whole abandoned risky assets to move towards financial investments perceived as safer, in particular government bonds.
Extremely volatile since the start of the year, the 10-year interest rate on French bonds fell by 13 basis points to 1.72%, its lowest level since the beginning of June. In mid-June, the rate peaked at 2.38%.
During the first five months of 2022, the markets were guided by estimates of changes in key rates from central banks. Since May, interest has turned to the risks of recession, with the added sword of Damocles for Europe represented by the risk of a disruption in the supply of Russian gas, comments Mr. Allain.
These conditions, together with the tighter monetary policy of the US Federal Reserve, have led to a dramatic decline in the euro against the dollar since the beginning of the year. The euro even briefly touched parity with the greenback shortly before noon, before rising and moving around $1.0062 around 6:15 p.m. (+0.26% compared to Monday’s close).
The euro-dollar parity benefits Airbus
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Companies whose orders are made in dollars but whose production is mainly in Europe continued to benefit from the weakness of the euro. This is particularly the case in aeronautics, such as Airbus (+3.88% 100.46 euros), Safran (+2.98% 101.32 euros) or even Thals (+2.24% 123.30 euros).
Airline companies also had the wind in their sails, such as Air-France-KLM (+3.98% 1.15 euros).
Bad recipe for Bonduelle
The French specialist in canned and frozen vegetables announced on Monday that it would not achieve the annual growth targets it had set. The group is weighed down by the rise in its production costs and by its fresh activities in North America.
He lost 9.63% 13.70 euros, bringing his fall 34.29% since January 1