The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange opened in balance on Monday, awaiting several publications this week, with investors turning to the first rate cuts from central banks which could arrive in 2024.
Around 9:50 a.m., the flagship CAC 40 index gained 4.27 points (+0.06%) to 7,297.07 points. On Friday, it ended with a weekly gain of 0.81%.
As the end of the month approaches, the CAC 40 recorded a monthly increase of almost 6% at this stage of the session, its best performance since January.
This trend is linked to “growing expectations that central banks could begin to reduce their rates quite early in 2024,” comments Michael Hewson, analyst at CMC Markets.
Since mid-November, the markets have been reassured by the trajectory of American inflation, which, in October, stood at 3.2% over one year compared to 3.7% in September.
This slowdown is seen as good news for investors, in the wake of the monetary policy carried out by the American central bank (Fed), which raised its rates to a range of 5.25 to 5.50%, their highest level for 22 years, with the aim of reducing inflation.
Several macroeconomic publications are expected this week.
On the agenda for Monday’s session are the hearing of the President of the European Central Bank (ECB) Christine Lagarde before the European Parliament (3:00 p.m.) as well as the publication of the number of new home sales in October in the United States ( 4 p.m.).
On Tuesday, investors will be attentive to the publication of the evolution of credits to the private sector, as well as the morale of German consumers. At 4:00 p.m., all eyes will be on the United States for consumer confidence in November, as well as the speech by Chicago Fed President Austan Goolsbee.
On Wednesday, inflation figures in Germany will be published, on Thursday, inflation in the United States will be expected, as well as inflation figures in the Eurozone.
On Friday, economic activity indicators are expected in China, the euro zone, the United Kingdom and the United States.
Casino revises its copy
The distributor Casino (+1.24% to 0.74 cents), pending the restructuring of its debt and its change of majority shareholder, confirmed on Monday that it was studying the sale of super and hypermarkets beyond an agreement providing for the sale of 119 stores to the Les Mousquetaires/Intermarché group.
Casino also announced the purchase, for 10 million euros, and from Grupo Pao de Acucar (GPA), of a Luxembourg company, CBD Luxembourg Holding, holding “indirectly 34.0% of the capital of Cnova”, the parent company of the e-retailer CDiscount. The operation brings “Casino’s stake in its online sales subsidiary to almost 99%”.
Veolia will sell SADE
The Veolia group (+0.71% to 28.42 euros) announced Monday that it had reached an agreement with the public works company NGE to sell its engineering subsidiary SADE to it for a sum of up to €260 million. euros.
Green light for Valneva
The European Medicines Agency (EMA) has given a favorable opinion on the marketing of a vaccine against chikungunya from Valneva (+3.27% to 5.38 euros), already approved on November 10 in the United States. United, according to a press release published Monday by the manufacturer.
© 2023 AFP
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