The Paris Stock Exchange was down on Monday, marking the start of a week with few economic publications expected and shortened by the Christmas holidays. The CAC 40 benchmark index fell by 0.31% around 10:00 AM, dropping 25.50 points to 8,125.88 points. On Friday, the CAC 40 closed at equilibrium (+0.01%), and over the entire week, it gained 1.03%.
Low Trading Volumes and Erratic Sessions Expected
With the year-end holiday season, “the context calls for caution: sparse volumes and reduced liquidity could amplify movements and make sessions more erratic than usual,” noted John Plassard, Head of Investment Strategy at Cité Gestion Private Bank.
The Paris Stock Exchange will only be open on Monday and Tuesday, with a half-day session on Wednesday, closing at 2 PM.
“In Europe, a breather would not be illogical, as some markets, starting with Spain, have shown spectacular performances since the beginning of the year, close to 50%,” Plassard added.
Since January 1st, Paris has seen an increase of over 10%, while London and Frankfurt have advanced by more than 20%.
Upcoming Economic Data
On the agenda this week, “the United States will release its latest GDP estimate on Tuesday, expected at 3.2% for the third quarter, accompanied by indications suggesting a possible strengthening of price pressures,” noted Ipek Ozkardeskaya, an analyst at Swissquote Bank.
Ipsen’s Strategic Move with Simcere Zaiming
French pharmaceutical group Ipsen (-0.25% at 120.00 euros) announced on Monday that it had signed an agreement with Chinese laboratory Simcere Zaiming to obtain exclusive global rights to an experimental drug targeting cancerous tumors. The deal could be worth up to 1.06 billion dollars (approximately 905 million euros). The license excludes the “Greater China” region (mainland China, Hong Kong, Macau, and Taiwan).
Coty Appoints Interim CEO
Coty (-5.54% at 2.65 euros) announced on Monday the appointment of Markus Strobel as interim CEO, effective January 1st. Markus Strobel, who spent 33 years of his career at Procter and Gamble, takes the helm of Coty “at a pivotal moment for the company,” the statement said, “as a strategic review of the Consumer Beauty business is underway, and with the full support of the Board of Directors.” He succeeds CEO Sue Nabi, who was not mentioned in the press release.
Source: https://actu.orange.fr/economie/la-bourse-de-paris-en-repli-dans-une-seance-sans-catalyseur-CNT000002milIY.html
