The Paris Stock Exchange rebounded on Thursday following two sessions of decline in a row. The Cac 40 gained 1.27%, to 6,500.44 points, in a very low trading volume of 2.6 billion euros, British investors being on leave for the jubilee of Queen Elizabeth II.
The flagship Parisian index, well helped by the gain of nearly 5% in Saint-Gobain, withstood the decline on Wall Street. The Dow Jones notably lost 0.2% following the earnings warning issued by Microsoft, which lost 2.5%. The software giant has warned that its accounts for the current quarter will be lower than analysts’ expectations, penalized by the rise in the dollar. Gafam’s “M” now expects revenues of between 51.94 and 52.74 billion dollars, once morest 52.4 to 53.2 billion previously. The profit forecast is reduced to 2.24 to 2.32 dollars per share, once morest 2.28 to 2.35 dollars previously.
The courses of oil return to equilibrium, at more than 116 dollars a barrel, following falling following information from the Financial Times that Saudi Arabia might increase its production to compensate for any inability of the Russia to increase its pumping due to Western sanctions. OPEC+ oil ministers, who met today by videoconference, decided to raise production by almost 50% to 648,000 barrels per day in July and August, once morest 432,000 in the previous month, according to reports. sources quoted by the Bloomberg and Archyde.com agencies. Sources within the cartel told Archyde.com that the organization was trying to make up for the drop in Russian oil production, which fell by around a million barrels a day following Western sanctions once morest Moscow.
Jamie Dimon expects an economic ‘hurricane’
On the macroeconomic front, the American private sector created 128,000 jobs in May, the lowest figure since April 2020, at the height of the pandemic pandemic, according to the ADP Employer Services survey, once morest 300,000 anticipated by the consensus formed by Bloomberg. Registrations at unemployment on the other hand, fell from 11,000 to 200,000 last week, once morest an estimated 210,000.
The yield on the 10-year US bond is trending slightly to 2.92% following suffering a strong sell-off the day before. On Wednesday, the boss of JPMorgan Chase, Jamie Dimon, advised investors to prepare for a ” hurricane “ economic and warned that the war in Ukraine should keep the pressure on raw materials. He also warned of the risk of renewed market volatility as the Federal Reserve began the process of reducing the size of its balance sheet by letting the bonds it holds mature without replacing them.
Saint-Gobain confirms
Biggest increase in the Cac 40, Saint-Gobain confirmed anticipate record operating income and a double-digit margin for the first half of its 2022 fiscal year. Over the first six months of the year, “the group expects the operating result to exceed the record level of the first half of 2021 and the operating margin to reach a double-digit level”he said in a statement.
On the SRD, Remy Cointreau gained 4.9%, supported by annual results qualified as “ reassuring by Morgan Stanley. The spirits group was once more confident regarding the financial year which will end at the end of March 2023, following achieving “record” results during the 2021-2022 financial year. He always foresees a strong start to its activity in the first quarter despite a very high basis of comparison and a context marked by the pandemic in Chine “. In its wake, Pernod Ricard climbed 2%.
