The Paris Bourse moved cautiously on Friday, as investors closely scrutinized inflation data for the eurozone. Despite the contrasting figures, the leading CAC 40 index posted a slight gain, starting the day in the green after a mixed week. Markets are also keeping a close eye on US monetary policy, particularly in view of the Fed’s next meeting in March.
The Paris Bourse is moving cautiously on Friday, ahead of crucial news on inflation in the eurozone and economic activity in Europe and the United States.
The CAC 40 was slightly up by 6.68 points at 7,934.11 at around 09:25, starting the day in the green after a hesitant start. By 3:30 pm, the leading index was up 0.045% at 7,930.99 points.
On Thursday, the CAC 40 edged back 0.34%, although the month of February was marked by a sharp rise of 3.54%. Over the current week, the index remains down 0.43%.
“Quite logically, the market needed a breather. But the underlying trend remains bullish,” says Christopher Dembik, Investment Advisor at Pictet.
CAC 40 to record profits in 2023
Despite fears of a recession in 2023, profits for CAC 40 companies, buoyed by the luxury and automotive sectors, have exceeded those of 2022, according to an AFP tally.
In 2023, the 35 companies in the emblematic index that made their results public accumulated a total net profit (group share) of 144.2 billion euros, surpassing the 142 billion euros generated by the entire CAC in 2022. By comparison, these same 35 companies collectively generated profits of 141 billion euros in 2022.
However, this balance sheet is expected to remain below the record level reached in 2021, according to analysts’ forecasts for companies that have not yet published their results.
“We’ve had three fairly abnormal years economically”, but 2023 has cushioned a return “to normal”, sums up Samy Chaar, Chief Economist at Lombard Odier.
Inflation slows in the eurozone
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Read also>[STOCK MARKET] CAC 40 IN THE GREEN, BUOYED BY EXPECTATIONS OF LOOSER MONETARY POLICIES
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