Paris: rebound thwarted by W-Street, ‘stats’ too good!

Paris: rebound thwarted by W-Street, ‘stats’ too good!
Paris: rebound thwarted by W-Street, ‘stats’ too good!

( – Led by Wall Street, the Paris Stock Exchange lost half of its gains over the last 2 hours of the session, dropping from nearly + 1.2% (beyond 6,660) to +0 , 6% (under 6.622), in an average volume of 3.8 billion euros.

The Euro-Stoxx50 also resumes + 0.6% to 4.178 after having touched the 4.190, but without conviction on the eve of the ‘4 witches’ while Wall Street disappoints by not transforming the test of the rebound of the day before: the S & P500 and the Dow Jones lose around -0.5% at mid-session, the Nasdaq -0.4%.

Investors discovered in the early afternoon a new set of clearly ‘too good’ indicators that confirm the strength of the recovery in the US economy.

August retail sales in the United States rebounded 0.7% to a 1.8% decline in July (revised from an initial estimate of -1.1%), according to the Department. Trade, where the consensus expected a contraction of -0.8%.

The consensus is taken in the wrong direction across the board since, excluding the automotive sector (vehicles and equipment), US retail sales increased by 1.8% in July (after a decline of 1% the previous month). where economists feared on average a small drop.

The best surprise comes from the ‘Philly Fed’ index which climbed 11 points to 30.7 this month, as economists forecast stagnation around 19, from 19.4 in August.

While the new orders sub-index fell seven points to 15.9, the jump in current shipments, which climbed 11 points to 29.9, more than offset its decline.

Finally, according to the Department of Commerce, stocks of companies in the United States increased by 0.5% in July, at the same rate as sales of American companies, and the inventory / sales ratio contracted to 1, 25, compared to 1.36 at the end of July 2020.

One of the ‘facts of the day’ is the vigorous rise of the dollar by + 0.5% towards 1.1760 / E, due to the robustness of the figures above (US T-Bonds deteriorate by + 3Pts base at 1.335%).

In the news of French stocks, Vivendi (+ 0.4%) announces that its management board has agreed to offer 24.10 euros per share to buy back the 25,305,448 Lagardère shares (+ 19.5%) held by Amber Capital, representing 17.93% of the capital and 14.34% of the theoretical voting rights.

Alstom (+ 4.4%) takes the lead in the CAC40 but illustrates a sequence of the ‘saloon doors’ type.

Virbac is once again seducing the market by shattering expectations: the stock, which jumped by + 10.3%, sets a new all-time record of 370.5E.

Thales (stable) announces the decision of the Australian authorities to acquire a fleet of nuclear-powered submarines through a partnership with the United States and the United Kingdom. A decision which marks the end of the AFS program to build new generation conventional submarines for Thalès … which nevertheless confirms its 2021 financial objectives.

Finally, TF1 announces that its subsidiary Newen is taking a majority stake in Flare Film, a Berlin-based group that produces cinema films and documentaries, and has developed a structure dedicated to series in 2020, Flare Entertainment.

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