2023-11-23 09:14:19
The Paris Stock Exchange rose 0.17% in early trading on Thursday, in the absence of many investors with the closure of Wall Street.
The star CAC 40 index rose 12.57 points to 7,273.30 points around 9:45 a.m. On Wednesday, it increased by 0.43%.
The stock market weekend is atypical with Wall Street closing on Thursday for Thanksgiving, and reopening for only half a session on Friday.
This situation leads to the absence of many investors and a drop in the number of transactions.
But several indicators are on the program.
In France, the PMI activity indicator for industry in November showed an even more pronounced deterioration than in October, and a little stronger than expected by analysts.
For services, the slowdown is a little less pronounced than last month, but here again, the indicator came out a little below expectations.
“The euro zone has entered what looks like a recession (…) What is now missing is above all bank credit which has dried up in response to the brutal tightening of monetary policy”, estimates Bruno Cavalier, economist at Oddo BHF.
Investors are therefore increasingly convinced that central banks will have to soften their monetary policies from the first half of 2024, with some even forecasting cuts in key rates in March in the United States.
These projections contributed to the stock market indices rising significantly: in November, the CAC 40 showed an increase of 5.68%.
Furthermore, the business climate further deteriorated in November in France, INSEE announced on Thursday, due in particular to an economic deterioration in commerce.
The markets are also awaiting the minutes of the latest meeting of the European Central Bank. That of the American Central Bank did not make them react because the economic data published since the meetings at the beginning of November have convinced investors that the issues raised at that time are less topical.
BNP Paribas is less active
The French bank BNP Paribas (+0.48% to 56.86 euros) announced on Wednesday that it would include metallurgical coal, intended mainly for the steel industry, among the sectors that it will no longer finance for environmental reasons, so that only thermal coal was affected by this commitment until now. Other banks were also doing well, such as Société Générale (+0.71% to 22.58 euros) and Crédit Agricole (+0.12% to 11.74 euros).
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