(News Bulletin 247) – The Paris Stock Exchange rebounded this Wednesday evening after the publication of American statistics showing a slowdown in the American economy. This would open the way to a more accommodating monetary policy on the part of the Fed.

The Paris Stock Exchange resumed its interrupted rise on Tuesday. The CAC 40 rose 1.24% to 7,632.08 points on Wednesday evening, after slightly consolidating the day before.

The good mood in Paris is due to the latest statistics published this Wednesday in the United States. Early this afternoon, the ADP report indicated that the private sector created 150,000 jobs in June, well below the 165,000 expected by the markets.

New weekly jobless claims were the other employment statistic on the docket Wednesday. Traditionally released on Thursdays, the release of these figures was moved up to Wednesday because of the U.S. market closures for the July 4 holiday.

And they show a rise in new weekly jobless claims, to 238,000 compared to 234,000 the previous week. This easing in the labor market should be further confirmed by the American employment report on Friday.

Then, at 4 p.m., American operators became aware of a deterioration in service activity in the United States in June, measured by the ISM index. It fell back below the 50-point mark, which separates contraction and expansion, to fall back to 48.8 points, its lowest level since May 2020. The markets were anticipating an index still in expansion territory, at 52.5 points.

These various statistics argue for a slowdown in the world’s largest economy, which fuels hopes of a more accommodating US Federal Reserve in its monetary policy. On this subject, the market was already excited by comments made by Fed Chairman Jerome Powell on Tuesday at a forum organized by the European Central Bank in Sintra, Portugal.

“Market sentiment is up on Wednesday, especially after Powell (Jerome, the chairman of the US Federal Reserve, editor’s note) reassured investors that inflation is on a downward trend, moving closer to the Fed’s 2% target,” said Pierre Veyret, an analyst at Activtrades.

Eurofins Scientific counterattacks

On the stock front, Eurofins limited its advance to 0.8%, with Muddy Waters publishing a second part of its study against the group on Wednesday afternoon, notably casting new doubts on its accounting and suspecting the company of generating “fictitious sales”. Before the new salvo from the short seller, the medical analysis specialist was still gaining more than 4% after supporting its counter-arguments and considering increasing its share buybacks.

Sanofi ended slightly down 0.2% as Dupixent is now authorized to treat smoker’s bronchitis in Europe. But the stock did not benefit from the news, being neglected due to its status as a defensive stock in a context of risk appetite.

Outside the leading index, Vusiongroup rose 4.4% after expanding its partnership with the British company Blakemore.

On other markets, the euro is up 0.5% against the dollar, at $1.0802 after the latest US statistics. Oil is sluggish. The September contract on North Sea Brent is stable at $86.32 per barrel, while the August contract on WTI listed in New York is also stable at $82.83 per barrel.