The Paris Stock Exchange rose 0.59% on Friday after two sessions of decline following the publication of an inflation indicator in the United States, a little less anxious about the reaction of the Federal Reserve to the rise in prices .
The star index CAC 40 took 34.73 points 5,950.14 points, around 9:40 a.m. The day before, it had fallen by 1.41%.
Over the week, the decline was still 1.35%.
After the publication on Wednesday of a consumer price indicator (CPI) in June in the United States higher than expected, then the same trend for producer prices (PPI) published on Thursday, investors had estimated a rise of one percentage point of the key rate of the American central bank (Federal Reserve, Fed).
But on Thursday, two members of the Fed – Governor Christopher Waller and the chairman of the St. Louis branch, James Bullard, one of the members most in favor of the institution’s restrictive monetary policy – both pronounced for an increase of 0.75 percentage point in the key rate.
Believe it or not, the 0.75 percentage point rise is good news for the market, whereas this prospect seemed out of date a few months ago, laughs Stephen Innes, manager of Spi AM.
a does not mean, however, that an increase of 0.75 percentage points is fixed, nuance Michael Hewson, analyst at CMC Markets. Upcoming indicators, such as US retail sales in June and consumer confidence in July due Friday, may yet change the situation.
These concerns overshadow the economic data in China for the Paris market, where growth collapsed in the second quarter, +0.4%, due to health restrictions and a real estate crisis which heavily penalized the country. activity
In Europe and the United States, it is clear that the fear of a recession has become the dominant theme in the markets, according to analysts at Banque Postale AM.
We should see it in the results season that opens with companies [qui] should indicate a decline in their activity, they estimated.
The luxury behind
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The progression of the CAC 40 index was slowed down by the decline in luxury stocks, heavyweights on the Parisian coast.
The sector suffered the effects of the results of the Swiss luxury giant Richemont, owner of the Cartier jewelry house, which fell by nearly 4% on the Zurich Stock Exchange.
Kering sold 1.29% for 490.25 euros, LVMH 1.22% for 599.00 euros and Herms 1.14% for 1,083 euros.
Axa sheds a portfolio in Germany
The insurer announced on Thursday the sale for 660 million euros of a life and retirement insurance portfolio held until now by its German subsidiary to a local insurer, Athora Germany. This sale responds to Axa’s objective of reducing its exposure to the financial markets. He took 0.31% 20.82 euros.