The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / Eric PIERMONT)
The Paris Stock Exchange ended down 0.42% on Tuesday, scalded by the new surge in gas prices and fears over consumption, underlined again by corporate results, at the start of a busy week in publications .
The star CAC 40 index lost 26.10 points to 6,211.45 points. On Monday, it finished up a small 0.33%.
After a lower opening, the Parisian rating returned to equilibrium at mid-session before heading back into the red.
European gas prices continued to soar, reaching their highest since March’s all-time high, after the announcement on Monday of further drastic cuts in deliveries via the Nord Stream gas pipeline announced by the Russian giant Gazprom. The price of Dutch TTF European natural gas soared to 200 euros per megawatt hour at the close on Tuesday, at a level not seen since the start of the war in Ukraine.
The repercussions of the Russian invasion continue to weigh down growth prospects in Europe, through the risk of shortages and inflation.
In July, when the CAC 40 index is currently posting a gain of almost 5%, “the market is repositioning itself well. The consensus is that the economic slowdown will be limited and that inflation has peaked, which would give new room for maneuver to central banks”, explains Raphaël Thuin, head of capital market strategies at Tikehau Capital.
However, “the big unknown is the extent of the slowdown. Elements in our monitoring of small businesses rather indicate to us a marked trend which could continue”, nuance Mr. Thuin.
In the United States, consumer confidence in the United States continued its negative spiral in July for the third consecutive month.
Finally, the monetary committee of the American Central Bank (Fed) began its meeting of the monetary policy committee on Tuesday and should proceed with a fourth straight increase in its key rates to fight against inflation.
Worry about consumption
In the wake of the profit warning published by the American supermarket chain Walmart, which fears the impact of inflation on consumer choices, Carrefour lost 0.68% to 16.86 euros, Casino 5.35 % at 11.68 euros and Maisons du Monde 6.48% at 9.10 euros.
Eutelsat wants to get married, but toasts
The French satellite operator Eutelsat announced on Tuesday its merger with the British OneWeb and its constellation, which should give birth to a European giant in the race for the internet from space, facing the juggernaut Starlink of the American group SpaceX.
But the merger is worrying because of the short-term cash flow needs and reliance on government contracts, according to Deutsche Bank analyst Roshan Ranjit. The action further tumbled 18.20% to 7.01 euros on Tuesday, a drop of 33% in two sessions.
Remy Cointreau
The Rémy Cointreau group (-1.74% to 180.20 euros), at the head of Rémy Martin cognac, The Botanist gin and Cointreau liqueur, anticipates a “new year of strong growth” at the end of the first quarter of its staggered fiscal year.
© 2022 AFP
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