The CAC40 continues to cling to the 7,300-pt mark, losing just -0.3% to 7,280 and remaining 100pts from its recent record high of February 16.

The resilience of the Paris and European stock markets continues to amaze: we see a modest decline of -0.3% on average, despite the US indices showing no signs of recovery after falling -2% on the S&P500, -2.5% on the Nasdaq (which is still eroding by a handful of points) and -3% on the Russell-2000.
Perhaps some mistrust ahead of a statement from the FED this evening ('minutes' of the latest FOMC meeting).

The DAX is down no more than -0.2/-0.3% (like the CAC40), while the business climate in Germany improved in February.
The index published by the Ifo institute (based on a survey of 9.000 companies), rose by +1Pt to 91.1 points this month.

While the current conditions component fell to 93.9 from 94.1 the previous month, the expectations component rose sharply from 86.4 to 88.5 in February.
This slight improvement in the index - calculated on the basis of responses from business leaders in the main market sectors - is mainly due to the improvement in the general and personal outlook for business in the services sector.

Earlier, investors had received confirmation that the German inflation rate, measured by the year-on-year change in the consumer price index (CPI), stood at +8.7% in January 2023, according to Destatis (a figure identical to the preliminary estimate of February 9).

The main market mover, interest rates, did not affect the Paris index, which resisted the spectacular rise in bond yields.
On the Treasuries market, the ten-year yield exceeded the 3.95% threshold last night, setting a new high since last November: a slight easing is taking place with -5pts to 3.900%.

Whereas at the end of January, the Fed's final rate was forecast at 4.9% in June, markets are now expecting a final Fed rate of over 5.3% in July... and 25% of operators are now aiming for 5.60% (i.e. 4 further rate hikes between now and summer).

These forecasts are leading to a general resumption of pressure on rates, both short and long, with French 10-year OATs settling above 3% (-2Pts at 3.001%) and German Bunds clinging to 2.500% (-2Pts at 2.518%).

The Dollar continues to climb, reaching 1.0630/E, with the Dollar Index up +0.1% at 104.28...

In company news, Korian (-20% at 7.60E, a new all-time low) last night reported sales of 4,534 ME for fiscal year 2022, up 6.2% organically on the previous year. EBITDA came to 607 ME, up 1.6%, while net income (group share) stood at 52 million euros, down 54% on the same period twelve months earlier.

This morning, Danone reported a 3.6% increase in recurring EPS to 3.43 euros for 2022, despite a 1.5 point drop in recurring operating margin to 12.2%, with 'reinvestment in brands, product superiority, organizations and skills'.

Saint-Gobain announces that it has reached an agreement to acquire UP Twiga Fiberglass Ltd, India's market leader in glass wool insulation, with two production plants near Delhi and Mumbai.

Stellantis gains on the stock market this Wednesday following the presentation of 'record' results for fiscal year 2022 and the announcement of a 1.5 billion euro share buyback program.


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