The Paris Bourse has pushed back its historical limits beyond 7,000 points and is preparing to complete its seventh consecutive session of increase, ditto for the S&P 500 in New York after a much better than expected employment report in the United States. United last month.
The Bureau of Labor Statistics (BLS) has recorded 531,000 job creations in the non-agricultural sector, against 450,000 anticipated by the consensus formed by Bloomberg. The September balance was also revised from 194,000 to 312,000. The unemployment rate fell 0.2 percentage points to 4.6% of the labor force, while the participation rate stagnated at 61.6%. However, the increase in the average hourly wage remains at a high rate of 4.9% over one year.
The US economy on track
These figures validate the Federal Reserve’s decision to initiate the process of reducing its asset purchases. In addition, Jerome Powell’s pledge to be patient when it comes to interest rate hikes eases the pressure on government bonds, with the US 10-year yield falling below 1.47%, its lowest. level for a month. The employment report “Suggests that the economy is on the right track, which is a positive signal to continue investing in equitiessays Rick Meckler of Cherry Lane Investments. However, he warns that the still high level of wages does nothing to ease inflationary pressures. But this problem seems to be put off by equity investors. “, He nuances.
Luxury continues to shine
The heavyweights of the Cac 40 like Hermes (+ 1.7%) and L’Oréal (+ 1%) continue to set records. The luxury sector is also driven by the 2.4% increase in Dry and LVMH and, excluding the flagship index, by the historical peak ofInterparfums (+ 2.7%). Bryan Garnier analysts believe that the dynamics of the sector for the end of the year should remain in line with that ” clearly reassuring In the third quarter, which was driven by the two main pillars of its growth, China and the United States. The continued recovery in Europe is therefore positive, especially as the outlook remains robust for the United States and the Asia-Pacific region.
Conversely, medical test specialists are under pressure after the results of a clinical study according to which Pfizer’s treatment as a pill against Covd-19 reduces the risk of hospitalization and death by 89% in high risk patients. bioMérieux thus fell by 5.5%, Sartorius Stedim by 9% and Eurofins Scientific 3.8%, while Pfizer advance of more than 8% in New York.
At 4:10 p.m., the 40 rose 0.69% to 7,035.76 points, after an all-time high at 7,063.40, in a business volume of 2.55 billion euros. In New York, the Dow Jones takes 0.90% and the Nasdaq Composite gagne 0,56%.
JCDecaux driven by its forecasts
JCDecaux appreciates by 5%. The outdoor communication and street furniture group has announced that it is forecasting growth of more than 20% in its adjusted organic revenue in the fourth quarter.
Casino takes 0.4%. The distributor reported an improvement in its activities in the third quarter, the lifting of health restrictions having favored its brands in France, while sales growth in Brazil, the group’s second market, remained strong.
Euronext loose 4.5% after quarterly sales “slightly lower” than analysts’ expectations, solid trading revenues being offset by the contraction of “post-trade services” activity.
Ipsen fell 4.5%. Morgan Stanley downgraded the title of the pharmaceutical group from “online weighting” to “underweight” and reduced its price target from 90 to 80 euros.
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