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CAC40: +0.8% despite more mixed US indices

(CercleFinance.com) - The Paris stock market is increasing its gains - which is rather a good surprise, as Wall Street is in the process of erasing its own.


The CAC40 is up +0.8%, around 7,63025 points, helped by Unibail and Véolia (+2.8%) and Teleperformance (+3.3%).
The Euro-Stoxx50 gained +0.6% and moved back 10 points above the former 4,900-point support level.
Wall Street reopened with its 7th consecutive gain: Nasdaq (+0.1% to 17.880) and S&P500 (+0.2% to 5,484), but buyers proved less determined and the Nasdaq fell back into the red (-0.1%).

The trend was marked by the publication of several economic indicators likely to give an insight into the pace of economic recovery in Europe.

The annual inflation rate in the eurozone stood at 2.6% in May 2024, compared with 2.4% in April. A year earlier, it was 6.1%, according to Eurostat, the European Union's statistical office.

In addition, German investor sentiment improved only slightly in June, whereas economists were expecting a sharper rise, according to the ZEW Institute's monthly survey published on Tuesday.

The index stood at 47.5 points this month, up 0.4 points on May's 47.1, where BofA analysts were expecting it to rise to 50.
The rest of the session was dominated by a number of US indicators, including retail sales: after declining by 0.2% in April compared with the previous month (a revised figure from an initially announced stagnation), they rose by 0.1% on a sequential basis in May, according to the Commerce Department.

Excluding the automotive sector (vehicles and equipment), which can be volatile, US retail sales nevertheless contracted by 0.1% last month, following a decline of the same magnitude in April.
US industrial production figures (-0.9%) confirm that no marked upturn in manufacturing activity is in sight.

On the bond market, the yield spread between the French 10-year OAT (3.12%) and the German benchmark (2.41%) narrowed by -5pts to around +70pts, compared with over 80pts last Friday.

The US 10-year yield eased by -3.58pts to 4.2420% against a backdrop of slightly weaker-than-expected US figures.

The dollar remains within narrow limits (around 1.0740/E) despite the political uncertainties that have arisen in France, weakening the single currency.

Oil prices (+0.7% to $85.1) are little changed despite the International Energy Agency's (IEA) estimate that the market should be in surplus at least until 2030, with an overproduction of eight million barrels per day. Brent crude is trading at $83.7 a barrel in London (-0.8%).

In news from French companies, Alstom announces that it has received a new order in June from an undisclosed European customer, for a total amount of around 670 million euros, recorded under its first quarter 2024-25.

Air Liquide announces the European Commission's decision to support D'Artagnan, a CO2 transport and export infrastructure project, led by the industrial gases group and Dunkerque LNG, to reduce emissions from the Dunkirk basin.

Finally, Airbus Helicopters announces that it has launched the flight test campaign for the NH90 Standard 2 prototype, one of the latest NH90 configurations, developed specifically for French Army aviation to support Special Forces operations.

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