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CAC40: slight decline, Trump revives the idea of tariffs

(CercleFinance.com) - The Paris stock market is down 0.
3% this morning, around 8120 points, penalized by Publicis (-3.4%) and Stellantis (-2.6%), while Engie stands out (+6.1%) after its results.

Last night, investors closely scrutinized Nvidia's results, whose earnings per share (EPS) came in at $0.89 for Q4, well above consensus ($0.84). The graphics processor developer generated sales of $39.3 billion, corresponding to a 78% year-on-year jump in business.

'These figures show that the hype surrounding AI is not about to fade, with the chipmaker still able to post outstanding results despite the recent emergence of Deepseek', reacted Pepperstone strategist Michael Brown.

Danske Bank's team added: "The publication allayed fears of a bubble forming around capital spending on AI".

Although Nvidia's results seem to have brought some relief to investors, the stock was still down almost 1.5% in pre-market trading, the victim of some profit-taking after its recent rebound (+10% over the past month).

Over the past ten days or so, equity markets have become more vulnerable due to concerns about the health of the economy, particularly in the United States.

Last night's announcement by Donald Trump of his intention to impose 25% tariffs on European products did not cause much of a stir on Wall Street.

However, these protectionist measures have rekindled fears of a trade war between the USA and Europe, which could have a negative impact on global economic growth.

In this respect, the US three-month and ten-year bond yield curves inverted yesterday, a sign that the world's leading economy could be heading for recession.

This inversion - characterized by the passage of a very short-term rate above a long-term rate - saw the yield on three-month Treasuries (4.31%) exceed that on ten-year securities (4.25%).

This phenomenon is considered by many economists - starting with those at the Fed - to be a harbinger of recession.

By ending around equilibrium, the S&P 500 index nevertheless managed to put an end on Wednesday evening to a negative run of four consecutive sessions in the red.

Against this backdrop, investors' attention will turn today to the second estimate of US growth in Q4, which is expected to be confirmed at 2.3%.

'Naturally, given persistent concerns about the state of the US economy, any downward revision is likely to be harshly punished, probably more so than is usually the case with such data', warns Pepperstone strategist Michael Brown.

Investors will also be watching the figures for jobless claims and durable goods orders, also due in the early afternoon.

On the foreign exchange market, the euro fell back towards 1.0475 against the dollar after the US President announced sanctions on products imported from Europe.

However, currency traders are putting the threat into perspective, as Trump has refrained from announcing an implementation date for his new tariffs, which he often uses as leverage to negotiate on other issues.

In French company news, Engie has raised its target for recurring net income (group share) for 2025 to between 4.4 and five billion euros, as well as its target for EBIT excluding nuclear power to between eight and nine billion. For the year 2024, Engie reports an 85.9% increase in RNRPG to 4.1 billion euros,

Technip Energies reports a 33% increase in earnings per share (EPS) to 2.16 euros for 2024, as well as a 13% increase in recurring EBITDA to 608 million euros, down 0.1 points to 8.9%.

Sopra Steria reports a 36.6% increase in net income (group share) to 251 million euros for 2024, with operating margin up 3% to 564.7 million, representing a margin rate of 9.8% (+0.4 points versus 2023).

Lastly, AXA reports an 11% increase in net income to 7.9 billion euros for 2024, reflecting a 7% rise in operating income to 8.1 billion, on total gross written premiums and other revenues up 8% to 110.3 billion.

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