The Paris Stock Exchange at its highest, records for Safran, Schneider Electric, Thales, Publicis and Saint-Gobain

The Paris Stock Exchange at its highest, records for Safran, Schneider Electric, Thales, Publicis and Saint-Gobain
The Paris Stock Exchange at its highest, records for Safran, Schneider Electric, Thales, Publicis and Saint-Gobain

The Paris Stock Exchange ends the week with a session record but also at a close. This Friday, the Cac 40 gained 0.38% to 8,219.14 points, after a historic surge to 8,259.19 points. It increased by more than 3% over the week. Strategist Jim Reid at Deutsche Bank talks about a “growing confidence that central banks will cut rates this year. »

Yesterday, in the wake of the publication, a week ago, of worse than expected employment figures in the United States in April, weekly unemployment benefit data in the world’s largest economy reached their highest level in eight months, which “reinforced expectations of a cooling of the job market. » Meanwhile, Bank of England Governor Andrew Bailey said he was “likely we will have to reduce the discount rate in the coming quarters” and a drop in June is not “not excluded”. “All this therefore reinforced the idea that global monetary policy was moving towards a less restrictive position, particularly after the Riksbank rate cut at the start of the week”according to Jim Reid.

The Dax 40 of the Frankfurt Stock Exchange, the FTSE 100 of London and, more generally, the European Stoxx 600 index also reached records today. On Wall Street, the S&P 500 (+0.15%) is less than 1% from its own. A first rate cut in September by the Fed, the American central bank, has once again become the preferred scenario.

As for the European Central Bank, the minutes of its last monetary policy meeting (April 10-11) published today show that the governing council judged “plausible” to begin reducing key rates in June, on the condition that the data confirms, by then, its medium-term inflation projections.

Citi moves to purchase Legrand

Five components of the Cac 40 reached new heights in session today: Safran, Schneider Electric, Thales, Publicis and Saint-Gobain.

Legrand recorded one of the best performances on the flagship index with a gain of almost 3%. Citi went from “sell” to “buy” to aim for a price target raised by 47%, to 125 euros.

Eramet (+5.2%) stood out on the SRD while Bank of America Securities reiterated its buying advice by raising its manganese price estimates for 2024 and 2025.

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