The Paris Stock Exchange was down 0.68% in the first exchanges on Wednesday, again becoming anxious about the pace of economic activity in the world.
The star CAC 40 index fell 41.11 points to 6,044.91 points around 9:30 a.m., after falling more than 1% at the very start of the session. The day before, it had increased by 0.64%.
The Parisian coast is weighed down by the sharp decline in American markets on Tuesday, depressed by consumer confidence at its lowest since February 2021, and even since 2013 for the assessment of the future economy.
With household consumption being the main driver of Western economies, investors fear the effect on growth.
The speed and magnitude of the decline in household confidence, even though the job markets are still solid, makes us fear a very marked slowdown in the coming months, writes Xavier Chapard, of Banque Postale AM. While these surveys are not infallible in predicting the economic cycle, they are perhaps the best leading indicators we have, he argues.
Especially since economic activity is already under pressure from central bank policies to fight against inflation and current and future key rate hikes.
On Wednesday, investors await new interventions from central bankers, including the President of the European Central Bank Christine Lagarde and that of the American Federal Reserve Jerome Powell.
In Spain, inflation stood at 10.2% year on year in June, according to data released on Wednesday, still surprising analysts on the rise. The figure for Germany is also expected during the day, before that of the United States on Thursday (PCE indicator).
A new Chairman for the EssilorLuxoticca Board
Francesco Milleri, already managing director of the optical group, was appointed chairman of the board of directors on Tuesday, to replace the historic boss of the group, Leonardo Del Vecchio, who died on Monday. The title fell by 2.04% to 141.30 euros, and for the time being achieved the worst weekly performance of the CAC 40 index.
Ipsen advances on the palovarotne
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The Ipsen laboratory has announced that the American health authorities (FDA) have granted a priority review of the application for approval of the experimental drug palovarotne, a molecule in the development phase to treat a rare bone disease, progressive ossifying fibrodysplasia (FOP). The title remained stable (+0.06% 85.35 euros).
On the CAC 40, Sanofi took 1.00% 100.36 euros.
The energy still in support
Oil-related values such as TotalEnergies (+1.50% to 51.43 euros) or CGG (+0.97% to 0.90 euros) were up, as was the energy company EDF (+0.69% to 8.20 euros).