The Paris Stock Exchange is running out of steam

The Paris Stock Exchange is down 0.29% in early trading on Wednesday, after two days of stagnation, showing less optimism about an upcoming future cut in central bank interest rates.

The star CAC 40 index fell 27.17 points to 7,384.84 points around 9:50 a.m. The day before, it had fallen by 0.16%, after rising 0.05% on Monday.

The New York Stock Exchange ended lower on Tuesday, worried about US household consumption, but also the prospect of higher rates for longer.

The officials of the American Central Bank reaffirmed that it was premature to speak of a reduction in the key interest rate, a feeling accentuated by other economic indicators, such as industrial production, which were more robust than expected.

On the bond market, the interest rate of the French 10-year loan fell slightly after its sharp rise on Tuesday: it was worth 2.90%, against 2.93% at the previous closing.

Investors await the final estimate of inflation in April in the euro zone in the late morning.

The unemployment rate remained stable in the first quarter, at 7.1% of the active population in France (excluding Mayotte), the estimate for the previous quarter having been slightly lowered (-0.1 point), according to figures published on Wednesday by INSEE.

Elior winces

The action of Elior fell 19.09% to 3.12 euros after half-year results according to which the collective catering group still lost money, in particular due to its debt. The company also revised its outlook to the lower end of the initial range.

The recycling specialist Derichebourg, which took control of Elior in April, also fell 3.26% to 5.34 euros.

Euronext slowdown

Stock market operator Euronext saw its revenue and net profit decline in the first quarter, due to lower volumes traded on the markets compared to 2022 when the start of the war in Ukraine in February caused high volatility. The action fell 3.90% to 66.60 euros.

The company is holding its general meeting on Wednesday in Amsterdam, during which its leader Stéphane Boujnah should be reappointed.

Vallourec full tube

The seamless steel pipe group Vallourec jumped 8.26% to 11.28 euros after the publication of its results and the confirmation of its objectives for the year 2023. The group returned to the green in the first quarter, beat the consensus of analysts on its profitability and “continued to deleverage its balance sheet”, underlined CEO Philippe Guillemot

.