CAC40: pulls back towards 8100 pts, Stellantis in reverse

(CercleFinance.com) - The Paris stock market was down 0.
8% this morning, around 8100 points, penalized by Stellantis (-3%), BNP Paribas (-2.5%) and Thales (-2.3%), despite the rebound of Eurofins Scientific (+5.7%).

Last night, Wall Street ended in the green after the Fed's announcements (+0.9% on the Dow Jones, +1.4% on the Nasdaq). Unsurprisingly, the US central bank kept its key rates unchanged at 4.25%/4.50% for the second time in a row, but its comments and projections were interpreted as more accommodating than expected.

According to Chairman Jerome Powell, the latest economic data suggest that the US economy is weakening a little, but that neither recession nor inflationary overheating are on the horizon, and that there is therefore no need to change course.

Although its updated projections still point to two rate cuts over the course of the year, more policymakers than before are considering not cutting rates at all, or only once," Commerzbank points out.

After the Fed on Wednesday evening, it will be the Bank of England's turn to unveil its monetary policy verdict mid-session, with Bank of America anticipating that it will keep its key rate unchanged at 4.50% by a vote of seven to two.

'The minutes are likely to emphasize that inflation risks are two-sided, even if the central view is that the process of generalized disinflation is probably on the right track', anticipates BofA, for whom 'data dependency is likely to intensify further'.

In terms of macroeconomic data, the markets will take note of several US statistics this afternoon, including the Philadelphia Fed index, followed by the Conference Board's composite index of leading indicators.

On the bond front, 10-year US T-Bonds are trading at 4.22% (-3pts), Bunds at 2.77% (-2pts) and OATs at 3.46% (-1pt).
Brent crude oil is at $71 a barrel, and the euro is down 0.5% against the greenback, at $1.085.

In Paris, Sodexo lowered its outlook for fiscal 2025, mainly due to weaker-than-expected organic growth in North America, on the occasion of an estimate of its first-half results.

Sanofi reports that it has reached an agreement with Dren Bio to acquire DR-0201, a bispecific antibody targeting myeloid cells for robust B-cell depletion, 'an additional asset to consolidate its leadership in the immunology sphere'.

Also in the news, Eurofins Scientific announces its intention to launch a fifth share buyback program, and Esso reports a fall in profits in 2024, while Valneva claims an improvement in its results.


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