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Paris stock market marks time, 3M forecasts weigh on Dow Jones

The Paris stock market lost ground on Tuesday, while the Dow Jones, which rose to a new record the day before, fell slightly on Wall Street, where quarterly results dictated a trend that should continue in the coming days with an increase in energy publications.

Shortly after 16:00, the Cac 40 lost 0.24% to 7,395.2 points on a trading volume of one billion euros. In New York, the Dow Jones fell 0.2%, the S&P 500 and the Nasdaq Composite were very slightly in the green.

3M fell 9.6% after reporting annual sales and profit forecasts below analysts’ expectations, the group known for making adhesive tapes and Post-it tapes continues to suffer from weak demand that has weighed on growth for most of the year.

Other Dow Jones, Procter & Gamble and Verizon index gains nearly 5% on better-than-expected quarterly earnings. Johnson & Johnson also revealed its results (-2.6%).

Quarterly earnings from tech companies will grab investors’ attention with Netflix starting tonight after the Wall Street close, followed by Tesla on Wednesday and Intel on Thursday. Microsoft, Apple and even Alphabet will be on the agenda next week. ” So far, there are no signs of a recession in the United States, which is why the fourth quarter earnings season is so important. commented Kenneth Broux, strategist at Société Générale. Investors will want to know the companies’ 2024 forecasts for consumer demand and profit margins “.

Oddo prefers TF1’s new streaming service

In Europe, the Stoxx index of basic resources recorded the the performance of the day (+1.3%) thanks to information from the Bloomberg agency, according to which Beijing plans to mobilize 2000 billion yuan (256 billion euros) for a series of measures to stabilize struggling stock markets. Hong Kong’s stock exchange also fell to fifth place among the world’s largest capitalizations, falling behind India’s market, seen as more promising, for the first time.

In terms of French companies, TF1 climbed 7.5% after advisory Oddo BHF’s rating was upgraded to “outperform”, with analysts bullish on the TV group’s new streaming platform.

At the macroeconomic level, only two moderately important indicators were published today. The Richmond Fed’s index of manufacturing activity worsened more than expected to -15, compared to -11 in December and -8 according to the Bloomberg consensus. The Eurozone Consumer Confidence Index for January was -16.1, which is one point more than in December. The market expected a slight improvement to -14.3.

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