CAC40: yesterday's downward trend continues

(CercleFinance.com) - The Paris stock market continued its decline this morning, losing 0.
7% to 8040 points, penalized by Eurofins Scientific (-2.9%), STMicro and Accord (-2.5%).

Yesterday, Wall Street ended in the red, with -0.2% for the S&P500 and -0.3% for the Nasdaq.

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 Consultant 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 this market analyst for Latin America 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 piece of macroeconomic data on today's calendar, France's business climate index, calculated monthly by Insee, improved slightly for the third month running in March to stand at 97 (+1pt), a level below its long-term average (100).

Evaluated on the basis of responses from business leaders in the main market sectors, the business climate rose in retail and wholesale trade, was stable in services and construction, and fell slightly in industry.

On the value side, 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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