CAC40: crosses 7300pts, biggest rise of the week

(CercleFinance.com) - The Paris stock market posted its biggest rise of the week, gaining +1.
32% at the close, to 7311 pts (driven in particular by Kering +4% and Vivendi +2.9%), while few traders imagined this morning that the Parisian index would break through the 7300 pts barrier, on the eve of the "3 Witches" session.

On Wall Street, indices have been oscillating within narrow margins since Monday, in "algorithmic straitjacket" mode. For the 3rd consecutive session, there was no clear trend on the other side of the Atlantic, with the Dow Jones holding steady and the S&P500 and Nasdaq losing between 0.1% and 0.2%.

The markets could, however, come alive this evening at 8pm, if the FED's "minutes" statement manages to allay fears of inflation while confirming the robustness of the economy.

On the statistics front, the Labor Department reports that US producer prices rose by an expected 0.2% in October compared with the previous month, and by 0.3% excluding food, energy and commercial services.

Expressed as an annual variation, the rise in US producer prices accelerated last month compared to September, by 0.5 points to 2.4% in unadjusted data and by 0.2 points to 3.5% excluding food, energy and commercial services.

The Labor Department also announced that 217,000 new jobless claims were registered in the US last week, down by 4,000 on the week of November 4.

It should be remembered that the European markets have recently been penalized by concerns over the dynamism of activity, and the announcement of the latest growth figures for the euro zone should do little to reassure them.

In Europe, GDP rose by 0.4% in the third quarter, thanks to the effect of the JOs in France and a catch-up in consumption in Germany, two phenomena which are unlikely to last.

Due to the weak performance of France and especially Germany, industrial production fell by -2% in the EU in September.

The "fact of the day" was the euro's intraday rebound from $1.0497/E to $1.056/E (unchanged), which seems to mark the end of the greenback's rally that began 3% lower last Tuesday.

On the bond front, 10-year T-Bonds eased 2.8pts to 4.42% (from Thursday's high of 4.48%), the German Bund also improved by -3.7pts to 2.35% and our OATs by -5pts to 3.09%.

In French company news, Thales presents new targets for the period 2024-28, including average annual organic growth (AAGR) in sales of +5-7%, 'driven by broad-based growth across all its businesses'.

Technip Energies reports that, in partnership with SBM Offshore, it has been awarded a "major" contract by TotalEnergies for the GranMorgu floating production, storage and offloading (FPSO) unit in Suriname.

Schneider Electric is to increase its stake in Planon to a majority 80% in the French provider of management software for intelligent buildings, it announced on Thursday.

Finally, Eutelsat Group announced the signature of a new multi-year agreement with Q-KON, to extend satellite services in Low Earth Orbit (LEO) to the whole of Sub-Saharan Africa, by making available significant capacity.


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