After a decline of 0.4% last week, the Paris Stock Exchange is regaining color thanks to the rise in oil, banking and automotive stocks. The ECB’s upturn last Thursday in its growth forecast for the euro zone this year gives hope that the improvement in the region’s economy will help offset the anticipated slowdown in the United States and Asia.

Investors are ignoring the downturn in US markets on Friday and Asia this morning, but caution remains on the eve of the release of last month’s US inflation figures. “These numbers will be the main event of the week as we approach the politically rich second half of September,” writes Jim Reid, credit strategist at Deutsche Bank, referring to the upcoming elections in Germany and the arrival. at maturity of the debt ceiling in the United States.

Around noon, the Cac 40 gained 0.48% to 6,695.53 points in a turnover of barely 600 million euros. September futures contracts on the three major US indices are up 0.3% to 0.5% after five straight sessions of decline for the Dow Jones and the S&P 500.

In the United States, whether or not inflation is temporary remains a central issue for investors after the announcement on Friday of a 8.3% year-on-year increase in producer prices in August. This surge could also weigh on retail sales, expected Thursday. In China, the focus on industrial production and the same retail sales on Tuesday.

The prospect of a US Federal Reserve tapering continues to haunt the markets, which anticipate the announcement of a reduction in the Fed’s $ 120 billion per month asset purchase program in November or December. . Patrick Harker, chairman of the Philadelphia Fed, told the Nikkei daily that it is desirable to initiate this process by the end of the year in case inflation proves to be persistent, especially since “The markets are functioning properly”. The Fed’s monetary policy council is due to meet on September 21 and 22, with the institution’s new economic projections in focus.

TotalEnergies rose 2.2% in the wake of the rise in crude oil prices. Fears over oil supplies persist after the disruption caused by Hurricane Ida in the United States as production in the Gulf of Mexico is further halved, according to the Bureau of Safety and Environmental Enforcement.

BNP Paribas and Crédit Agricole gained 1.5% 1.1% respectively, supported by the hope of strong growth in Europe this year.

Dassault Aviation adds 1.3%. Greece has ordered six additional Rafale from France, announced the Minister of the Armed Forces Florence Parly. The first European country to have chosen the French combat aircraft, Greece had already ordered 18 Rafale from Dassault Aviation. A first device was delivered in July.

Getlink appreciates by 2.7%, HSBC has raised its recommendation on the title of the Channel Tunnel operator to “keep” to “buy” and raised its price target from 14.80 to 15.25 euros .

Atos loses 1.2% after jumping 8% on Friday. The stock has probably benefited from buybacks of short positions to hedge against a possible offer given its low valuation, Bloomberg reports citing a trader Aurel BGC. Atos will leave the Cac 40 at the end of the September 17 session where he will be replaced by Eurofins Scientific.

Finally, Valneva fell 33.7%. The biotech has announced that it has received a notice of termination of the agreement to supply its candidate vaccine against Covid-19, VLA2001, concluded with the British government. The contract with the United Kingdom provided for the supply of 100 million doses of vaccine by Valneva in 2021 and 2022, with an option for an additional 90 million doses by 2025. Valneva had assessed the total value of these doses up to to 1.4 billion euros.

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The Cac 40 in the green thanks to banks and TotalEnergies, but beware of American inflation
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Ref: https://investir.lesechos.fr