2023-05-12 09:14:00
The Paris Stock Exchange is on course for an increase this Friday, the Cac 40 flirting with an increase of 1%, to 7,453.89 points, driven mainly by its banking components and by the luxury sector, itself supported by the 7% increase in Richemont in Zürich. The owner of the Cartier jewelry house unveiled record annual sales, up 19%, thanks to the recovery observed in Asia in the last quarter. As for the result, it jumped 60% on the basis of the scope retained. Figures above consensus expectations. Dry gagne 2,1%, Hermesto new all-time highs, gained 1.7% and LVMH 1,6%.
All the banks grew by more than 2% in Paris, including Societe Generalewhich posted better-than-expected results, thanks to a more pronounced decline in the cost of risk than expected and thanks to interest rate, credit and foreign exchange activities.
Scor leads the SRD
But it’s Scor which is the bargain of the day, up more than 8%. The reinsurer has generated some 311 million euros in profits in the first quarter, twice as much as expected by the FactSet consensus and compared to a loss of 35 million a year earlier. Market conditions were more favourable, thanks in particular to an increase in prices.
A l’inverse, JCDecaux lost 5% despite a rebound in activity at the end of March for the urban development specialist, which is also aiming to accelerate its organic growth in the second quarter. The recovery is only gradual in China. Soitec, downgraded by JP Morgan to “underweight”, fell by 7.6%.
For the moment, the Cac 40 thus manages to show a slight weekly progress of 0.3%, after two weeks of consolidation. Yesterday, the Dow Jones fell 0.66%, but the Nasdaq Composite was down 0.18%. But index futures contracts suggest a rebound this afternoon, around 0.3% to 0.5%.
The balance sheet, from one Friday to the next, will nevertheless depend on the publication, in the afternoon, of a statistic in the United States, with the consumer confidence index according to the University of Michigan. The numbers will be important as these are the first (preliminary data) of May. Pay particular attention to the one-year inflation component, expected to decelerate to 4.4% over one year, against 4.6% for April.
Little progress on the US debt ceiling
Nothing to expect, on the other hand, concerning the American debt ceiling, the new meeting between Joe Biden and the Democratic and Republican leaders with a view to trying to reach an agreement to prevent the government from being unable to honor its invoices having been moved to next week. Nevertheless, members of Congress and administration officials held talks yesterday to assess the parameters of an agreement that would raise that debt ceiling and enact new spending limits. They focused in particular on the use of unspent Covid aid and new impositions for the coming financial year.
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