(News Bulletin 247) – The Parisian index is moving up sharply at mid-session on Monday after dropping nearly 1.8% on Friday. Led by Goldman Sachs, Michelin stands out within the index.
After having lost more than 2% last week, and nearly 1.8% on Friday, the CAC 40 is rebounding on Monday. The Parisian index advanced 1.6% to 7,302.64 points at mid-session, narrowly returning above 7,300 points.
On Friday, the surprise rise in the PCE index, the Federal Reserve’s favorite gauge for measuring inflation, had investors seized up, hurting hopes of an imminent end to the hikes in the US central bank’s key rates.
But, like the other European markets, the Parisian index is driven by cheap buyouts in this first session of the week. Michael Hewson of CMC Markets notes that on Friday night US indices managed to rebound from lows.
The financial intermediary considers that this rebound from technical supports is enough to justify a rise in European markets on Monday.
Michelin at the top of the list
During this week, investors will have to watch the inflation publication for the month of February for France, Germany and the euro zone. Company publications will still be relatively numerous, with in particular, on the CAC 40, Veolia, on Thursday.
In the meantime, green is clearly in order for the CAC 40. Struggling in recent sessions, Worldline has taken up 3.2%. Michelin for its part, advanced 3.2% also supported by an increase in advice to purchase by the bank Goldman Sachs.
Conversely, excluding the CAC 40, the Luxembourg satellite operator SES fell by 8% due to disappointing forecasts.
The green chemistry group Metabolic Explorer jumped 19% after announcing the completion of its financing plan to ensure its activity for 2023 and 2024.
On the other markets, the euro is stable against the dollar at 1.0561 dollar. Oil prices are giving up some ground. The contract on Brent from the North Sea for delivery in April dropped 0.3% to 82.54 dollars a barrel and that on WTI listed in New York for the same term lost 0.2% to 76.15 dollars a barrel.
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