(BFM Bourse) – The Paris Stock Exchange was not very inspired on Monday. THE CAC 40 closed not far from equilibrium at the start of a week that promises to be packed with economic news and corporate results in Europe and also in the United States.
The Paris Stock Exchange takes a breather at the dawn of a week that promises to be busy both in terms of economic indicators and in terms of corporate publications. THE CAC 40 oscillated around the balance to close this session without relief, down a symbolic 0.04% to 7,573.86 points.
The Paris star index still set a new all-time record in session at 7,581.26 points, shortly before 2:00 p.m. But for all that, the market is showing a certain wait-and-see attitude, while there will be many company publications this week, around fifteen groups from the CAC 40 publishing either their turnover or their financial results this week. The ball will also accelerate on the side of the United States where Microsoft, Amazon or even Alphabet will reveal their quarterly accounts.
“This week, it is the American technology giants that will set the tone of the exchanges”, summarizes Naeem Aslam, of Zaye Capital.
Waiting for; market operators took note of the Ifo index, which measures the confidence of German investors. This index continued to improve to stand at 93.6 in April after reaching 93.2 the previous month. “The investigation provided further evidence that the area’s economy euro has not been affected by the recent banking turbulence”, consider the economists of Capital Economics.
For the other days to come, “consumer price data from Germany, France and Spain will give a clear idea of the success of the tightening [de politique monétaire] from the European Central Bank so far – while taking into account that monetary policy works with a lag and that the recent banking turmoil may have a role to play in the future – while the GDP figures for the European Union will tell us how the economy has fared in the first quarter in light of what has been done so far,” added Craig Erlam of Oanda.
LVMH shines, Orpea dives
On the value side, LVMH (+0.1%) recorded a new historic peak in session at 904.60 euros, allowing it to exceed 500 billion dollars in capitalizationa first for a European company.
Biggest rise in the SBF 120, Getlink (+4.2%) benefited from a recommendation upgrade from Goldman Sachswhich moved to “buy” versus “neutral” previously.
On the other hand, Orpea fell 11.2%, while its board of directors refused to hold a general meetingthus dismissing a request from minority shareholders who wanted to express their dissatisfaction with the heavy restructuring of the company.
Casino lost 1.6% as Czech businessman Daniel Kretinsky submitted a proposal with the project of a capital increase of 1.1 billion euros to bail out the distribution group (including 750 million by his own company). In view of the capitalization of the group (700 million euros) this operation would create a heavy dilution for the existing shareholders. But the title stands.
In other markets, theeuro lost 0.6% against the dollar at 1.1024 dollars. Slightly down at mid-session, oil prices are gaining ground. The contract on the Brent from the North Sea gained 1% to 82.27 dollars a barrel while that on the WTI listed in New York appreciated by 0.9% to 78.59 dollars a barrel.
Sabrina Sadgui – ©2023 BFM Bourse
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