The Paris Stock Exchange ended higher on Wednesday, after publication of data on American employment rather favorable to investors and during an intervention by the president of the American central bank (Fed) before the United States Congress.
The flagship CAC 40 index gained 21.92 points, finishing at 7,954.74 points. On Tuesday, it closed down 0.3%.
First statistic of the week on the American labor market, private sector companies created 140,000 jobs in February in the United States – a little less than expected -, according to the monthly ADP/Stanford Lab survey published Wednesday, which serves preview before the official monthly report which is due to appear on Friday.
A less dynamic labor market bodes well for investors in the fight against inflation, but the survey also showed that the rise in wages of those who changed jobs accelerated. , a first since November 2022.
Even slightly below expectations, the figures remain extremely robust, noted Charles de Riedmatten, manager of Myria AM, who recalls that the markets also increased significantly at the start of the year thanks to the increase in growth forecasts for 2024 in the United States. United.
Strong economic activity tends to push prices up.
But if inflation has shown signs of progress over the past year and a half, continued progress on this front is not assured, Jerome Powell, the president of the Fed, repeated before Congress.
Consequently, Mr. Powell did not come forward to give a precise timetable for lowering rates, limiting himself to saying a given time this year, while the market anticipates a first decision in this direction by June.
There remains a lot of uncertainty about the date of the first rate cut and its extent initially, observes Mr. de Riedmatten, who also believes that the increasing power of the American electoral campaign risks increasing the prudence of the Fed.
Thursday’s session will also be animated by monetary policy, with the meeting of the European Central Bank (ECB). It should, according to all expectations, keep its key interest rates unchanged, but investors will be on the lookout for any signal of a date for a first rate cut during the press conference of the President of the ECB , Christine Lagarde, as well as new inflation projections from the Frankfurt institution.
On the bond market, the interest rate on the ten-year French government bond remained stable at 2.78%.
Scor scores points
The insurer Scor published a record net profit for last year, 812 million euros, driven by price increases and a lower cost of climate claims.
Its action jumped 8.24% to 29.55 euros.
Dassault Aviation out of delivery
Dassault Aviation’s turnover plunged by 31% in 2023, to 4.8 billion euros, due to supplier difficulties which led to a drop in deliveries of Rafale combat aircraft and especially business jets. Falcon.
The aircraft manufacturer’s share price fell by 5.43% to 182.90 euros.
Tikehau Capital plans
The management company Tikehau Capital (+1.88% to 21.70 euros) saw its net profit halved in 2023, to 176.7 million euros, after a record profit in 2022, but confirms its objectives and plans to achieve around 500 million euros in net income by 2026.