(BFM Bourse) – The Parisian index fell again this Thursday. Kering recorded a rebound, driven by an increase in recommendation from Bank of America, while Stellantis suffered.
The CAC 40 continued a third session of decline this Thursday. The index lost 1.03% to 7,530.72 points, slightly accelerating its decline at the end of the day.
The wait-and-see attitude once again prevailed this Thursday. “The markets are still attentive to several political events, including the first round of the French legislative elections on Sunday. Investors are therefore faced with multiple risks, which prevents the markets from gaining momentum,” summarizes Deutsche Bank.
Several statistics were published on Thursday. US growth for the first quarter was revised slightly upwards, to 1.4% at an annualized rate, compared to 1.3% in an initial estimate. New weekly unemployment claims in the United States moderated to 236,000 units, compared to 238,000 the previous week.
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OVHcloud is getting back on track
The market is now waiting for the release on Friday of the PCE index in the United States for the month of May, the American Federal Reserve’s preferred gauge for measuring inflation.
On values, OVHcloud jumped 14.2% after delivering growth “slightly above expectations” in the third quarter, according to Oddo BHF.
Euroapi fell by 2.6%. The former Sanofi subsidiary detailed its strategic plan and in the process lowered its outlook for 2024 which had been suspended since March and the shutdown of a production site in Italy.
Stellantis fell 4%. In a note published on Thursday, HSBC warned that sales volumes and weak inventory destocking in the United States suggest that the first half of 2024 will be more difficult than the consensus expects.
Kering gained 4.7%, supported by Bank of America, which switched to buying the value against “underperformance” previously.
Conversely, Dassault Systèmes fell 1.7% while Deutsche lowered its recommendation to “hold” from “buy”.
On other markets, the euro gained 0.3% against the dollar, to $1.0709. Oil rose. The August contract on North Sea Brent gained 1% to $85.25 a barrel, while the same-term contract on WTI listed in New York gained 1.1% to $81.77 a barrel.
Julien Marion – ©2024 BFM Bourse
