The Paris Bourse is recovering a little but remains on alert
The Paris Stock Exchange was trying to recover on Tuesday (+0.33%) the day after its worst fall in session in three months, still focused on the risk of a banking crisis, which is reflected in bank prices.
The star CAC 40 index advanced 22.90 points to 7,034.40 points around 9:55 a.m. The day before, it had yielded 2.90%, its worst day since December 15.
“Fear has spread in Europe,” observe analysts at Banque Postale AM. “We can hope that in the coming hours European central bankers will speak out to reassure investors,” they add.
The repercussions of the collapse of the American bank SVB, as well as two other regional banks, continue to thrill investors. The American central bank (Fed) announced on Monday that it would look into the conditions of supervision and regulation of SVB.
The CAC 40 banking establishments, which have lost nearly 10 billion euros in stock market value during the last two sessions, continued to decline: Crédit Agricole lost 1.01% to 10.57 euros, Société Générale 0.13% to 23.90 euros even if BNP Paribas took 0.14% to 56.23 euros. For its part, the insurer Axa lost 0.99% to 27.40 euros.
Investors are also awaiting inflation figures in the United States, expected at 1:30 p.m.
On Monday, they significantly lowered their expectations of central bank rate hikes in the coming months, in response to the effects of the banking shock, partly caused by the tightening of monetary conditions.
The pace of inflation remains a constant focus of central bankers, who had worried in recent weeks that the slowdown was less and less marked while the rate remained well above their target.
On the bond market, the 10-year French government bond rate remained stable at 2.80% after falling over the past two days. More sensitive to changes in monetary policy, the 2-year rate fell to 2.71%, against 2.78% at the close on Monday.
Leap from Icade
Icade, the real estate subsidiary of the Caisse des dépôts et consignations, announced on Monday an agreement with the real estate management company Primonial REIM for the sale of its health subsidiary. The company will receive approximately 1.2 billion euros in capital gains, of which 70%, or 710 million euros, will have to be redistributed to its shareholders as exceptional dividends.
Investors rejoiced, the action jumped 9.40% to 51.00 euros.
Vivendi turns to Kretinsky
The French media giant Vivendi “has decided to enter into exclusive negotiations” with International Media Invest (IMI), a subsidiary of the CMI holding company founded by the Czech billionaire Daniel Kretinsky, with a view to selling him 100% of Editis, the second group French edition. The action was stable at 9.45 euros.
On the broader SBF 120 index, Lagardère, which Vivendi wants to buy but whose takeover is still subject to the approval of the European Commission, fell 2.99% to 20.14 euros.