The star CAC 40 index took 34.73 points to 5,950.14 points, around 9:40 a.m.

The day before, it had fallen by 1.41%.

Over the week, the decline was still 1.35%.

After the publication on Wednesday of a consumer price indicator (CPI) in June in the United States higher than expected, then the same trend for producer prices (PPI) published on Thursday, investors had considered likely an increase one percentage point from the key rate of the US central bank (Federal Reserve, Fed).

But on Thursday, two members of the Fed - Governor Christopher Waller and St. Louis branch chairman James Bullard, one of the institution's most pro-tight monetary policy members - both walked away. pronounced for a 0.75 percentage point increase in the key interest rate.

"Believe it or not, the rise of 0.75 percentage points is good news for the market", whereas this prospect seemed from another time a few months ago, laughs Stephen Innes, manager of Spi AM.

"However, this does not mean that an increase of 0.75 percentage points is fixed", nuance Michael Hewson, analyst at CMC Markets.

Upcoming indicators, such as US retail sales in June and consumer confidence in July due out on Friday, may yet be a game-changer.

These concerns overshadow for the Paris market the economic data in China, where growth collapsed in the second quarter, to +0.4%, due to health restrictions and a crisis in real estate which heavily penalized the sector. 'activity.

In Europe and the United States, "it is obvious that the fear of a recession has become the dominant theme on the markets", according to analysts at Banque Postale AM.

"We should see it in the results season which opens" with "companies [which] should indicate a decline in their activity", they estimated.

The luxury behind

The progression of the CAC 40 index was hampered by the decline in luxury stocks, heavyweights on the Parisian coast.

The sector is suffering the effects of the results of the Swiss luxury giant Richemont, owner of the Cartier jewelry house, which fell by nearly 4% on the Zurich Stock Exchange.

Kering sold 1.29% to 490.25 euros, LVMH 1.22% to 599.00 euros and Hermès 1.14% to 1,083 euros.

Axa offloads a portfolio in Germany

The insurer announced Thursday the sale for 660 million euros of a life and retirement insurance portfolio held until now by its German subsidiary to a local insurer, Athora Germany.

This sale responds to Axa's objective of reducing its exposure to the financial markets.

It took 0.31% to 20.82 euros.

© 2022 AFP