The Paris Stock Exchange is expected to open higher on Friday, following a record close and heading for a week of gains, driven in part by strong corporate earnings. The CAC 40 is expected to open up 0.38% at the start of the trading session. On Thursday, the Paris benchmark index set a new intraday and closing record, finishing up 0.86% at 7,743.42 points. Since Monday, the CAC 40 has set a new closing record twice, and is currently showing a weekly gain of 1.25%.
According to John Plassard, an analyst at Mirabaud, “European indices are expected to open higher following the close of Wall Street,” where a record closing was also set on the S&P 500. After a series of mixed economic indicators, U.S. stock indices have pushed forward, maintaining confidence in the ideal scenario of a smooth landing for the world’s largest economy, that is, a gradual slowdown of inflation without a recession. “No matter the data, U.S. stock markets always manage to find a positive interpretation to justify the continuation of their upward trend,” commented Ipek Ozkardeskaya, an analyst at Swissquote Bank. According to him, central bank rate cuts are seen as a “light at the end of the tunnel” for markets that are “blinded by optimism.”
Euronext, a stock exchange operator, presented strong annual results on Thursday, with its net profit soaring 17% to a new record of 513.6 million euros. Covivio, a real estate company with properties in multiple European countries, reported better-than-expected revenues in 2023, showing a slight increase from 2022. Orpea, a private nursing home group, announced a 9.5% increase in annual revenue for 2023 and indicated that it has “completed” its “financial restructuring.”
