The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / Eric PIERMONT)
The rebound in the Parisian market faded on Thursday, the CAC 40 ending in equilibrium (-0.08%), the only major European stock market index not to be in the green.
The flagship CAC 40 index lost 5.20 points to 6,381.56 points despite a rising start to the session and after hovering around equilibrium for a long time. He puts an end to a fleeting rebound the day before when he finished at 6,386.76 points.
In the midst of rising global indices and on the first day of the annual high mass of central bankers in Jackson Hole in the United States, investors in the Parisian market were cautious.
“Waiting for clarification on what to do, the market has a big question mark on Jerome Powell’s speech tomorrow”, expected at 2:00 p.m. GMT, explains Raphaël Thuin, head of capital market strategies at Tikehau Capital.
To reassure the credibility of the Fed in the eyes of the market, “Will Jerome Powell seek more to illustrate his intransigence against inflation? Or will he be inclined to recognize certain improvements in the economy?”, summarizes Mr Thuin.
In a particularly weighty macroeconomic context in Europe, the market is struggling to form a conviction regarding the future attitude of central banks. The dilemma facing institutions is knowing how far to raise their key rates to fight inflation, without penalizing economic activity too seriously.
The minutes of the last meeting of the European Central Bank (ECB) showed Thursday that the members of the Governing Council of the institution had decided to adopt a communication on a case-by-case basis on the trajectory of key rates.
In July, the ECB decided to raise them for the first time since 2011 by 50 basis points.
“Gas prices are weighing on markets as concerns grow over an energy crisis this winter in Europe,” said Thuin.
The price of European natural gas on the reference market, the Dutch TTF, closed at 321.414 euros per megawatt hour, a new all-time high.
Unibail continues its withdrawal from the United States
The title of shopping center giant Unibail-Rodamco-Westfield (URW) finished at the top of the CAC 40 poster (+ 3.91% to 53.91 euros) after announcing the completion of the sale of Westfield Santa Anita (a large shopping center in California, United States) to a real estate investor, a transaction of more than 530 million dollars.
The sale is the largest for a mall since 2018, according to the company. URW wants to disengage from the United States during 2022-2023.
STMicroelectronics progresses
The price of the semiconductor manufacturer took 1.70% to 36.52 euros after the publication of its financial report for the first half of 2022.
AB Science awaits a return from the European Medicines Agency
The biotech soared 19.24% to 8.80 euros on the stock market the day after the announcement of the start of the examination of its request for conditional marketing authorization by the European Agency for a of its drugs for amyotrophic lateral sclerosis (Charcot’s disease).
© 2022 AFP
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