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Paris (awp/afp) – The Paris stock exchange opened on a positive note on Thursday, with investors awaiting the release of inflation data from the United States, following the publication of the minutes from the last meeting of the US Federal Reserve (Fed).
CAC 40, the benchmark index, gained 0.22%, or 15.64 points, to 7,146.85 points as of 9:30 am. On Wednesday, the Paris market fell by 0.44%, to 7,131.21 points, weighed down by the decline of LVMH (-6.46%), a heavyweight of the CAC 40, whose third-quarter results were worse than expected.
Investors are taking a breather after yesterday’s decline, notably supported by the publication of the “Fed minutes,” the report of the last monetary policy meeting of the powerful American institution.
“Several” officials from the Fed “noted that (…) the decisions and communications” of the institution “should focus more on the duration of keeping the policy rate at restrictive levels rather than the level of increase in the policy rate,” according to the minutes of the last Fed meeting on September 19 and 20, published on Wednesday after the closing of the markets.
“On the whole, these minutes reduce the likelihood of a rate hike in November, as the Fed appears hesitant to make changes without clearer economic signals from upcoming data,” conclude the economists at Natixis Research.
Investors’ attention will now turn to the release of the Consumer Price Index (CPI) for September (at 12:30 pm GMT), as these data play a crucial role in the evolution of the US institution’s monetary policy.
After rebounding this summer, the CPI is expected to resume its decline and settle at 3.6% on an annual basis, down from 3.7% last month, according to MarketWatch’s consensus.
Airbus helped by Easyjet
British airline Easyjet announced on Thursday a proposed agreement to purchase 157 Airbus aircraft and convert 35 others, a transaction worth nearly $20 billion in total, according to a statement.
The announcement benefited Airbus’ stock, which gained 0.36% to 126.66 euros as of 9:30 am.
Publicis praised for its results
The French advertising giant reported a nearly stable net profit in the third quarter, at 3.2 billion euros compared to the previous year. For fiscal year 2023, the group now aims for revenue growth at constant exchange rates and scope of +5.5% to +6% (compared to the previous expected +5%), an operating margin rate of 18%, and an improvement in its free cash flow to 1.7 billion euros.
Following this announcement, Publicis Groupe gained 3.68% to 76.04 euros and took the lead in the CAC 40.
Legrand: sales in Russia
French electrical equipment manufacturer Legrand (+0.57% at 88.10 euros) announced on Thursday the sale, effective early October, of its Russian activities to a local Russian industrialist.
Casino, the wait continues
The financially troubled retailer announced on Wednesday evening that it would “extend until Friday, October 13, 2023, at 6:00 pm the deadline to join the binding agreement for the restructuring of its debt with its creditors (lock-up) in order to respond to technical requests,” according to a group statement.
Casino’s stock price was down 0.74% at 1.21 euros.
Orpea plunges
The private nursing home group, which is undergoing a procedure to regain financial balance, reported a net loss of 371 million euros in the first half of the year, with its margin being affected by investments and a rise in costs linked to inflation, it announced on Wednesday.
Orpea dropped 10.98% to 1.31 euros.
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