Talking a bit about the war in Ukraine or the presidential election in France, it’s the shift in US interest rates that worries the stock market. And not just a little … The Cac 40 fell more than 3% before raising the bar a bit, but still plunged 2.21%, 6,498.83 points, with a fairly offered trading volume of € 4.5 billion. Since the beginning of this year, the index has lost more than 9% again.
Markets have been pulled down by concerns over continued inflation, which will force the Federal Reserve to accelerate the recovery of monetary policy. A few hours before the minutes of the last FOMC meeting were published, the declaration of a particular senior member of the institution warned the operator.
After Brainard, Harker
This Wednesday, Patrick Harker estimated that inflation was too high.Philadelphia Fed Chair is afraid that inflation expectations are out of control anchor “, Report The Wall Street JournalIn other words, price increases are not out of control. He will join Governor Lael Brainard on Tuesday. Most important task In the fight against inflation, the central bank also called its policy ” A more neutral stance ” At the end of the year.
She also agreed to halve the federal funds rate next month. It’s not a big surprise in itself, but ” Brainard is usually one of the FOMC’s most “self-righteous” members. Jeffrey Hallley, a market analyst at Oanda, said. If it crosses Super Hawk, the market needs to take that into account, and it did. QE honeypot [assouplissement quantitatif] Is about to be closed “, He adds. In the US, yields on 10-year bonds are now close to 2.63%, compared to 2.4% on Monday evening. On the index side, Dow Jones 0.8% yield. the Nasdaq Composite Index He fell more than 2.5%.
Many losers in the stock market
In France, the 10-year OAT yield crossed the 1.2% threshold on Wednesday for the first time since 2015, peaking at 1.2244%. The wage gap with the German American Bund of the same maturity is at its highest level since the onset of the health crisis in March 2020. This move is being facilitated by the latest polls, reflecting the slight difference in voting intent with Emmanuel Macron, the resignation of the president. , And the candidate for the National Union, Marin Rupen. BNP Paribas, Societe Generale When Agricultural credit Still lost between 2.4% and 3.4%.
The businessman is also one of the victims of the day. Saint-Gobain Lost 4.4%, Schneider electric 5.1%, Stellantis 4.4% and Renault 3.8%. Like some big tech and growth stocks in the rating, it was squeezed by the prospect of a rapid rise in interest rates. Teleperformance 4.5% down, Capgemini 3.9% and Dassault Systèmes 4.1%.
New sanctions on Moscow
On the Ukrainian side, new sanctions from the West on Russia were expected. Therefore, at the end of the afternoon, the United States announced for the first time that the new list would include individual sanctions against the two daughters of the Russian president, Katerina Tihonovna and Maria Putina. “” We believe that much of Putin’s assets are hidden behind his family, and that’s why we’re targeting them. A senior US government official said. Foreign Minister Sergeĭ Viklov’s wife and daughter have also been targeted, as has former Russian President and Prime Minister Dmitry Medvedev and Prime Minister Mikhail Mishustin. Two of the country’s largest banks, Sberbank and Alfabank, will also be quarantined for the first time, with the exception of energy purchases. Finally, Americans are now completely banned from investing in Russia, whether they are resident or living abroad.
In the rare rise of the day ThalesIn defense, it increased by 0.7%. intersection It increased by 2.2%. Kepler Cheuvreux quoted its performance and raised its price target from € 21.21 to € 23 prior to quarterly closing. individual In Brazil and France. Barclays is aiming for € 22 compared to the previous 20.50.Pharmaceutical Research Institute Sanofi It took 1.4%.