Posted December 22, 2022 at 11:48 amUpdated 22nd Dec. 2022 at 11:49
The Paris Stock Exchange erased its initial small gains, but in a calm mood and after gaining more than 2% the day before. At noon, the Cacao 40 fluctuates around the balance (-0.04%), at 6,578.41 points, on an anemic volume of 550 million euros, worthy of the pastry chefs’ respite that will kick off at the beginning of next week. A lot of waiting too, before a new series of statistics that will be published this afternoon in the United States.
Caution is also needed on Wall Street, where futures contracts are about stable after a strong session in the green Wednesday, boosted by better-than-expected quarterly results from sports equipment supplier Nike and especially a consumer confidence index, according to Conference Board Calculations , much better than expected. Household spending is at the heart of the good performance of the American economy and perhaps the central element of a soft landing scenario next year in the United States, hoped with all their auspices by operators while the Fed tirelessly continues its hikes in key rates to fight inflation . A strong confidence that is even more important in this holiday shopping season.
“The market has been oversold”
In detail, the indicator of this employer organization stands at 108.3 points in December, against the only 101 points forecast by the consensus. Above all, inflation expectations over a one-year horizon fell from 7.1% to 6.7% in the space of a month. ” Inflation expectations fell to their lowest level since September 2021comments the Conference Board, recent drops in gasoline prices are one of the main explanations Now, the hope is that consumer spending will shift towards services as prices calm down on staples.
« The market has been oversold and I think investors were looking for an excuse to go forwarddeciphers for his part Sam Stovall, of CFRA Research, interviewed by CNBC, and figures from Nike and FedEx provided that. I really wonder, though, if this is a sentiment that can last in corporate profits. »
Orpea loads the boat
In the day’s appointments, all American, at 2.30 pm we will learn about the latest estimate of the evolution of GDP for the third quarter, the new weekly unemployment claims and, more specifically, at 4.00 pm, the Index Conference Leading indicators of the board of directors for November.
On the value side, TotalEnergie Cac 40 again sharpest rally with 1.54% gain on rising oil prices, Brent traded above $83 (+1.4%) and US WTI benchmark price around 79 dollars (+1.1%) . According to the country’s weather services, the United States expects a severe cold spell in the coming days, while the latest statistics show that crude inventories have fallen more than expected in the United States in the past week.
Excluding the tip index, Orpeia lose more than 5%. The manager of the retirement home has raised the amount of asset write-downs that will appear in its accounts for the year 2022 to over 5 billion euros.
