2023-08-31 08:11:08
The star CAC 40 index rose by 0.22% or 16.04 points to 7,380.44 points around 9:50 a.m. The day before, the Parisian rating failed to end a fourth consecutive session on the rise and lost 0.12%.
Since the beginning of the month, the index has lost around 1.5%.
The consumer price index in France rose 4.8% year on year in August, a sharp rebound from July when inflation stood at 4.3%, according to a first estimate released on Thursday by INSEE.
This figure is in line with the expectations of analysts polled by data provider Factset.
The acceleration in the rise in prices observed in August – the first since April – is explained by “the rebound in energy prices” with in particular the 10% increase in the regulated electricity tariff in August 1, details the National Institute of Statistics and Economic Studies.
On Wednesday, initial inflation figures in euro zone countries showed a further acceleration in Spain to 2.6%, and a timid decline in Germany to 6.1%.
The headline Consumer Price Index figure for the Eurozone will be released at 11:00 a.m. (09:00 GMT)
The interest rates of the debts of the European States “were slightly stretched during the session of Wednesday after the publication of the German and Spanish inflation figures which were higher than the expectations”, note the analysts of Natixis CIB Research.
“The probability of a rate hike for the European Central Bank meeting in September has therefore risen above 50%,” they add.
The PCE index for July in the United States, the inflation indicator favored by the American central bank, is also on the agenda for the session.
The latest signs of a cooling U.S. labor market have given market participants confidence in a pause in rate hikes by the U.S. Federal Reserve (Fed), which has allowed bond interest rates to relax this week and Wall Street to conclude four sessions up since the beginning of the week.
Pernod Ricard affected by the exchange rates
The French spirits group Pernod Ricard published record results for its staggered 2022/23 financial year (ending at the end of June), with in particular a net profit up 13%, to 2.26 billion euros.
Its action fell 3.24% to 188 euros, however, as investors were surprised by the unexpected impact of currency effects. They had expected a net profit slightly higher than the publication of Pernod Ricard.
Eramet restarts
The French mining group Eramet announced on Wednesday that its activities in Gabon would gradually resume after a military coup in the country targeting outgoing President Ali Bongo.
After a fall of 16.5% on Wednesday, its title recovered 9.83% to 69.85 euros on Thursday.
TotalEnergies EP Gabon, a company in which TotalEnergies owns 58.28% and the Gabonese Republic 25%, also rose 3.54% to 163.80 euros. And Maurel & Prom, a French hydrocarbon producer present in Gabon, gained 6.03% to 4.43 euros.
Solid Eiffage
The construction group Eiffage announced net profit up 10.7% to 392 million euros in the first half of 2023, against 354 million last year, and confirmed its profit forecasts for the full year.
These results, just in line with the forecasts of analysts polled by Bloomberg, did not convince investors. The title lost 1.87% to 92.24 euros.
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