The Paris stock exchange fell 2.32% in early trade on Monday, following a strong move due to fresh tensions in European gas supplies and following a sharp rebound on Friday.
Around 9:50 a.m., the star CAC 40 was down 143.32 points at 6,024.19. The stock rose 2.21% on Friday after the monthly U.S. jobs report. But in a week, it was down 1.70%.
“The energy war appears to be entering a new dimension, approaching our most serious concerns about Europe’s energy supply,” said Sebastian Paris Horvitz, research director at Banque Postale AM.
On Friday, Gazprom announced it would “completely” shut down the Nord Stream gas pipeline, which is due to return to service on Saturday after repairs.
The Russian giant has pushed ahead with repairs to the turbines of this vital pipeline for gas supplies to Europeans, for reasons that turbine maker Siemens Energy sees as unreasonable from a technical point of view.
“The next six months, especially with the arrival of winter, will be difficult to manage. The risk of rationing cannot be ruled out, even though efforts are being stepped up to reduce consumption in an organized manner” and stocks are filling up at a good rate, Paris Horvitz Mr. continued.
In a sign of concerns about the European economy, the euro was down 0.28% at $0.9929 at around 9:35am, after falling below the $0.99 threshold for the first time in 20 years to $0.9878.
almost everywhere is red
Nearly all CAC 40 companies were down at around 9:40 a.m. Monday, with the exception of TotalEnergies (up 1.76% to €52.44), buoyed by a rebound in oil prices ahead of a meeting of OPEC and its allies (OPEC+), and Thales (+1.76% to €52.44) +0.62% to EUR 120.95). Values related to oil or defense (Dassault Aviation +0.22% to EUR 136.40), resisted better.
The biggest decliners were community-related companies such as Veolia (-3.33% to €21.46), or Engie (-2.20% to €11.90).
Values most sensitive to changes in economic activity were also under pressure, particularly in the automotive sector Stellantis (-3.47% to €13.00), Renault (-3.12% to €28.46) or Crédit Agricole (-3.16% to €9.01) .
Companies in the construction sector are also very popular, such as Saint-Gobain (-3.55% to €39.52), or Schneider Electric (-2.80% to €117.48).
Odia to Sanofi
Frédéric Oudéa, the current CEO of Societe Generale (-3.16% to €22.37), who will leave in May 2023, will be nominated as Sanofi’s next non-executive chairman of the board (-1.14% to €80.51), Pharma The group announced in a press release on Monday.