(News Bulletin 247) – The Parisian index is falling mid-session this Monday while around half of the CAC 40 will publish results this week.
Shy start to the week for the Paris Stock Exchange. The CAC 40 fell 0.63% at mid-session this Monday, to 7,564.23 points.
The market continues to monitor China’s gradual announcements to boost its economy and meet its 2024 growth target of around 5%.
With this in mind, the People’s Bank of China, the Chinese central bank, announced on Monday the reduction of two key rates to support the economy.
Investors are especially preparing to dissect a large number of company results while around half of the CAC 40 will reveal, this week, either their third quarter turnover or more complete results.
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Forvia raises her head
“This week, in addition to the numerous company results, we will closely follow the publication of the advanced PMIs for October on Thursday because they will help to judge the growth dynamic in the euro zone after a difficult summer. On the American side, the publication of Beige Book of the Fed (American Federal Reserve, Editor’s note) on Wednesday will be important for the members of the Fed”, underlines Xavier Chapard of LBPAM.
On the value side, almost the entire CAC 40 is moving in the red, even if the declines are contained, the biggest drop being recorded by Eurofins (-2.2%).
Totalenergies is floating (+1%) in the wake of oil prices which are rising a little. The December contract on North Sea Brent advanced 1.4% to $74.10 per barrel while the November contract on WTI listed in New York gained 1.7% to $70.42 per barrel.
The rise in black gold prices comes amid renewed tensions in the Middle East. Over the weekend, Israeli Prime Minister Benjamin Netanyahu accused Hezbollah of attempting to assassinate him after a drone strike.
Outside the CAC 40, Forvia is strong, gaining 7% after revealing reassuring activity in the third quarter, which pulls in its wake other automotive equipment manufacturers on the market such as OPMobility (formerly Plastic Omnium) which takes 4%.
On currencies, the euro fell 0.2% against the dollar to 1.0849 dollars.
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