The Paris Stock Exchange rose 1.04% on Friday, completing its seventh week of gains, as oil prices fell on concerns regarding global economic conditions.
The star CAC 40 index rose 68.34 points to 6,644.46 points, following two sessions in decline. Over the week as a whole, it gained 0.76%, a modest gain which allows it to climb back close to a high since April 2022.
Investors are currently watching all the news through the prism of central banks and their hopes of seeing them change the direction of their monetary policies, which are currently very restrictive to fight once morest inflation.
The rise in key rates will continue, reaffirmed Christine Lagarde Friday in a speech in Frankfurt. The President of the ECB has in fact estimated that the recession which threatened the euro zone would not be sufficient to stem the rise in prices.
Despite these “relatively aggressive statements” from the President of the European Central Bank, “the indices have held up rather well”, is surprised Alexandre Baradez, analyst at IG France.
At the same time on the oil market, hydrocarbon prices have lost around 10% since the beginning of the week, the benchmark American barrel has fallen below the 80 dollar mark for the first time since the end of September. Investors are worried regarding a resurgence of covid-19 cases in China, in addition to a depressed global economic panorama.
“The fall in oil is an explanation” for the rise in the indices on Friday, according to Mr. Baradez, but he warns that “the market is perhaps a little too confident and might return its gains next week”.
On the securities side, the French call center giant Teleperformance will cease its shocking content moderation activities for major internet platforms, following a controversy over working conditions in Colombia which led to its stock market crash last week. .
The title took 3.65% to 224.50 euros, the best progression of the CAC 40, even if it has not yet recovered all its losses following its fall of 30% in one session.
“As a listed company”, Teleperformance “has always taken into account the opinion of its shareholders”, the company wrote in a press release.
In contrast to the flagship index, the shopping center giant Unibail-Rodamco-Westfiel, whose recommendation was revised downwards by Goldman Sachs analysts, fell 1.19% to 51.50 euros.
Concerns regarding consumption caused the company to lose 7% on the stock market this week, among the worst performances of the CAC 40.