(AOF) – The European stock markets rebounded on Wednesday, despite an acceleration in inflation, which calls for a normalization of the monetary policies of the Fed and the ECB. In September, inflation thus reached 4.1% in Germany and 5.4% in the United States. In terms of values, LVMH stood out thanks to quality quarterly sales. On Wall Street, the results of JPMorgan and BlackRock have also exceeded expectations. At the sound of the bell, the CAC 40 gained 0.75% to 6,597.38 points and the EuroStoxx 50 gained 0.76% to 4,085.77 points.
SAP (+ 4.07% to 121.70 euros) stood out favorably in the direction of the Dax index, its good results in the third quarter having enabled it to again raise its 2021 objectives. In addition to an acceleration of its activity in the cloud, the professional software publisher benefited from the good performance of its historic software licensing business. This has a higher margin than the cloud, resulting in operational profitability at group level significantly higher than expected.
LVMH gained 3.16% to 653.90 euros after the publication of once again impressive quarterly sales. Observers, who expected such a performance, are also reassured by the forecasts of the world number one in luxury. If demand slowed in Asia in August due to the resurgence of the pandemic and fears of a tax hike for the wealthy in China, the owner of Louis Vuitton and Christian Dior assured that the momentum was well distributed in September in this key market for him, as for the rest of the sector.
Spie rose above the lot today within the SBF 120, with a jump of 8.45% to 21.30 euros, after announcing its withdrawal in the Equans file. The specialist in multi-technical services in the fields of energy and communications indeed announced last night that it would not go to the end of the competitive process for the acquisition of the subsidiary of Engie, thus following the example of the Carlyle fund, which also threw in the towel at the end of September.
Today’s macroeconomic figures
In Germany, HICP inflation rose to 4.1% in September 2021 on an annual basis, according to a final estimate by Destatis. This figure is consistent with the previous estimate. In August 2021, inflation had reached + 3.4% year-on-year. Remember that HICP inflation allows comparison between European countries.
In August 2021, seasonally adjusted industrial production fell by 1.6% in the eurozone compared to July 2021, according to estimates by Eurostat, the statistical office of the European Union. In July, industrial production rose 1.4% in the euro area. In August 2021, compared to August 2020, industrial production increased by 5.1% in the euro area.
The rate of inflation in United States reached 5.4% in September at an annualized rate, slightly above the consensus of 5.3%. So-called “core” inflation, i.e. adjusted for the most volatile elements (food, energy, etc.), which serves as a benchmark for the Fed, stood at 4%, stable compared to month of August and fully in line with analyst consensus.
Of United States, the minutes of the last monetary policy meeting of the Fed will be released at 8 p.m.
Around 5.45 p.m., the euro gains 0.38% to $ 1.1575.
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