(News Bulletin 247) – The Paris index fell slightly at mid-session this Thursday. Kering rebounded, supported by an analyst.

The Paris Stock Exchange is struggling to get off on the right foot. This Thursday at mid-session, the CAC 40 is still falling, losing 0.4% to 7,578.20 points.

“The markets remain relatively cautious (…) the end of the week should be more lively with the inflation figures” in the United States and in the Eurozone “published on Friday, before switching to the French elections”, underline the analysts of Natixis, quoted by AFP.

“We expect market volatility to remain elevated in Europe during the second half of the week as investors await further macroeconomic developments brought by key macroeconomic data in the United States, with the focus on the latest publication of inflation (PCE) on Friday”, considers Pierre Veyret, analyst at Activtrades.

The PCE index is the US Federal Reserve’s preferred gauge for measuring inflation.

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OVH and Kering stand out

In terms of monetary policy, the governor of the Slovak central bank, Peter Kazimir, indicated that the European Central Bank could carry out a further rate cut this year.

For now, business news is more clearly dominating the session. OVHcloud jumped 9.9% after delivering growth “slightly above expectations” in the third quarter, according to Oddo BHF.

Euroapi fell by 2.3%. The former subsidiary of Sanofi detailed its strategic plan and in passing lowered its outlook for 2024 which had been suspended since March and the shutdown of a production site in Italy.

Stellantis lost 4.3%. In a note published this Thursday, HSBC warned that sales volumes and low destocking in the United States suggest that the first half of 2024 will be more difficult than the consensus expects. Renault lost 2.4%.

On the other hand, Kering gained 5.3%, supported by Bank of America, which upgraded the stock to buy from “underperformance” previously. Conversely, Dassault Systèmes lost 1.9% while Deutsche lowered its recommendation to “hold” from “buy”.

On other markets, the euro gained 0.15% against the dollar, to $1.0696. Oil advanced slightly. The August contract on North Sea Brent gained 0.36% to $84.77 per barrel, while the same-term contract on WTI listed in New York lost 0.4% to $81.19 per barrel.