The Paris Bourse ends a trying week bloodless
The Paris Stock Exchange ended sharply down 1.43% on Friday, after a fleeting rebound at the opening, once again weighed down by investor mistrust of banks.
The star CAC 40 index fell 100.32 points to 6,925.40 points. Over the week, it fell 4.09%, its worst performance in six months. However, the Parisian index has still increased by 6.98% since the start of the year.
The addition is even more salty for the banks, with falls of 16.94% in five days for Societe Generale, 14.22% for BNP Paribas and 9.35% for Crédit Agricole.
The Parisian rating had yet attempted a rebound at the opening, in line with its gain of 2.03% Thursday, but the momentum was quickly broken.
“The trend of the day is still a great excitement for the markets. It still takes a few days before restoring confidence,” said Vincent Juvyns, member of the strategy team at JP Morgan AM.
Outside of France, the establishments considered the most at risk by investors have again been fled, such as Credit Suisse or First Republic in the United States.
The support measures of the American and Swiss authorities, the massive deposits of American banks to ensure liquidity for First Republic were only enough to restore calm for a few hours.
After the ECB meeting on Thursday, where the institution maintained its course, the US Federal Reserve will communicate its monetary policy decision next Wednesday.
Banks still under pressure
Having risen sharply, the banks finally suffered a further downgrade due to investor mistrust. During the session, Societe Generale lost 0.16% to 21.20 euros, BNP Paribas 1.95% to 51.68 euros and Crédit Agricole 2.29% to 10.34 euros.
Over the week, only five companies ended up, the strongest being the technology company Dassault Systèmes, whose stock market valuation is favored when rates fall. She took 3.78% to 37.62 euros in five sessions.
The other best performances are for the heavyweights of the CAC in luxury, or defensive stocks, less sensitive to variations in economic activity and towards which investors go in a phase of uncertainty.
Over the week, L’Oréal gained 1.73% to 380.25 euros, Hermès 0.58% to 1,730.00, Sanofi 0.28% to 89.80 euros and EssilorLuxottica 0.09% to 159.75 euros . Pernord Ricard fell only 0.52% to 199.05 euros.