2023-10-13 08:17:06
Paris (AFP) – The Paris Stock Exchange opened lower on Friday, further hampered by the publication the day before of a key inflation indicator in the United States, while investors’ attention gradually turns to the major American banks who publish their results.
Published on: 13/10/2023 – 10:17
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The flagship CAC 40 index fell around 10:00 a.m. by 0.20%, or 15.16 points, to 7,089.37 points. Thursday, the Paris Stock Exchange dropped 0.37% at the close, to 7,104.53 points, slowed down by the publication of the consumer price index (CPI) which remained stable at 3.7% in the United States in September. , while analysts expected a slight slowdown to 3.6%.
In the wake of the American central bank’s (Fed) objective of reducing inflation to 2%, these figures “are not the most encouraging that the Fed might dream of, but they are not too worrying either” , summarizes Sebastian Paris Horvitz, research director of LBP AM.
However, the “current dynamics of growth and inflation” within the world’s leading economic power, “should make it maintain a discourse aimed at maintaining restrictive monetary conditions for a certain time”, continues the economist.
Investors also turned their attention to China’s inflation figures released overnight. The CPI in China stood at 0.0% year-on-year last month, according to the National Bureau of Statistics (NBS), while analysts surveyed by the Bloomberg agency anticipated a rebound in prices for September (+ 0.2%).
The world’s second largest economy therefore narrowly avoids deflation, but many analysts do not rule out a relapse in the months to come.
“Investors’ attention will now turn to today’s results, because the major American banks will kick off the results season in a few hours,” underlines Ipek Ozkardeskaya.
The results of banks JP Morgan Chase, Wells Fargo and Citigroup will be published before the opening of Wall Street, at 3:30 p.m. (Paris time).
Alstom stable
The rating agency Moody’s Investor Service maintained Alstom’s credit rating on Thursday (following market) but lowered its outlook to “negative”, bringing the company even closer to the speculative category.
Alstom gained 0.11% to 13.29 euros. Since the start of the year, the stock is down around 41% following dropping more than 37% on October 5.
BioMérieux steps back
The French specialist in the detection of infectious diseases bioMérieux announced that it had obtained compliance with European rules, evidenced by the “CE” marking, for its “blood test for the evaluation and management of patients suffering from head trauma light,” according to a press release Friday. The announcement was not enough to lift the group’s shares, which fell by 1.18% to 90.64 euros.
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