CAC40: ends in the red, Trump sends Pernod Ricard staggering.

(CercleFinance.com) - The Paris Bourse ended the session down 0.
64%, at 7938 points, penalized by declines for Pernod Ricard (-4%, after Trump's threats to tax European spirits by 200%), EssilorLuxottica and STMicro (-2.7%).

Across the Atlantic, losses were greater, with -1.1% for the S&P500 and Dow Jones and -1.6% for the Nasdaq, despite Intel's +15% surge following the appointment of a new CEO - fuelling speculation of a tie-up with other semiconductor giants.

Wall Street could also be penalized by the absence of an agreement between Democrats and Republicans on raising the US debt ceiling by Saturday.

In the absence of a 'deal', the world's leading economy could find itself in a situation of technical default, a prospect that would not help Washington's affairs at the moment.

The health of the US economy is increasingly raising questions in the equity markets, as investors seek to believe that the US will be able to escape an increasingly threatening recession.

The announcement of a proposed 200% tax on exports of French champagne, wines and spirits (in retaliation to Brussels' 50% tax increase on US whisky) is not conducive to appeasement with the USA's main economic "partners".

On the "macro" front, the Producer Price Index (PPI) stagnated in February compared with the previous month, but rose by 0.2% excluding food, energy and commercial services.

Expressed as an annual variation, the rise in producer prices slowed by 0.5 points to 3.2% last month in unadjusted data, and to a lesser extent (-0.1 points to 3.3%) excluding food, energy and commercial services.

In the early afternoon, weekly jobless claims were down by 2.000 from the previous week (to 220,000).

In the euro zone, the monthly industrial production statistics published at 11:00 a.m. rose by 0.8% in the euro zone (+0.6% anticipated) and by 0.3% in the EU, according to Eurostat's first estimates.

In the eurozone, it rose by 1.6% for intermediate goods and 0.5% for capital goods, but fell by 1.2% for energy, 0.2% for durable consumer goods and 3.1% for non-durable consumer goods.

On the bond front, T-Bonds (-1Pt to 4.302%) remain virtually stable (despite a VIX still perched around 25), while the 10-year Bund has eased by -4Pts to 2.84% and the OAT of the same maturity 3.548%, i.e. a spread that has widened to +70 basis points.

The euro remains broadly stable against the greenback, at around $1,087. Gold accelerated its advance by +2.2% to $2981 an ounce.

On the oil front, prices started to fall again after three consecutive sessions in the green, caught up by fears surrounding economic activity in the United States.

Brent North Sea crude fell by 1% to $70.2.

In French company news, ID Logistics reports net income for 2024 of 52.8 million euros, up 15.2% excluding non-recurring items, and operating income before non-recurring items up 17.5% to 147.8 million.

Jacquet Metals reports net income (Group share) of six million euros for 2024, and recurring EBITDA of 87 million euros, representing 4.4% of sales versus 6% in 2023.

Voltalia reports a net loss, Group share, of 20.9 million euros for 2024, versus a gain of 29.6 million in 2023, as well as EBITDA down 11% to 215.1 million, despite sales up 10% to 546.6 million (+14% at constant exchange rates).

Lastly, the French Competition Authority announced that it had authorized the Carrefour group to take control of the French activities of the Louis Delhaize group (Cora and Match stores), subject to the sale of seven stores to competing banners.


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