2023-11-29 16:57:04
In green since the opening, the Paris stock exchange concluded the day with a gain of 0.24%, to 7267 points. The Parisian index even came close to 7,300 points (+0.6%) at the start of the afternoon before releasing part of the ground gained in the second part of the session.
The CAC40 benefits in particular from the performance of Stellantis which gains 5.2% ahead of Worldline (+3.8%) and URW (+3.6%).
Investors were reassured today by the first estimate of consumer prices in Germany in November: the ‘CPI’ fell by 0.6 points to +3.2%, its lowest level since June 2021 ( +2.4%), according to the preliminary estimate from Destatis.
The 4.5% drop in energy prices year-on-year would have had a particularly moderating effect.
Excluding food and energy, underlying inflation should stand at +3.8% for the month which ends, compared to +4.3% in October.
“This reinforces the possibility that inflation in the euro zone will fall again after having already fallen more than expected in September and October,” recalls Christopher Dembik, strategist at Pictet Asset Management.
‘Obviously, the fall in inflation risks reinforcing expectations of rate cuts by the ECB which constitute one of the main drivers of rise in financial markets at the moment,’ he adds.
Another important event, the publication, at 2:30 p.m., of the second estimate of the gross domestic product (GDP) of the United States for the third quarter: at +5.2%, it reflects much stronger growth than the 4 .9% initially announced of economic activity over the period from July to September.
Consumption and investments (revised upwards) are the 2 main drivers of the most spectacular growth recorded since the 4th quarter of 2020.
On the foreign exchange market, the euro weakened a little, around 1.0984 dollars, down 0.1%.
On the government bond side, bond yields confirm their good start to the week, with a yield on the ten-year Bund falling by -7Pts to 2.422%, the yield on our OATs (-7Pts at 2.988%) falling below 3%. for the first time since August 31, see July 25.
The yield on T-Bonds also fell by -6Pts to settle at 4.273%, the lowest since September 14.
The president of the Richmond FED, Fred Barkin, believes that the markets are moving a little quickly regarding rate cuts in 2024; his own expectations are quite far from those of the market.
His colleague Raphaël Bostik, much more ‘dove’, believes that inflation will eventually converge towards 2%.
Note that Brent progresses by 0.9% towards 82.4 dollars per barrel while the ounce of gold crosses $2040 (+1.3%) and is approaching its absolute record of $2060
In French company news, TotalEnergies says it is investing £20 million to acquire a minority stake in Xlinks First Limited, a company founded in 2019 in the United Kingdom, and thus join investors Octopus Energy and Abu Dhabi National Energy Company.
RIVE Private Investment announces that it has signed an exclusive partnership with Safran Helicopter Engines, which has developed a decarbonization consulting offer with a CO2 emissions monitoring model.
EDF announces the success of its first green bond issue dedicated to financing the existing nuclear fleet, for a nominal amount of one billion euros, with a maturity of 3.5 years with a fixed coupon of 3.75%.
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