The Paris Stock Exchange erased, on Tuesday, its rebound from the day before, carried out while the American markets were closed for Martin Luther King Day. Their reopening, marked by the new surge in bond yields, puts the focus of attention on the prospect of a normalization of the Fed’s monetary policy this year, which particularly affects the shares of companies that are paying dearly on the stock market. , such as those in the luxury and “tech” sectors.
Faced with inflation, the US central bank has increasingly hinted in recent days that there will be four interest rate hikes this year in the United States. In anticipation, bond yields are already rising. That of ten-year sovereign debt surged to more than 1.85% this morning, the highest in two years.
the Bedroom 40 ends down 0.94%, at 7,133.54 points, while the major indices on Wall Street lose between 1.5% and 2%.
Goldman Sachs plunged 8% on the Dow Jones. The bank published quarterly results below expectations for the fourth quarter of 2021. Earnings per share came to 10.81 dollars, against 12.08 expected by analysts, affected in particular by the drop in trading income and the increase salary costs. Conversely, on the S&P 500, Activision Blizzard jumped 28% as Microsoft bought the video game publisher for $68.7 billion. In Paris, Ubisoft (+12%) largely benefited from this on the SRD.
Oil prices at their highest in seven years
On the CAC 40, LVMH and Kering dropped around 1.5%. %. Morgan Stanley analysts admittedly remain “cautiously confident” in the sector’s medium-term sales and earnings outlook. But risks remain, in particular that of a weakening of demand in China in the first quarter.
In the technology sector, Worldline gave up almost 4%. Teleperformance lost almost 3%.
The Cac 40 would have won more without the support of TotalEnergies (+1.5%), which benefited from the rise in oil prices, at their highest since autumn 2014. The barrel of Brent from the North Sea crossed the 88 dollar mark alone, due to a strong demand and a production that is still constrained. Goldman Sachs analysts see oil prices reaching $100 in the third quarter as the market remains tight in terms of supplies.
Apart from the Cac 40, OVHcloud increased by more than 6%. Goldman Sachs raised its price target from 24 to 26.40 euros, while Citi raised its target from 28 to 33.