The Paris Stock Exchange closed 0.51% lower for the first time this week, following announcements from the European Central Bank and a new wave of corporate results. The CAC 40 stellar index lost 32.28 points to 6244.03 points. The day before it had increased by 0.41%.
As expected by the markets, the European Central Bank (ECB) raised its key benchmark rates by 0.75 points on Thursday to cope with the surge in inflation in the euro zone, fueled by the aftermath of the war in Ukraine. If the “the likelihood of a recession looms much higher on the horizon“, For the president of the ECB Christine Lagarde, who strengthens the markets in the idea that the next rate hikes could be less significant,”there is still a long way to goand new increases will occur, Christine Lagarde added.
“Immediately after the ECB, there was a decline in the euronoted Christopher Dembik, director of macroeconomic research at Saxo Bank. The euro lost 1.02% at 6:25 pm against the greenback, at $ 0.9978, hovering around par.
The cost of debt for the French state at 10 years also decreased, standing at 2.45%, compared to the maximum 2.75% for the day, before the announcement of the ECB. On the results side, the surprises were “often due to overly pessimistic analyst forecastsadded Christopher Dembik.
Profitable gas for TotalEnergies
French oil group TotalEnergies announced Thursday that its profit was up 43% in the third quarter compared to the same quarter of 2021, to $ 6.6 billion, benefiting mainly from record gas prices, which have soared since the invasion. of Ukraine. The stock gained 2.95% to € 54.48.
Latest in the STMicroelectronics line
Biggest drop in the CAC 40 of the day, STMicroelectronics lost 6.97% to 32.51 euros, some analysts fear a slowdown in chip demand at the end of the year in smartphones, connected objects and industry.
The Franco-Italian semiconductor group benefited in the third quarter from strong demand for its products and “favorable priceswhich increased its sales by 35% and allowed it to achieve a net profit of $ 1.1 billion.
Schneider received badly
French electrical equipment and industrial automation giant Schneider Electric lost 3.41% to € 128.04 after posting a sharp rise in revenue in the third quarter and announcing the sale of its industrial sensor business for over 700 million euros.
Carrefour and Casino driven by inflation
High inflation in the food sector, as well as rising market shares, boosted Carrefour’s sales in the third quarter of 2022, encouraging it to slightly increase its cash generation target for the year on Wednesday.
The shares of the distribution groups Carrefour and Casino took 2.89% to € 15.84 and 15.72% to € 10.05, respectively.