The control room of Euronext, a company that manages the Paris Stock Exchange (AFP / ERIC PIERMONT)
The Paris Bourse was clearly green at the start of Wednesday’s session, gaining 1.24% in the wake of the rebound in US markets.
At 9:30 a.m., the CAC 40 index rose 59.28 points to 4,832.12 points. On Tuesday, it had failed to bounce back, losing 0.40%, its fifth consecutive decline.
Wall Street managed to restart on Tuesday thanks to technology stocks, the Nasdaq taking up 1.71%.
In addition, the American House of Representatives approved a budget agreement with the White House and the Republicans to avoid the “shutdown”, that is to say the drying up of government funding, on September 30.
“There is no great enthusiasm” at the idea of wiping out the majority of losses conceded on Monday, where the ACC had fallen by 3.74%, points out however Tangi Le Liboux, analyst of the broker Aurel BGC.
All the more so as the barometers of private sector activity fell again in September in France. The composite flash index of aggregate activity fell to 48.5 points from 51.6 points in August, with a figure below 50 indicating a contraction in activity.
This is the sign of “new disturbances relating to the Covid-19 pandemic”, specifies the IHS Markit firm which calculates this barometer, so far on a series of four consecutive increases.
European countries have for several days been forced to take measures to try to stem or limit the comeback of the Covid-19 epidemic, which continues to weigh on the markets.
Local and partial lockdowns have started in areas in Spain or the UK, and English Prime Minister Boris Johnson presented restrictive measures on Tuesday. Pubs and restaurants must close at 10 p.m., and teleworking is again encouraged.
Faced with this, “the growing perception of the market is that central banks have already done their utmost and that in the event of a more acute health crisis, it is difficult to see what lever could be used to support economic activity” worry the economists from Saxo Bank.
– Tech takes color –
The standoff continued between Suez (+ 2.07% to 15.25 euros) and Veolia (+ 0.63% to 18.40 euros) on the attempted buyout of the first by the second. Suez denounced “the social destruction” that the operation would represent from his point of view, leading to the dismissal of 10,000 people around the world. Veolia disputed these figures, saying it was also ready to discuss its offer with Engie, including the price.
As in the United States, technology stocks stood out, like STMicroelectronics (+ 3.04% to 26.06 euros) and Atos (+ 1.91% to 69.46 euros).
The French number two in the retirement homes and private clinics sector Orpea climbed 3.01% to 97.96 euros after the publication of its results and the announcement of the acquisition of 50% of the fourth national operator of nursing homes. retirement in Ireland, Brindley Healthcare.
The Societe Generale group, which advanced slightly by 0.15% to 11.67 euros, announced in the morning that it was considering merging its Crédit du Nord and Société Générale networks.