(News Bulletin 247) – The Parisian index is moving quite clearly in the green this Friday while Totalenergies, one of its largest weightings, is progressing in parallel with oil prices. Conversely, luxury looks dull.
The Paris Stock Exchange is on track to end the week on a good note. The CAC 40 advanced by 0.6% at mid-session this Friday, to 7,434.59 points, and is up 0.35% for the time being over the whole week.
The market is recovering from its drop of 0.52% the day before, investors having been caught off guard by inflation slightly higher than expectations in the United States for the month of December.
“The surprise does not, in our opinion, call into question the downward trend in inflation for the coming months but it remains slow. But it reinforces our conviction that, once inflation has returned below 3% at spring, the final stretch towards 2% could be difficult and take more time”, explains Xavier Chapard of LBPAM.
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Airbus keeps its promises
The CAC 40 is supported this Friday by Totalenergies, one of its largest weightings, the oil company itself being buoyed by surging oil prices. The March contract on North Sea Brent advanced 4.26% to $80.71 per barrel while the February contract on WTI listed in New York gained 4.4% to $75.20 per barrel.
Black gold prices are increasing with renewed tensions in the Red Sea, where the United States and the United Kingdom have carried out airstrikes against the Houthis in Yemen.
Other heavyweights on the Parisian stock market which carry the CAC 40: Airbus, which has clearly exceeded its delivery target for 2023 and is expressing its confidence in the current year.
Conversely, Kering lost 3% and LVMH 1.7% while the British Burberry plunged 9.2% on the London Stock Exchange, after reporting falling sales and having lowered its operating profit target for the financial year. underway for the second time in a few months.
Note that the market will follow this afternoon the publication of bank results in the United States, where JPMorgan, Citi, Bank of America and Wells Fargo will deliver their quarterly accounts.
On the foreign exchange market, the euro lost 0.2% against the dollar to 1.0952 dollars.
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