Despite a return to the uptrend yesterday with +0.03%, the CAC 40 showed a negative session on Thursday morning at 5,927.59 points (-0.33%), a decline justified by health fears in Europe, raising doubts about an economic recovery. At 12:30 pm, the index was down 0.21% at 5,934.55 points.
“Europe is facing the risk of a third wave of epidemics, which leaves the markets unmoved, but the delays in vaccination campaigns and the differences in the health situation from one country to another point to a rather uneven recovery,” said Tangi Le Liboux, strategist at Aurel BGC.
Even if the indicators published on Thursday in the two major European economies were rather positive and showed some improvement, it should be noted that these did not take into account the significant increase in the number of infections in recent days and the upcoming restrictions.
After the restrictions announced last week in France, the Netherlands has decided to extend the restrictions until 20 April, and Belgium is going to tighten its rules for shops and schools.
This situation “weighs” on the indices, commented Waldemar Brun-Theremin, manager at Turgot Asset Management, to AFP.
Moreover, it is not only the restrictions that are sowing doubts in the financial markets, but also the mistrust of vaccine campaigns, particularly with regard to AstraZeneca serum, as well as delivery problems are not helping the situation.
The European Union’s delay on its vaccination calendar is now seven weeks compared to five at the beginning of February and could cost the EU-27 123 billion euros in 2021, according to a calculation made public today by the credit insurer Euler Hermes.
These difficulties in supplying the EU with vaccines dominated Thursday’s discussions of the EU-27 summit by video conference. “Accelerating the production, delivery and deployment of vaccines remains essential and urgent to overcome the crisis. Efforts in this direction must be intensified,” the leaders of the 27 member states said in draft conclusions consulted by AFP.
It should be noted that in France, the business climate improved significantly in March, reaching a high point since the beginning of the crisis, according to data from INSEE, which is based on a survey of businesses carried out mainly before the tightening of health measures.
“The joint speech by the Fed chairman and the Treasury secretary reassured the markets about the outlook for 2021,” but “investors now want to see a quick acceleration of the recovery in the second quarter,” Saxo Bank said in a note.
On the luxury side, LVMH was down 0.072% in mid-day trading at €552.80, just after unveiling its ambition to neutralise its impact on biodiversity by 2030 yesterday.
Kering also fell 1.07% to €565.10, three days after posting one of the biggest falls on the CAC 40 (-2%).
Hermès followed the trend and lost 0.021% to 938.20 euros.
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