(News Bulletin 247) – The Paris Stock Exchange is opting for caution before the publication of crucial figures relating to prices in the United States on Wednesday and the ECB’s monetary policy decision on Thursday. The CAC 40 is down slightly at mid-session.
The Paris Stock Exchange consolidated the day after an increase of 0.5%. The CAC 40 fell 0.10% to 7,270.98 points on Tuesday at midday.
The direction of the Parisian flagship index demonstrates the caution of operators at the start of a busy week of major events. The markets are feverishly awaiting the inflation figures in the United States which will be revealed on Wednesday.
A consensus put forward by Reuters forecasts a resumption of consumer price inflation (CPI) in the United States in August, to 0.6% month-on-month and an increase of 3.6% year-on-year Basic inflation, known as “core” CPI, is expected to slow its progression to 4.3% over one year.
However, the probability that the American Federal Reserve will maintain its rates at the end of its meeting on September 20 reaches 93%.
In the eurozone, debates on the direction of the European Central Bank’s monetary policy will intensify as the institution delivers its verdict. The task will not be easy for the monetary institution. It will have to choose whether to continue its monetary tightening movement despite an economic slowdown in the zone, or to pause despite inflation significantly higher than its objectives.
The President of the ECB, “Christine Lagarde, could be tempted to raise interest rates one last time to control inflation, but the decision will not be easy,” explains John Plassard, investment specialist at Mirabaud. According to a Reuters survey, a majority of economists expect a status quo on rates.
SES-imagotag and OSE Immuno stars of the day
On the value side, Vallourec increased by 0.8%, the specialist in seamless tubes indicated ahead of a day dedicated to investors that it could resume paying a coupon as soon as it was deleveraged, in 2025 normally. The group also reveals its ambitions in new energies.
On the broader SBF 120 index, it is SES-imagotag which is in the lead thanks to a strong increase of 9.3%, investors appreciate the strong progression in the half-year results of the specialist in electronic labels.
But the biggest increase in the Parisian index goes to OSE Immunotherapeutics which soars by almost 60% after announcing positive data for its vaccine against advanced lung cancer.
Rallye plunges 15% while the Financial Markets Authority imposed a financial penalty of 25 million euros on the parent company of the Casino group, accusing it of having disseminated false or misleading information.
On other markets, the euro returned 0.3% to 1.0720 dollars. Oil is on the rise again. The November North Sea Brent contract gained 0.8% to $91.33 per barrel, while the October contract appreciated 0.9% to $88.06 per barrel.
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