Cac 40: Weighted down by the decline of Sanofi, the CAC 40 is at a standstill

Friday 15th November 2024 01:52 PM

(BFM Bourse) – The Parisian index is moving close to equilibrium at mid-session this Friday. Investors are awaiting a new set of American indicators this afternoon.

The Paris Stock Exchange is slamming on the brakes. At mid-session this Friday, the CAC 40 is almost stable at 7,305.65 points, after having gained 1.32% the day before. Over the week as a whole, the index is currently down 0.3%.

Investors are particularly digesting the words of the President of the American Federal Reserve (Fed), Jerome Powell. The central banker said Thursday evening that “the economy is not sending signals indicating that we must rush to lower rates.”

“The strength we are currently seeing in the economy allows us to approach our decisions with caution. Ultimately, the trajectory of policy rates will depend on the evolution of economic data and outlook,” he added . These statements were considered restrictive by the market.

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A “cold shower”

“It was a cold shower of reality for stock traders, who had pushed US stocks to an 11-year high after Trump’s victory,” says Spi AM’s Stephen Innes. These statements caused American indices to fall, with the S&P 500 closing down 0.6% on Thursday.

Investors are now awaiting several US statistics to be released this afternoon, including retail sales and industrial production.

On the value side, Sanofi pulls the CAC 40 down, falling by 3%. Like other stocks in the pharmaceutical world – Sartorius Stedim Biotech lost 4.9% and Valneva 6% – the stock was penalized by the appointment of Robert Kennedy Jr, a notorious vaccine skeptic, as head of the US Department of Health. Health.

Excluding CAC 40, Vallourec gained 6.2% after publishing quarterly results showing faster than expected deleveraging, according to Oddo BHF.

Nexans fell 2.7%, suffering from the sale of shares by Bpifrance.

On other markets, the euro gained 0.4% against the dollar to 1.0575 dollars. Oil is falling. The January contract on North Sea Brent lost 1.05% to $71.80 per barrel while the December contract on WTI listed in New York lost 1.1% to $67.96 per barrel.