The spectacular “recovery” of the Cac 40 propels him above 6,000 points

Is this the beginning of the “recovery”? After a fall of nearly 6% in September, the Paris Stock Exchange has just begun a spectacular recovery, gaining 6.4% in three days, including 4.24% on Tuesday, to return above the 6,000 point mark. , at 6,039.69 points. This is his best daily performance since March 9. As for the volume of business, it totaled 4 billion euros.

While investors are keeping the many issues of current concern in the back of their minds (inflation, recession, British crisis, Credit Suisse’s setbacks, etc.), they have also seized on the pretext of poor activity figures in the United States. United to be reassured. Specifically the ISM manufacturing index. Lower than expected, it fell from 52.8 in August to 50.9 in September, suggesting growth in gross domestic product (GDP) of only 0.5% year on year. ” Weak activity is helping to ease shortages, however, with indices of supplier delivery times and prices paid having fallen so much that they are now well below their pre-pandemic averages. says Michael Pearce, Senior US Economist at Capital Economics.

A less offensive Fed?

On the stock market, what is in theory bad news is analyzed as good news, as it potentially means a less aggressive strategy by the US Federal Reserve (Fed) in the months to come. ” It is the opposite of the phenomenon ‘good news is bad news’ weeks, when strong data was seen by investors as providing more scope for the Fed to continue its rate hikes”, confirms Jim Reid at Deutsche Bank. ” US data reflects early signs of Fed tightening success and suggests FOMC may not need to be more aggressive (…), continues Stephen Innes of SPI Management. [Il est encore tôt et, ndlr] the modest quality of the rebound in US equities does not make a trend. »

Monday, the Dow Jones jumped nearly 2.66%, marking its best day since June 24, while the S&P500, which is a benchmark for managers, gained 2.59%, its best performance since July 27. the Nasdaq Composite took about 2.3%. The upward trend continued on Tuesday, in a similar magnitude, at a time when European markets closed their doors, while, on the bond market, the yield on the American 10-year bond extended its decline to 3.583%, against more than 4% last week.

M6, nightmare on the stock market

All components of the Cac 40 have gained ground, Axa, Alstom and EssilorLuxottica rising to around 7%. The values ​​of the tech (STMicroelectronics, Capgemini and Dassault Systems) and those of luxury (LVMH, Kering) also performed well, as did Saint Gobain (+4.67%). The building materials specialist, which claims to be the “world leader in sustainable construction”, would be about to sell Jewson, its British construction materials distribution subsidiary. The operation could earn him more than £1 billion, according to sources quoted by the Bloomberg news agency.

Apart from the Cac 40, it’s downfall for M6 (-10.84%). RTL Group, a subsidiary of the German media group Bertelsmann, has thrown in the towel, drawing a line under its proposed sale of its 48.3% stake in M6. Finally, among the analysts’ notes, Barclays raised its recommendation on Sodexo (+5.1%) from “underweight” to “overweight” and raised its target price from 81 to 90 euros.

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