(News Bulletin 247) – The CAC 40 advances to mid-session this Wednesday, as inflation eases in several countries. Kering signs the largest increase in the index.

The Paris Stock Exchange continues on its good trend. The CAC won 0.56% at mid-session on Wednesday at 7360.15 points after having already gained 0.4% the day before.

The market takes note of the confirmation of the easing of inflation in the euro zone. In June the rise in prices was 5.5% in the monetary union against 6.1% in May, according to a second Eurostat estimate consistent with the first.

Inflation in the United Kingdom decelerated in June, to 7.9% over one year against 8.7% in May, according to data from the British Office for National Statistics. “Headline inflation and core inflation (excluding energy and food prices) fell more than expected in June,” Barclays said.

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A waltz of American results that continues

Encouraging signs therefore, while the market was carried the day before by the statements of Klaas Knot, one of the most “hawkish” members of the European Central Bank (ECB), that is to say focused on inflation. and in favor of a restrictive monetary policy. The Dutch central banker estimated that while a rate hike this July was still necessary, further rate hikes thereafter are at most a possibility and certainly not a certainty.

The market will also continue to dissect the results of companies, particularly in the United States where publications are more advanced than in Europe. On Tuesday, the good results of Morgan Stanley and Bank of America (which finished up 6.5% and 4.4% respectively) carried Wall Street.

“Consensus calls for a 9% year-over-year decline in S&P 500 earnings per share, due to stagnant sales growth and margin compression. This is a minor headwind, the season results should be “better than feared”, emphasizes Muzinich & Co.

Featured Kering

As for French stocks, Kering rose strongly (+6.4%), the market welcoming the reorganization of the group and the departure of the CEO of Gucci, which should help give new impetus to the company.

Orange takes 1.6% helped by an increase in the purchase from the Citi bank.

Virbac gains 4.6% after publishing sales up 1.9% excluding currency effects in the second quarter. The group had lowered at the beginning of the month, on the occasion of a warning on results, its annual objectives which had plunged its action.

Nexans takes 5.3% after winning a contract worth more than 1.4 billion euros for the EuroAsia electrical interconnection.

On mid-caps, the dematerialization software specialist Esker is up 9% after raising its growth target following the publication of its second quarter activity.

Conversely, SergeFerrari Group dropped 14%, after having revised its annual outlook downwards, an announcement following the publication of its activity in the first half.

On other markets, the euro gained 0.06% against the dollar at 1.1237 dollars. Oil contracts are progressing a little. North Sea Brent crude for September delivery climbs 0.5% to $80.06 a barrel, while August Brent on New York-listed WTI rises 0.3% to $75.96 a barrel .