The Paris Stock Exchange erased its losses the day before. Good news from China and the absence of bad surprises from the ECB are the main factors of support, while the rise in oil prices is benefiting the energy sector.
Mid-morning, the Bedroom 40 recovers 1.31% to 6,126.75 points in a business volume of 480 million euros.
During her opening speech at the ECB’s annual forum in Sintra, Portugal, Christine Lagarde reiterated her intention to raise key policy rates by 25 basis points in July, and that a bigger hike could come in September if necessary. She also indicated that the new bond purchase program being drawn up will ensure that yield spreads within the euro zone do not widen excessively.
Luxury driven by China
The Chinese central bank has meanwhile reaffirmed its accommodative policy, while the authorities have announced a reduction in the duration of quarantines for foreigners, which is supporting the luxury sector. The latter benefits more precisely from the absence of new Covid 19 contaminations in Beijing in the past 24 hours, a first since February. LVMH takes 1.4%, Kering 2% and Hermes 2.1%.
The barrel of Brent from the North Sea is up 1.7% to 116.74 dollars, which supports TotalEnergies (+ 1.8%). Emmanuel Macron told Joe Biden on Monday on the sidelines of the G7 in Germany that he had been informed by the President of the United Arab Emirates that his country and Saudi Arabia were nearing maximum production capacity, reports Reuters . Saudi Arabia could increase its pumping by 150,000 barrels, but not much more, continued the French president.
” This is probably the last thing anyone needs to hear right now, considering that Saudi Arabia and the UAE are seen as the two surge producers available in the world right now. “Summarizes Jeffrey Halley, market analyst at Oanda.
Unsurprisingly, the latest surveys measuring consumer confidence are hardly encouraging. In France, the household confidence index calculated by INSEE fell by 3 points in June. In Germany, the index established by Gfk contracted to -27.4 points for the month of July, against -27.3 expected and -26.6 in June. In the United States, that calculated by the Conference Board should meanwhile have fallen to 100 points in June. Also to be monitored is the health of the US real estate market with the S&P Case-Shiller index of house prices in 20 metropolitan areas.
The automotive sector once again surrounded
Biggest rise in SRD, Aramis Group increased by 10.4%. The group has announced the takeover of Onlinecars, an Austrian specialist in the sale of used vehicles. The operation was financed by the increase in lines of credit made available to it by Stellantiswhich earns 2%.
Renault garners 4.6%. Nissan shareholders at a general meeting rejected the proposal to designate the French group as the parent company of the Japanese manufacturer, which would have made it mandatory to publish the terms of their alliance.
Valeo rises 3.5%. The equipment manufacturer has indicated that it will supply BMW with components for the German manufacturer’s advanced driver assistance systems. Its competitor Faurecia advance of 6.1%.
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