The Paris Stock Exchange is expected to rise sharply on Friday at the opening, continuing to rebound unexpectedly as in the last two hours of the previous day’s session, in the wake of Wall Street.
The futures contract for the star CAC 40 index advanced by 1.6% around forty minutes before the opening of the session. The day before, the stock market had closed up 1.04% to 5,879.19 points, breaking a series of six consecutive declines after having yet fallen to a level close to 5,700 points in session.
Wall Street ended sharply higher on Thursday, with the Dow Jones gaining almost 3% and the S&P 500 2.60% as the broad index started the session at a two-year low after inflation figures in the States States higher than expected.
This trend reversal posed a headache for analysts, said Edward Moya of Oanda, as it seems out of touch with the latest inflation news. Its persistence in the US economy portends even more tighter tightening from the US Central Bank in the coming months.
This is not the first time that the indices have experienced a strong rebound in a very difficult year. The latest rebound, more than 4% on October 4 in Paris, was followed by six sessions of decline. In total since January 1, the CAC 40 has fallen by almost 18%.
Among the reasons put forward for this brutal movement, the hope of having reached a low point of the year, technical thresholds, redemptions of short positions by market participants or even stronger results than expected in the United States. United, for the airline Delta or the first asset manager in the world Blackrock.
Although Thursday’s rebound was a welcome respite from weakness in the markets this week, there’s no reason to think it was anything more than a technical rebound, Michael Hewson, of CMC Markets.
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TotalEnergies: the group and two majority unions seemed on Friday to agree on a wage increase in the group, but the CGT, the origin of the work stoppage which caused a rare shortage of gasoline in France, refused any agreement and promised to continue the strike.
In addition, two associations have filed a complaint in Paris for complicity in war crimes, accusing TotalEnergies of having continued to exploit a deposit in Russia and allowed the manufacture of fuel used by Russian planes engaged in the conflict in Ukraine, learned Friday the AFP from a source close to the file.
Danone: French agrifood giant Danone announced on Friday that it planned to divest from its dairy and plant-based products unit in Russia, which constitutes the bulk of its business in the country, retaining only its infant nutrition branch.
La Française des Jeux: the group announced Thursday increases of 9% in the third quarter, driven by the lottery and good performance of the physical network, and it raised its objectives for 2022 thanks to good prospects at the end of the year .