AFP, published on Friday, April 08, 2022 at 10:00 a.m.
The Paris stock market rose sharply 1.49% in early trading on Friday, rebounding after three sessions of decline in a lean economic agenda, and as the first round of the presidential election approaches.
The CAC 40 index rose 96.30 points to 6,557.98 points around 9:35 AM. The day before, it had fallen 0.57%. Over the week, the decline is still 1.92%.
The Paris dimension continues to be marked by the evolution of the policies of the central banks, which have again shown their determination throughout the week to fight inflation, even if this means a slowdown in economic activity.
As a result, “investors are being extremely cautious and taking advantage of the strong recovery in recent weeks”, after the losses at the start of the war in Ukraine, “to reconsider their risks,” analysts at Saxo Bank said.
At its last monetary policy meeting in March, the US Federal Reserve (Fed) considered several sharp hikes in its policy rate in the second half of the year and contraction of its balance sheet, i.e. sales of government bonds and mortgage-backed securities, from May .
In Europe, “a large number” of European Central Bank officials “believed that the current high level of inflation and its ongoing nature required immediate action,” the report said on exchanges between central bankers in the zone. and released Thursday.
In addition, the CAC 40 has underperformed the broader European Stoxx 600 index in the past seven sessions “due to growing concerns over the presidential election,” Deutsche Bank analysts note. Over the week, however, the performance of the CAC 40 is not that far from that of the Dax and even comparable to the Milan stock exchange.
Similarly, if the gap between French rates and those on the German loan, another signal closely scrutinized to gauge investor nervousness, widened slightly on Tuesday, the dynamics of the two curves would be similar.
On Friday, the French 10-year bond yield fell two basis points to 1.20%.
Crédit Agricole goes to Italy, Vivendi gives up Spain
French bank Crédit Agricole (-0.72% to 9.82%) announced on Thursday that it had acquired a 9.18% stake in the capital of the Italian bank Banco BPM, the third largest in the country, a operation of almost 380 million euros. † The bank was the only asset in the red, with Societe Generale (-0.47% to 21.38 euros), while BNP Paribas rose 2.00% to 47.49 euros.
Collective catering rebounds
The hospitality groups Sodexo (+5.85% to 69.84 euros) and Elior (+5.29% to 2.71 euros) jumped on the expanded SBF 120 index, following a recommendation from the Bloomberg bureau RBC analysts, who believe that the fall of Sodexo has recently been “decoupled” from the stock prices of its competitors.
Sodexo has lost 9.37% since the start of the year, while British competitor Compass is up 0.70% from this date.