The Paris stock market ended the final session of the week with a 0.51% gain to 7,577 points, its high for the day and its all-time record.

The Parisian index benefited in particular from the performance of EssilorLuxottica, which climbed nearly 6.3% following the publication last night of its quarterly results (see below).

This marks the CAC40's 5th consecutive week of gains, with a weekly gain of almost 0.5%. Since the start of the year, the index has gained nearly 16.7%.

This morning, investors took note of the PMI figures for the eurozone. The HCOB flash composite PMI index of overall activity in the zone rose from 53.7 in March to 54.4 this month, signalling strong growth in the region's private sector activity, at its fastest pace for 11 months.

According to the surveyors, this upturn was underpinned by revived demand and accompanied by the strongest rise in employment for almost a year, while inflationary pressures moderated further.

In France, the HCOB composite flash PMI index of overall activity in France rose from 52.7 in March to 53.8 this month, signalling strong growth in French private sector activity at the start of Q2 2023.

On the bond front, yields are recovering, with +2.5pts on our OATs (to 2.992%), +3pts on Bunds to 2.474%.
Across the Atlantic, T-Bonds are erasing their initial gains and recovering +1pt to 3.5540%.

Gilts will end the week close to their lows with +2pts to 3.78%.

Overall, corporate earnings releases are once again driving the stock market.

Among the groups that published their accounts before the opening, Procter & Gamble opened up 3% after raising its growth forecasts for 2023 due to the strength of its sales prices: an admission that the company does not hesitate to charge consumers a high price for 1st necessity products.... buyers have no choice but to accept the price rises.

SLB, the former Schlumberger, on the other hand, is being shunned despite a solid start to the year, with sales up 30% in the first quarter and EPS up 85%.

In French stock news, EssilorLuxottica yesterday announced consolidated sales of 6,151 million euros for the first quarter of 2023, up 8.6% at constant exchange rates on first-quarter 2022 sales (+9.7% at current exchange rates).

Tarkett also reported last night Q1 sales of €698.4 million, up +2.0% on Q1 2022, or -0.9% organically.

Fnac Darty announced Thursday Q1 2023 sales of €1,781 million, stable on a reported and like-for-like basis compared with Q1 2022.

Engineering company GTT (Gaztransport & Technigaz) this morning reported Q1 2023 sales up 17.2% to €79.9 million, including a 19% increase in new construction sales to €73.5 million.

Lastly, Guerbet reported a slight 0.7% decline in Q1 sales to €179.8 million. At constant exchange rates (CER), sales for the specialist in contrast products and solutions for medical imaging fell by 1.3%.


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