(News Bulletin 247) – The Paris Stock Exchange is extending its rebound initiated at the start of the week. The CAC 40 rebounded by more than 1% as lunchtime approached thanks to an appeasement in the banking sector and the rebound of STMicroelectronics.

Never two without three? The Paris Stock Exchange is currently on track to respect this famous expression. The CAC 40 rebounded 1.2% towards 7,200 points, to 7,173.17 points.

The movement operated by the Paris star index is more frank than that observed the day before. On Tuesday, the Paris star index had indeed posted meager gains of 0.14% while several French banks are in the sights of the National Financial Prosecutor’s Office as part of an investigation for aggravated tax evasion.

The solidity of the banking system is the focus of all attention, even if the climate seems calmer than at the end of last week with the takeover of Credit Suisse by UBS. Moreover, UBS has just announced the return at its head of Sergio Ermotti who will be in charge of steering the merger of the two Swiss banks.

The macroeconomic agenda is sparse on Wednesday. A little earlier in the morning, investors learned of a slight deterioration in the morale of French households, to 81 points in March. This indicator will be followed in the afternoon by current home sales in the United States at 4:00 p.m. and oil inventories at 4:30 p.m.

STMicroelectronics, support from the East

Leading the CAC 40, STMicroelectronics rebounded 5% supported by the excellent prospects displayed by its German competitor Infineon, which soared 7% in Frankfurt. The semiconductor manufacturer also benefits from the strong publication of the American Micron Technology. In its wake X-Fab grew by 3.7%.

Trigano resumed 3.3% after recording a rebound in its turnover in the second quarter. The motorhome specialist also forecasts an increase in sales in the second half of the year with the improvement in its production.

French banks are back on the rise after moving in disorganized fashion the day before. Axa gained 1.7%, Societe Generale appreciated by 1.6%, BNP Paribas rose by 1.5% and Crédit Agricole by 1.3%.

Atos, on the other hand, looses 15.8% while Airbus finally gives up taking a stake in the future “cyber” branch of the digital services company.

Orpea gives another 5.3% the day after a decline of 7.4%.

On the side of the foreign exchange market, the euro is stable at 1.0845 dollars. Oil is up slightly. The barrel of Brent from the North Sea for delivery in May gained 0.3% to 78.37 dollars, while the barrel of American WTI at the same maturity appreciated by 0.6% to 73.62 dollars.