At around 2:29 pm, the CAC40 was still erasing the previous day's losses (a gain of 0.4% to 0.5%), but was back to square one after the release of a CPI (US inflation figure) that slightly disappointed expectations: +0.4% instead of the expected +0.3%.

The Euro-Stoxx50 posted a similar performance, with +0.1% at 4,200 (compared with +0.5 to +6% at lunchtime), while Wall Street was expected to post a token rise or to break even (compared with +0.5% before CPI).

The day had got off to a very good start in Asia, with the Nikkei index in 'rally' mode, lining up a 5th session up (+1.75% and testing the 32,500 mark) in a series of 6 (and 6.3% cumulative gain).

'The gradual slowdown in inflation seems well established, both because supply distortions have disappeared and because domestic demand is showing signs of moderation', estimated Oddo BHF at the start of the week.

By way of indication, Jefferies forecast a slight slowdown in annualized US inflation for September, to 3.6% unadjusted: the annualized rate was 3.7% after +4.3% in August.
Fixed-income markets reacted without much emotion: stable before the CPI, our OATs tightened by 2pts to 3.30%, US T-Bonds by just +0.5pts to 4.605%... but were at 4.575% before the stat.
The euro suddenly fell by -0.4%, dropping back below 1.0600 to $1.0580.

In Paris stock news, Publicis Groupe announced a further upward revision of its annual targets, on the occasion of its third-quarter trading update, marked by "strong organic growth of 5.3%, exceeding expectations".

It now anticipates organic growth of between +5.5 and 6% (instead of around +5%), an operating margin of 18% (instead of close to 18%) and free cash flow close to 1.7 billion euros (instead of at least 1.6 billion).

Legrand announces the sale on October 4 of its Russian business to a local industrial player. The French specialist in electrical and digital building infrastructures will therefore no longer be active in this market.

Getlink announces Evolyn's decision to launch a new high-speed rail service via the Channel Tunnel to link London and continental Europe, confirming the growth potential of the cross-Channel passenger rail market.

Claranova reports a net loss of -11 million euros for its 2022-23 financial year, but an operating margin improved by one point to 6.4% on record sales of 507 million, up 7%, driven by all divisions.

Orpea (-8%) announced on Wednesday evening a net loss, group share, of 371 million euros for the first half of 2023, due 'mainly to the unfavorable trend in interest rates and higher credit margins on financing'.


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