2023-09-25 08:27:06
The CAC 40 index was stable at 7,188.75 points (+4.03 points compared to Friday’s close) around 10:00 a.m. On Friday, it lost 0.40% over the session and 2.63% over the week.
“American markets seemed particularly vulnerable after last week’s meeting of the Federal Reserve, which was firm, during which the American central bank revised upwards” its key rate forecasts for 2024, comments Michael Hewson, analyst at CMC Markets, recalling that “a more resilient American economy” reinforces “the mantra” of “higher for longer”.
On Friday, the president of the Boston branch of the Federal Reserve, Susan Collins, drove home the point by assuring that “a further tightening (was) clearly not ruled out”.
Investor morale is further tainted by the risk of “shutdown” in the United States, where the 2024 budget must be adopted by Congress before October 1, otherwise its administration will be paralyzed.
The strike by employees in the American automobile sector is also being monitored and is also worrying the markets.
A few macroeconomic indicators are on the agenda for the week, but it will mainly be the inflation figures for several countries that will capture the attention on Thursday and Friday.
The President of the European Central Bank (ECB) Christine Lagarde will also speak to the European Parliament on Monday afternoon.
Juicy contract for Valneva
The Franco-Austrian pharmaceutical group Valneva announced in a press release on Monday the signing of a $32 million contract with the US Department of Defense for the supply of its vaccine against Japanese encephalitis.
Its action rose 2.72% to 6.05 euros.
Kering stumbles
Kering shares fell 1.91% to 451.70 euros, the worst performance of the CAC 40, after a note from Bank of America which downgraded its recommendation on the stock.
Its Gucci brand unveiled the first collection of its new artistic director Sabato de Sarno on Friday, which constitutes a “good starting point for a new design chapter”, according to RBC analysts.
American strike at Stellantis
In the United States, the president of the powerful United Auto Workers union announced on Friday the extension of the strike at manufacturers General Motors and Stellantis (-0.55% to 18.18 euros), due to lack of progress in negotiations.
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