(BFM Bourse) – At the end of a not very lively session, the CAC 40 takes the height (+ 0.87%) and fails a few points from the threshold of 4,500 points at the close, encouraged in the late afternoon by the sharp rebound in New York indices at the opening, against the backdrop of solid quarterly results.
Without trend during most of the session, the Paris market has – once is not custom – found a new lease of life after the opening in the green of Wall Street. The Paris Stock Exchange barometer ends the session up 0.87% to 4,496.98 points, thus erasing the decline suffered the previous day (-0.89%) in the wake of a major rebound (+ 5.16%) Monday.
While investors are still trying to weigh the risks weighing on the main world economies against the backdrop of gradual deconfinement, interspersed with hopes for health and renewed tensions between Beijing and Washington, the New York Stock Exchange therefore opened in net up Tuesday. “We are in one of those situations where, if there is no additional bad news, the easiest way is to raise the stock,” said James Athey at Aberdeen Standard Investments. The main indices, which already won between 1.3% (Nasdaq) and 1.5% (S&P) in the first exchanges, also increase their gains in the morning. At 5:50 p.m., the Nasdaq takes 2.2%, the Dow 1.8% and the S&P almost 2%, in reaction to solid results, in particular from the distributor Target or the DIY and garden center specialist Lowe’s.
Operators are however inclined to put into perspective the first results of human trials of Moderna’s experimental vaccine against the coronavirus, because the still very limited data provided by the American biotech. The announcement of Moderna has not been the subject of any relay by the NIAID (the National Institute of Allergies and Infectious Diseases headed by Doctor Anthony Fauci, also at the head of the crisis cell implemented by the US government).
In the absence of any major indicator on the agenda this Wednesday, operators will monitor the minutes of the last Federal Reserve monetary policy meeting (at 6 p.m.), even if the recent public interventions by Jerome Powelle limit the probability of ‘A suprise. “Powell hinted that the amount paid by the Fed so far is” rather modest “, implied that significant support would remain in place in the coming months and urged Congress to do more in terms of economic measures. , especially for households, “said Alexandre Baradez, head of market analysis at IG France.
Renault rebounds, Solocal dives again
As the quarterly earnings season draws to a close, news was bleak on the Paris market on Wednesday. The Renault share is an exception with a 6.2% gain at the close, by far the best performance of the flagship index, in the event of possible site closings to reduce the cost base. Societe Generale takes 3%, Legrand 2.7% and Orange 1.8% after the approval of its dividend at the general meeting.
BioMérieux takes 3.5% for its part while the Lyon group for its part sharply reduces its dividend (out of the 45 million euros it intended to distribute to shareholders, 22 million will ultimately go to charity actions). Health care stocks are particularly numerous in the list of increases, particularly among small caps “. Behind Néovacs, which soared 210% at the close for its resumption of trading, while the firm came out of the recovery procedure judicial, Medincell takes 14.5%, Intrasense 14.2% and Cerenis climbs 8.4%.
Among the most significant decreases, Vallourec won 5.2% after the downgrading of Goldman Sachs’ advice, which is now for sale. Another value in difficulty, Solocal still drops 12.5% (-80% since January 1).
Finally, crude oil stocks in the United States fell for the second week in a row, once again thwarting market expectations, according to a report released Wednesday by the American Energy Information Agency (EIA). Crude oil reserves stood at 526.5 million barrels (MB) as of May 15, a drop of about 5 million barrels, when analysts were betting a slight increase, indicating that demand appears to be picking up. At 6:10 p.m., a barrel of Brent nibbles 1.9% to 35.31 dollars when that of WTI picks up 2.85% to 32.87 dollars.
On Forex, the rebound phase started at the end of last week is confirmed day by day for the euro, with a new jump of 0.50% to 1.0953 dollar at 6:10 pm, almost at its highest since beginning of the month in the wake notably of the major initiative launched by the Franco-German executive.
Quentin Soubranne – © 2020 BFM Bourse