The Paris bourse edged up (+0.47%) on Tuesday, cautiously maintaining the trend at the start of the week, despite bleak macroeconomic indicators in China, the US and Europe.
The CAC 40 was up 30.60 points at 6,600.55 around 10:30 a.m. The day before, he finished the green trade with a bear (+0.25%), recovering quickly from the release of disappointing macroeconomic indicators from the US and China.
The Paris Stock Exchange closed its sixth straight week of gains.
Believing signs of economic weakness will push the U.S. central bank (Fed) more dovish, some investors are still counting on the agency’s key rate hike to ease.
Michael Hewson, analyst at CMC Markets, said: “In the face of the state of the global economy, investors seem prone to what is known as cognitive dissonance.
Regarding Europe, “While the sharp drop in oil prices was the main concern yesterday, natural gas prices were not, closing sharply higher on Monday. They constitute the main headwind that European markets have to face,” Hewson said.
The Dutch TTF, the European gas benchmark, was up 2.68% at 226,000 euros per megawatt-hour (MWh) at around 10.30am, having previously hit its highest level since March at 232 euros.
German households were told on Monday that annual gas bills would rise by hundreds of euros due to the energy crisis, but the government promised to cushion the blow for the mildest.
In Paris, energy tensions dissipate
Falling oil prices coupled with rising natural gas prices have made energy stocks particularly sensitive.
TotalEnergies was up 1.34% at 51.39 euros around 10:20 am after closing at the bottom of the CAC 40 pack on Monday.
In gas and electricity, Engie slid 1.18% to 13.00 euros and Air Liquide fell 0.33% to 136.90 euros.
Veolia courses rose 1.88% to 25.52 euros.