by Claude Chendjou

PARIS (Reuters) – The main European scholarships, apart from Paris, ended up on Thursday, while Wall Street was also in the green, against a backdrop of the lull in the bond.

In Paris, the CAC 40, weighed down by Sanofi, ended up on a loss of 0.27% to 7,698.92 points, standing out from the main European places. The British Footsie advanced 0.42% and the German Dax increased by 0.81%.

The Eurostoxx 50 index won 0.41%, the FTSEURofirst 300 0.63%and the Stoxx 600 0.61%.

At the time of the fence in Europe, the Dow Jones advances 0.48%, the Standard & Poor’s 500 of 0.39% and the NASDAQ of 0.33%, despite the fall of more than 8% of the specialist in the “Cloud” Salesforce, following the announcement of its forecasts.

The narrowness of the gains in Europe as well as in the United States testifies to a certain caution on the eve of the publication of the crucial report on American employment which could influence the rate trajectory at the meeting of September 16 and 17 of the American Federal Reserve (Fed).

Pending this report, weekly registrations and the ADP firm’s investigation, two statistics published this Thursday, confirmed the trend observed in the JOLTS report on Wednesday: namely that the labor market in the United States slows down.

“We have a weak ADP indicator, but not enough to indicate a significant slowdown or a change in the trend regarding the softening of the Fed,” comments Eric Teal, director of investments at Comeri Wealth Management, stressing that the market is now awaiting Friday data.

In addition to statistics on the American labor market, investors continue to monitor the bond compartment in a context of concern about the level of debt of states. Thursday, the penitification of the rate curve has again attenuated, offering some support for shares.

Values ​​in Europe

Sanofi dropped 8.31% after the disappointing results of an amlitemab study, an experimental treatment for patients with atopic dermatitis.

Biomérieux gave up 1.86% after adjusting its sales forecast range for this year 2025 in a context of decline in the Chinese market.

Jet2 plummeted 12.52%, the British airline at low cost having said that they plan an annual operating profit at the bottom of the range of its forecasts, causing in its Tui (-1.21%) and Easyjet (-4.21%) fall that ended in the red.

Volvo Cars fell 3.31% after a 9% drop in sales in August over a year.

MEDIBANBANCA reflected 1.88% while the bank renewed Thursday, after a board of directors, its opposition to the offer of Banca Monte Dei Paschi (-2.29%) despite its recent improved proposal.

CVC Capital plunged 6.32%, the investment capital fund having published results deemed disappointing under the first half.

The indicators of the day

The activity in the service sector in the United States accelerated slightly in August, above expectations, with a significant increase in new orders and a slight slowdown in paid prices, shows the ISM index.

Retail sales in the euro zone fell 0.5% in July at a monthly rate, against an increase of 0.60% (revised figure) in June.

Changes

The dollar featured Thursday, 0.20% against a basket of international currencies after a volatile start to the week.

The euro yields 0.13%to 1.646 dollars, while reuters survey of economists shows that the European Central Bank (ECB) ended up with its current monetary relaxation cycle.

The Sterling book is exchanged at 1.3437 dollars (-0.05%), continuing to suffer from concerns about the budget, which will be presented on November 26.

RATE

Sovereign bond yields in the euro zone and the United States continued to retreat on all maturity on Thursday with in particular a German Bund at ten years in a decline of 1.8 basic points (PB), to 2.72%, and a 30 years down 2.2 pb, to 3.34%, at the end.

The yield of American treasury bills at ten years is displayed at 4.18%, down 2.5 pb, and that at 30 years, declines 1.1 pb, 4.87%, while traders now estimate at 97%the probability of a drop in Fed rates this month.

The “Spread”, that is to say the yield gap, between the Bund and the French OAT at ten years, reflected Thursday at 77 pb despite the probable reversal of the government of François Bayrou on September 8.

OIL

The prospect of a new increase in OPEC+ Sunday production objectives on Sunday weighs on oil prices: Brent refused 0.89% to 67 dollars per barrel and light American crude (West Texas Intermediate, WTI) declines 0.80% to 63.46 dollars.

(Written by Claude Chendjou, edited by Kate Entringer)

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