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Cac 40 slips below 7400 points, 3M dampens sentiment on Wall Street

Beijing’s announcement of a sweeping $278 billion support plan for its stock markets sent the Paris stock market growing impatient with the world’s second-largest economy’s too-slow recovery and fears of a stock market crash. , was set to continue its upward move that began on Monday. Unfortunately, the Cac 40 ran out of steam and ended the session at 7,388.04 points, down 0.34% for €2.7 billion. The French market remains far from its all-time high reached on December 14 at 7,653.99 points, while on Wall Street the two main indexes, the Dow Jones and the S&P 500, set records on Monday, with the former even closing at more than 38,000 points, the first in year of its history. The surge, driven in part by expectations of monetary easing by the Federal Reserve (Fed) – although the market has integrated that the first downward move is unlikely to happen in the spring, but before the summer – and huge appetite for artificial intelligence (AI).

Cold shower for 3M

However, caution prevailed on Wall Street this Tuesday after a flurry of mixed corporate results. The 3M conglomerate, known to the general public for its Post-It notes or Scotch tape, fell 11.4% after forecasts for 2024 were seen as disappointing as they included a slowdown in demand. DR Horton is also down (-9.1%), while United Airlines rose 6.3% after a solid fourth quarter, despite forecasts weighing on failures of the Boeing 737 Max 9, the model involved in the Alaska Airlines incident. earlier this month. After Wall Street shuts down, operators will still have their work cut out for them to analyze streaming giant Netflix’s results. Tesla will be in action on Wednesday, followed by Intel on Thursday. Microsoft, Apple and even Alphabet will participate in the exercise next week, at the same time as the Federal Reserve delivers its verdict on the direction of interest rates.

Oddo BHF jumps to TF1

As for French shares, TF1 gained 7.66% after Oddo BHF’s recommendation was upgraded to “outperform”, with the analyst looking favorably on the new streaming platform launched by the audiovisual group two weeks ago.

Finally, Sanofi (-1.74%) announced the acquisition of U.S. biotech Inhibrx after the company split for $1.7 billion, or $30 per share, a 9% discount to the stock’s last price. The offer applies only to Inhibrx and the active substance INBRX-101 in the treatment of alpha antitrypsin deficiency.

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