CAC40: 2nd rising session, rates ease by 10Pts – 01/03/2023 at 17:04

( – The Paris stock market is stabilizing around 6650 points after fairly high intraday volatility between 6,685 and 6,695.

Note an increase of +1.5% in London, which was on leave the day before, and +1.4% in Frankfurt.

Wall Street also remains hesitant with +0.1% for the S&P500, -0.3% on the Nasdaq and -0.1% on the Dow Jones (US banking stocks are well oriented one week before the publication of their results ).

The first week of trading generally prints the general trend on the equity markets and the first US figures were expected at 4 p.m.: construction expenditure rose by +0.2% against -0.4% expected.

Investors took note of several leading statistics in Europe: the consumer price index for December in Germany is a pleasant surprise with a slowdown of -0.8% sequentially and at +8.6 % (against +10.00%) thanks to the sharp fall in the price of gas.

As an annual average over the whole of 2022, consumer prices in Germany increased by 7.9% in national data and by 8.7% in harmonized data, compared to the average of the previous year.

Investors were also able to take notice of a rise in unemployment in Germany in December, according to official statistics published on Tuesday by the Federal Employment Agency.

The number of job seekers thus rose by 20,000 compared to November to stand at 2,454,000 at the end of last month. This latest figure signals an increase of 124,000 compared to December 2021.

On the energy front, the price of Brent fell -1.8% (to $84) and WTI -2% (to $78.8) as manufacturing activity in China slowed according to the PMI released this morning at 49 versus 49.4.

On the rate side, US T-Bonds eased by -10Pts to 3.731%, our OATs posted the same difference at 2.882%, Bunds -9Pts at 2.357% and BTPs -8.5Pts at 4.477%

In corporate news, Orpea (-2%) announces that it has made two new drawdowns of €205 million at the end of December 2022, under the €3.2 billion financing agreement concluded with its main banking partners last June.

Sensorion announces that it has enrolled the first patient in its Phase 2a proof-of-concept clinical trial of SENS-401 (Arazasetron) in patients with cisplatin-induced ototoxicity.

Finally, Unibail-Rodamco-Westfield (URW) announces that it has finalized, on December 30, the sale of two Westfield shopping centers located in Trumbull (Connecticut) and Bay Shore (New York State) to a commercial real estate investment company.

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