(News Bulletin 247) – The Paris Stock Exchange saw its gains crumble at the end of the session. The CAC 40 ended up a symbolic 0.06% on Friday evening. But on a weekly basis, the gains of the Paris star index are much more marked (+3.7%).
On the string. Up 0.3% at lunchtime, the CAC 40 did not offer investors, mostly absent on this July 14 holiday, fireworks. The star index in Paris finally ends around equilibrium (+0.06%). Crossing the threshold of 7400 points was therefore not within reach of the Parisian index, which ended its race at 7374.54 points on Friday evening.
Regardless, the progression of the day allows the CAC 40 to post gains of 3.69% at the end of a perfect week. Moreover, it made its best weekly gains since the end of March (+4.38%).
After a terrible previous week, the Parisian index was boosted on Tuesday by the announcement of potential new stimulus measures in China. Then, favorable signals on the direction of prices in the United States took over from the rise on Wednesday and Thursday.
“To say the least, the market has been in good spirits this week, thanks to good inflation data, lower market rates and a broadening of investor interest in d “other actions” than the big names in technology, summed up Art Hogan of Briefing.com, quoted by AFP.
If in Paris the news is sparse on this holiday in France, in the United States, on the other hand, the results season is starting well, especially on the side of the banks. JPMorgan, Wells Fargo and Citigroup published quarterly accounts that exceeded expectations. The insurer UnitedHealth also gave complete satisfaction.
The US consumer confidence index for July was also on the agenda for the day. And it came out higher than expected, at 72.6 this month after 64.4 in June. The morale of American households has therefore been in good shape for nearly two years. But one component should be watched, that of 1-year inflation expectations which rose to 3.4% while the market was anticipating 3.1% and after 3.3% in June. However, the US Federal Reserve is closely monitoring this component, which almost jeopardized the perfect week on the Paris Stock Exchange. Just like the sharp decline in TotalEnergies which fell 2.6% on Friday evening, with the fall in oil prices.
Vallourec and sought-after luxury
Among the rare news of the day in Paris, however, we can cite Vallourec, which is limiting its gains to 1.85%, due to the pumping up of black gold prices. In terms of good news, the group of seamless steel tubes announced Thursday evening that it anticipates results for the second quarter of 2023 “likely to be higher than its expectations”.
Luxury stocks were also well prepared to progress, while Burberry published sharply higher sales in the first quarter, particularly driven by China. Leading the CAC 40, LVMH and Hermès took advantage of this to gain 1.7% and 1.7% respectively. .6%.
Air France-KLM lost 1.8% while the American fund Apollo will inject 500 million euros into the engineering and maintenance components subsidiary of the Franco-Dutch airline.
On the other markets, the euro rose 0.1% against the dollar to 1.1238 dollar, due to market expectations of a less strict policy in the United States. Oil contracts, they started to fall again, under fears about the demand for black gold. The September contract on Brent from the North Sea fell 1.3% to 80.33 dollars a barrel while that of August on WTI listed in New York fell 1.4% to 75.84 dollars a barrel.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.