2023-08-04 15:37:58
The stock market rebounded slightly today after three sessions of decline linked to the announcement by the US Treasury of an increase in its debt issues. The Cac 40 ends up 0.75%, at 7,315.07 points (-2.16% over the week). On Wall Street, the Dow Jones, the S&P 500 and the Nasdaq Composite recovered around 0.5% in the wake of the publication of the latest official employment figures for the United States and, from a micro point of view , from Amazon’s 10% gain. The e-commerce giant exceeded all expectations in the second quarter, in its original activity as an online seller, but also in the cloud and . The accounts at the end of June are logically higher than the expectations of analysts, who also welcome the substantive work carried out by the successor to Jeff Bezos, Andy Jassy, at the general management of the group.
The world’s largest economy created fewer jobs than economists expected in the non-farm sector in July (187,000, according to the Bureau of Labor Statistics, after 185,000, revised from 209,000, in June, less than the 200,000 consensus ), but wage growth has not experienced the expected slowdown. Only, as Paul Ashworth of Capital Economics points out, “thanks to the acceleration in productivity growth, the increase in [plus de] 4% [sur un an] wages is no longer necessarily a breaking point for the Fed.
On the bond market, the yield on the US 10-year bond eased by 11 basis points, to 4.08%.
Record quarterly results for Crédit Agricole
Agricultural credit gained more than 6%, signing the best performance of the Cac 40. The bank, like BNP Paribas et Societe Generale ahead of her, released better-than-expected second-quarter results this morning. Of the record quarterly results same, with a net profit of more than 2 billion euros. If in France, net interest margins are struggling to improve, because the French borrow mainly at fixed rates, this is not the case in Italy, second market for Crédit Agricole, which has therefore benefited in part the rise in interest rates in retail banking.
Societe Generale continued its momentum from yesterday with a gain of 2.7%, Deutsche Bank raised its price target from 34 to 36 euros.
Sanofi rose 1.8%. We already knew that Beyfortus, the world’s first vaccine against bronchiolitis, co-developed by the French and Astrazeneca, would be available from September in France. It should also be in the United States before the season, which usually begins in mid-October. The immunization advisory committee of the CDC, the US Centers for Disease Control and Prevention, has just issued a unanimously favorable opinion.
TotalEnergies gained 2.7% in the wake of rising oil prices, the highest since mid-April. Saudi Arabia and Russia have announced that they want to extend the reduction in their production until the end of September.
Conversely, the chipmaker STMicroelectronicssupplier for Apple iPhones, lost more than 2%. Apple (-3% on Wall Street) published yesterday evening, like Amazon, its accounts for the second quarter, from which it appears that sales fell between April and June for a third quarter in a row, with in particular a turnover for its smartphones lower than the expectations of the Stock Exchange.
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