2023-06-08 16:29:06
The Paris Stock Exchange ended up slightly up 0.27% on Thursday, having well digested the downward revision to growth in the euro zone and benefiting from a small rate cut before central bank meetings next week.
The star CAC 40 index rose 19.36 points to finish at 7,222.15 points. Over the first four days of the week, however, it dropped by 0.67%.
After a lower opening, the Parisian rating resumed the upward path, accelerating following the publication of the jump in weekly jobless claims in the United States, to their highest level since October 2021.
A less dynamic labor market is seen positively by the American central bank in its fight once morest inflation.
At the start of the session, investors learned that the euro zone had entered a recession this winter, penalized by the decline in consumption under the effect of price increases and by the difficulties of German industry, according to Eurostat data. Over the past two quarters, gross domestic product fell 0.1%, data revised down.
“We are no longer in a cycle of stagnation, which is anticipated by the market”, assured Charlotte de Montpellier, economist at ING.
More importantly, she said, “every economic indicator since then has been bad,” suggesting the trend will continue.
Growth data will be taken into account by the European Central Bank, which meets like the US Federal Reserve next week, but “forward-looking activity indicators are more important”, and the move into recession “does not want say that the institution has completed its cycle of rate hikes” warns Ms. de Montpellier.
Societe Generale (+ 1.17% to 22.88 euros) announced Thursday the conclusion of agreements with two African banking groups to sell them four of its subsidiaries, in Congo and Equatorial Guinea to the Vista group and in Mauritania and Chad. to the Coris group.
It rose more than the other banking groups of the CAC 40, Credit Agricole (+0.76% to 10.93 euros), and BNP Paribas (+0.44% to 57.01 euros).
Automobile-related stocks topped the indices: on the CAC 40, Stellantis gained 1.51% to 15.18 euros, Renault 1.09% to 32.87 euros, Michelin 1.51% to 27 .59 euros. On the broader index, Valeo took 4.79% to 20.77 euros, and signs the best progression of the week so far, Forvia 3.67% to 22.04 euros, Plastic Omnium 2.27% to 15 .79 euros.
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