Rancid for most of the morning, the Paris Stock Exchange lost some ground at the close, as a result of a somewhat feverish Wall Street, in particular the Nasdaq, weighed down once again by the semiconductor sector, after a new alert in the profession . After nvidiaelectronic components manufacturer Micron It said its revenue for the quarter could be lower than expected due to a drop in demand, particularly in PCs, and supply chain difficulties. The stock lost more than 5%. On Monday, Nvidia had lost almost 3% after also warning about its sales forecasts, and continued its decline on Tuesday (-3.8%). Bad news from the sector that also weighs down Infineon in Germany (-4.5%) and STMicroelectronics in Paris (-5.2%).
” I think those are two big players that investors said were among the best positioned to overcome supply chain issues.says Ed Moya, senior market analyst at Oanda. The market fears that this will really weigh on the technology. “.
To close, the bedroom 40 it lost 0.53%, to 6,490 points, in a traded volume of 2,600 million euros. On Wall Street, the dow jones symbolically renounces the 0.1% but the nasdaq loose 1.1%.
In the background, too, is the lack of initiative by operators on the eve of the very important inflation statistics for the month of July in the United States. Precisely at 2:30 p.m. the latest figures for consumer prices in the United States will be presented, for which a slight decrease is expected, with inflation falling from 9.1% to 8.7% in a year. to June. A level that would remain high in any case, especially since the relative appeasement would be explained in part by a drop of more than 10% in energy prices.
50…75…100 basis points?
In any case, the statistic will influence the behavior of the Fed in its degree of aggressiveness when it comes to raising its reference rates in September. Since Friday and the announcement of the creation of more than 500,000 jobs in July in the United States, that is, twice as many as expected, investors have readjusted their expectations and once again expect an increase of 75 basis points (vs. at 50 basis points just before the publication of the statistics). The economists of chez Citi n’excluent pas a hausse de 100 base points, ce qui porterait el principal taux directeur de la Fed dans a fourchette de 3.25-3.5%, alors qu’il était encore à 0% en March.
” The next 30 hours may be the calm before the storm Deutsche Bank strategist Jim Reid wrote this morning. He remembered yesterday, however, ” there was good news on the inflation front, found in the results of the New York Fed consumer price expectations survey. ” Their inflation expectations were lowered over the horizons of one, three and five years. That’s sweet music to the Fed’s ears, because if this trend continues, it means that the Fed might not have to be as aggressive in raising rates, because one of its big fears is that expectations of higher inflation rates will lead to a self-fulfilling prophecy of higher rates. actual inflation, as firms adjust prices and workers negotiate wages accordingly. »
UBS no longer buys Sanofi
On the value side, Sanofi lost 1.4% after the announcement of the discontinuation of enrollment for clinical trials of tolebrunitib, a treatment for multiple sclerosis. UBS has also downgraded the lab’s title from “buy” to “neutral.”
Total Energies, on the other hand, rose 2.1%, as Russian oil deliveries to three European countries, Hungary, Slovakia and the Czech Republic, were halted. Brent crude returned to $98 a barrel before pulling back a bit ($96.30 at the Paris close).
In the telecommunications sector, Bouygues Y orange it was also placed on the podium of the Cac 40, with 1.2% more.
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