The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended down 0.26% on Monday after a choppy session, with investors holding their breath ahead of the start of the US Central Bank meeting.
The CAC 40 index lost 15.71 points to 6,061.59 points, its fifth session of decline in a row. Last week, it had fallen by 2.71%.
The Parisian rating even fell below 6,000 points at the end of the morning for the first time since July 15. The awakening of the American markets allowed the index to return to green and close to 6,100 points before ending in the red.
On the eve of a two-day meeting of the American Central Bank, investors hold their breath and fear the measures which must be announced on Wednesday in order to fight against the rise in prices (8.3% in August over one year in the States -United).
The institution chaired by Jerome Powell should once again raise its key rate sharply, the main tool for influencing the acceleration of the rise in prices.
Close to 0% at the start of the year, it is now in a range of 2.25% to 2.50% and a third increase of 0.75 percentage points is expected, although a full point is now not more excluded.
“The problem is that we still do not understand inflation and its dynamics”, explains Sébastien Galy, manager of Nordea AM, stressing that the market is more “addicted to central banks” than to signals on economic activity.
Despite inflation, US consumer demand “remains strong,” he adds. While commodity prices are falling, core inflation, which excludes them, rose again in August in the United States.
This trend continued to push up interest rates for the French State: the 2-year loan, very sensitive to monetary policies, jumped from 1.35% to 1.51%, levels not seen since the summer of 2011, while the 10-year benchmark was at 2.345%, the year-end high being at 2.38%.
The Franco-Austrian laboratory Valneva fell 19.50% to 6.53 euros after detailing the financial consequences of the suspension of production of its anti-Covid vaccine, a decision announced this summer. The group notably ended its partnership with the German IDT Biologika, the subcontractor which produced the active substance of the vaccine, and must compensate it up to around forty million euros. Since the beginning of the year, the price has melted by 73%.
The TF1 and M6 groups, which announced Friday the abandonment of their merger project, respectively sold 2.33% to 6.28 euros and 3.43% to 12.68 euros, ending at the bottom of the table. expanded SBF 120 index. Bouygues, parent company of TF1, lost 0.66% to 28.57 euros.
© 2022 AFP
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