(News Bulletin 247) – The CAC 40 is losing ground this Monday and is close to falling back below 8,000 points. The market will notably await the publication of American inflation on Tuesday.
The Paris Stock Exchange is breathing a little, after pushing back its historic highs several times last week. The CAC 40 lost 0.14% to 8,016.61 points at mid-session this Monday.
The Parisian index suffered like other stock markets from the poor closing, Friday evening, of the technology compartment of Wall Street, the Nasdaq having finished down 1.16% and the futures contract on the Nasdaq 100 is currently dropping 0, 3%. Nvidia lost 5.6%, its biggest drop since May 31, according to Bloomberg.
“In 2000 years, I’m not sure $250 billion has ever been wiped out of a stock in 3 hours. That’s what happened to Nvidia on Friday: the stock went from being up about +5% to a drop of -6.5% intraday before closing at -5.55%,” said Jim Reid of Deutsche Bank.
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“The market remains dominated by a wind of optimism, based in particular on the possibility of a relaxation of the monetary conditions of the major central banks. Nevertheless, as we indicated recently, the sharp rise in the stock markets since the beginning puts the market at risk of possible corrections, because a lot of good news is, in our opinion, in the price”, develops Sebastian Paris Horvitz of LBPAM.
This week, the market is especially awaiting the release of inflation figures in the United States for the month of February, Tuesday afternoon.
On the values side, SMCP stands out. The stock rose 8.9% after company executives purchased shares on the market, which sends a positive signal about the future of the stock which has suffered greatly from inflationary pressures.
Sanofi gains 0.8%, the action being slightly supported by positive results of a phase II clinical study evaluating one of its future blockbusters whose sales potential is estimated at more than 5 billion euros in cruising speed by the pharmaceutical group.
On other markets, the euro is stable against the dollar at 1.0944 dollars. Oil is falling a little. The May North Sea Brent contract fell 0.3% to $81.81 per barrel. That of April on WTI listed in New York lost 0.4% to 77.69 dollars per barrel.
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