(News Bulletin 247) – The Parisian index gained a little ground at mid-session this Tuesday while President Xi must discuss with Chinese regulators the recent rout of local markets.
Chinese markets do not overlap greatly with their European counterparts. The CAC 40 recorded a contained increase, of 0.5% to 7626.95 points, this Tuesday afternoon.
This progression is not as spectacular as the jump recorded this Tuesday morning by the CSI 300, an index which brings together the large capitalizations of the Shenzhen and Shanghai markets, with an increase of 3.5%.
Chinese indices were buoyed by Bloomberg reports that President XI Jinping would meet Chinese regulators on Tuesday. “While it is unclear whether Xi’s meeting will result in further support measures, market participants hope this time will be different,” the agency writes.
For Deutsche Bank this information demonstrates the “seriousness of the situation”. Since the start of the year, the Chinese markets have been in total agony, with the CSI 300 losing 3.5% over the whole of 2024 and 19% over one year.
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Totalenergies supported by BP
Outside of China, the session is driven by the results of companies in Europe. The British BP advances 5.5% on the London Stock Exchange, driven by results above expectations and the announcement of a $3.5 billion share buyback program over the entire first half of 2024 .
In its wake, Totalenergies gained 2% and recorded the strongest growth in the CAC 40. The French group will publish its annual results on Wednesday morning.
Otherwise the variations are contained on the Parisian index. The biggest drop remains minimal, with Renault falling 0.9%.
On the smaller capitalization side, the composite materials specialist Altheora jumped 83%. The company announced that it had been selected by a major automaker to prototype the truck of the future.
On other markets, the euro is almost stable against the dollar at 1.0737 dollars. For its part, oil is moving forward a little. The April contract on North Sea Brent rose 0.8% to $78.57 per barrel while the March contract on WTI listed in New York gained 0.7% to $73.26 per barrel.
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