CAC40: towards a red start to the session

(CercleFinance.com) - Down 25 points to 8070, futures on the CAC40 predict a red opening for the Paris Bourse, after a decline of just under 1% on Thursday, in line with other continental European markets (-1.
2% in Frankfurt, -1.3% in Milan).

In Europe, the momentum is still positive, even if European equities are much less discounted than at the start of the year", said Christopher Dembik, Investment Strategy Advisor at Pictet AM, mid-week.

He pointed out that the valuation differential between US and European equities, which stood at 40% at the start of the geographic rotation, has now been reduced to 23%, close to pre-Covid levels, when this discount averaged just 15%.

Henceforth, it is less the valuation argument that seems to be motivating buyer flows into Europe than the desire, at all costs, not to be overly exposed to the US economy in case the situation deteriorates due to the Trump administration", he explained.

"The economic context remains characterized by high uncertainty. One of the main factors that could affect the outlook is the tariff policy that the US government plans to implement in April', warns Antonio Di Giacomo.

According to the Latin American market analyst at XS, 'these measures could have an impact on international trade, affecting supply and demand for goods and services and, consequently, the evolution of inflation'.

The only macroeconomic data on today's calendar, the French business climate index, calculated monthly by Insee, is due to be published at the opening of the markets. For the record, it was up by one point to 96 in February.

In terms of securities, Beneteau reported a 37% drop in net income (Group share) to €92.9 million for 2024, as well as a 63.3% drop in operating income before non-recurring items to €75.9 million, but above its forecast.

Peugeot Invest reported a NAV per share of 182.7 euros at December 31, representing a dividend-attached performance of -22.1% for the year, weighed down mainly by the 40% fall in Stellantis' share price and the 57% drop in Forvia's.

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