NewsWorldThe Cac 40 falls by 1.7%, Snap plunges by...

The Cac 40 falls by 1.7%, Snap plunges by 40% on Wall Street and Abercrombie by nearly 30% – Investing

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The opening of Wall Street was of no help to the Paris Stock Exchange, on the contrary. The Cac 40, which had gained a little more than 1% yesterday, lost everything today, and even more, falling again by 1.66%, to 6,253.14 points. Whether in Europe or the United States, stock market rebounds are fizzling these days on the stock market. Confidence is not there. “The market has tried several times to rebound in recent weeks, but this impulse has regularly failed, in session or the next day, recalls Ross Mayfield, analyst at Baird. The bar is now higher to return to a sustained increase in the indices given all the current headwinds”, such as the fear of a recession in the United States, problems in the supply chain, the surge energy prices and inflation at a time when central banks, precisely because of rising prices, can no longer inject liquidity and must instead tighten monetary policy, make money more expensive by raising interest rates to calm demand. The S&P 500 fell 2% today and the Nasdaq Composite of technology stocks fell more than 3%. Snap (-40%) announced that its revenue and profit targets would not be met for this second quarter due, in particular, to the complicated macroeconomic context which does not encourage advertisers to spend on advertising. Following this profit warning from Snap, the actions of other social networks are also suffering. Meta (Facebook) notably lost 9%. Abercrombie & Fitch (-29%) also warned about its financial performance. On the occasion of the publication of its accounts for the first quarter, during which it emerged stronger than expected, the American ready-to-wear company revised downwards its turnover target for 2022, now expected only a tiny bit better than last year. Activity slows in Europe No key inflation data on Tuesday, but data presented this morning in Europe shed some light on the evolution of activity in industry and services, according to surveys of purchasing managers. According to preliminary data from May, growth has thus slowed in the euro zone, with a PMI index falling from 55.8 to 54.9 points in the space of a month, below the 55.3 points expected by the consensus. A slowdown that weighs just as much on the manufacturing component (54.4 points, against 55.5 in April, a lowest since November 2020) as on services (56.3 against 57.7). and the decline in demand for manufactured goods, linked to strong price pressures, hampered growth in the sector. The region’s economy, however, continues to be driven by the thaw in demand for services accumulated before the gradual lifting of anti-Covid restrictions”, explains Chris Williamson, at S&P Global.Air France-KLM launches a capital increaseOn the Cac 40, only a few companies close up today, mainly defensive stocks, such as Eurofins Scientific or Orange. The CFM subsidiary owned by Safran (-4.2%) and General Electric would be faced with production delays for its engines planes, reports the Reuters agency. The publicis publicis plunged by more than 7%. Outside the Cac 40, Air France-KLM (-20.6%) launched a capital increase of 2.26 billion d euros via the issue of shares at a unit price of 1.17 euros with preferential subscription rights maintained. The carrier is holding its general meeting of shareholders this afternoon.

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