(BFM Stock Exchange) – The CCA 40 it was almost stable in the mid-session, thanks to the rally TotalEnergie. However, the market remains cautious as the Covid-19 outbreak in China continues to gather momentum.
The Paris Stock Exchange is resisting as best it can a dismal trend. Halfway through the session, the CCA 40 it fell 0.04% to 6,632.10 points.
Prudence continues to dominate investors, still worried by the resurgence of the pandemic in China where the number of daily cases exceeds 30,000, close to the record reached last spring. Beijing closes restaurants, sports halls and tourist sites again.
Furthermore, the OECD has joined the list of institutions with very unattractive economic prospects. The organization estimated on Tuesday that global growth will slow down sharply next year, falling from 3.1% this year to 2.2% in 2023. The OECD called on countries to continue tightening monetary policy and called for fiscal policy to be “targeted” to curb inflation.
On the monetary policy side, the president of the Bundesbank, Joachim Nagel, has estimated that the European Central Bank should reduce its balance sheet from the beginning of next year to counter the sharp rise in prices in the area. EUR.
TotalEnergies tops the list
Faced with all these unfavorable elements, the Paris Stock Exchange, like that of London, gave way but did not give way, thanks above all to the rebound of oil shares. These titles benefit from Saudi Arabia’s denial press releases signaling potential production increases at the next meeting of the Organization of the Petroleum Exporting Countries and their Allies. This denial, which took place after the European closure, allowed stocks of black gold and American oil to rebound.
Fears over the evolution of coronavirus cases in China are penalizing luxury groups. L’Oréal loses 2.5%, Hermès loses 1.9% and LVM extension down 1.6%.
In other markets, theEUR advance of 0.2% on the dollar to 1.0265 dollars. Oil prices continue to rise. The January contract on the Brent The price of the North Sea rose by 1.5% to 88.58 dollars a barrel, while that of the same expiry on the WTI extension listed in New York, it rose by 1.2% to 80.98 dollars a barrel.
Julien Marion – ©2022 BFM Exchange