(News Bulletin 247) – The Parisian index is moving up sharply this Friday, driven in particular by increases in Société Générale and Engie.

The CAC 40 is heading for a faultless performance over the week as a whole. The Parisian index took 1% at mid-session on Friday and has so far signed a fifth consecutive increase and an increase of more than 3% over the week.

“The big story of the past 24 hours has been another round of strong US data, which triggered a massive bond meltdown, pushing Treasury yields to their highest levels since the collapse of SVB bank,” in March. , underlined the strategists of Deutsche Bank, in a note published before the opening of the European market.

In particular, the latest weekly US jobless claims fell to 239,000 (vs. 265,000 expected), marking their biggest one-week drop since October 2021, and ending a streak of five consecutive weekly increases. “, they add.

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Inflation is falling in the euro zone but…

The market also took note of the decline in inflation in the euro zone, falling from 6.1% in May to 5.5% in June. However, this decline is due to the sharp drop in energy prices. Core inflation, excluding energy and food prices, rose slightly to 5.4% from 5.3% in May.

“Overall, nothing in this release should dissuade the European Central Bank from raising interest rates an additional 25 basis points (0.25%) at the July meeting,” Capital Economics said.

To be seen, however, if the PCE index in the United States, the favorite gauge of the American Federal Reserve (Fed), will not change the trend. This indicator will be published at 2:30 p.m. and the economists polled by the wall street journal expect a “core” figure over one year of 4.6% over one year.

Engie and SocGen featured

On the values, green is in order. Engie wins 2.3% after having already gained 4% on Thursday. The energy group raised its earnings forecast for the 2023 financial year thanks to the good performance of its GEMS (Global Energy Management & Sales) activity, its energy asset trading, supply and risk management division.

The day before the group had been carried by its agreement with Belgium on the extension of two nuclear reactors. An agreement which has the virtue of giving visibility to the group on the cost of processing nuclear waste.

Societe Generale advances by 2.5%, benefiting from a change in recommendation from Deutsche Bank which went from “buy” to “hold” on the value.

Genfit jumped 23% and Ipsen fell 0.2%. Genfit has announced positive results from a clinical study conducted in partnership with Ipsen for its lead molecule in a rare liver disease.

Casino continues its descent into hell (-14.5%) after having already lost 32.3% the day before, while the group warned on Wednesday evening that in any case its financial restructuring would result in a mega-dilution for its shareholders .

On the other markets, the euro lost 0.2% against the dollar at 1.0844 dollars. Oil prices are creeping up. The North Sea Brent contract for September delivery is up 0.4% at $74.82 a barrel, while the August contract on New York-listed WTI is up 0.4% at $70.14 the barrel.