The Paris Stock Exchange awaits the resumption of negotiations on the American debt
The Paris Stock Exchange is moving down slightly by 0.21% in the first exchanges on Monday, with a sparse agenda, watching as for several sessions for developments in the negotiations around the raising of the American debt ceiling.
The star CAC 40 index lost 15.81 points to 7,465.15 points around 9:20 a.m. On Friday, it had taken 0.61%, to end the week up 1.04%, at 7,491.96 points.
The Parisian rating had even greatly exceeded 7,500 points on Friday, before giving up part of its gains in the last half hour with the renewed tension between Democratic and Republican negotiators.
“As we enter another important week, we have a feeling that we are likely to see more twists in this sad saga, with neither side doing particularly well,” said Michael Hewson, from CMC Markets.
President Joe Biden and Republican Leader Kevin McCarthy will meet in person on Monday to continue negotiations about ten days before the default deadline.
Republicans are demanding a cut in federal spending to give the green light. The Biden administration refuses, and proposes for its part to reduce certain expenses while increasing taxes for the richest and companies.
The stock market calendar is very sparse, with only the euro zone consumer confidence index expected at the end of the session.
On Tuesday, PMI activity indicators for the euro zone and the United States are expected, and on Friday, investors will be watching for the PCE inflation report in the United States.
“As the June U.S. central bank meeting looms and the possibility of a hike, which was all but ruled out a week or two ago, grows ever more pressing, Fed officials are numerous “to intervene this week, also note the analysts of Deutsche Bank.
A heavyweight on the Parisian coast, luxury stocks rose: Hermès gained 1.30% to 2,029 euros, LVMH 0.66% to 880.10 euros and Kering 0.26% to 536.30 euros.
Air-France-KLM in the wake of Ryanair
Air-related values rose, after the well-received results of the Irish airline Ryanair: Air-France-KLM gained 1.57% to 1.68 euros, Dassault Aviation 1.16% to 173.70 euros, Aéroports de Paris 0.70% to 144.10 euros and Safran 0.68% to 144.12 euros.