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Weekly markets wrap: European shares dip ahead of non-farm payrolls

The logo of Euronext is pictured at its headquarters in the La Defense business district in Courbevoie near Paris, France, Wednesday, March 1, 2023. (AP Photo/Aurelien Morissa
The logo of Euronext is pictured at its headquarters in the La Defense business district in Courbevoie near Paris, France, Wednesday, March 1, 2023. (AP Photo/Aurelien Morissa Copyright Aurelien Morissard/Copyright {2023} The AP. All rights reserved.
Copyright Aurelien Morissard/Copyright {2023} The AP. All rights reserved.
By Indrabati Lahiri
Published on Updated
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European markets were somewhat downbeat this week, due to disappointing economic data and upcoming US non-farm payrolls

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European shares dropped on Friday afternoon, pressurised by lacklustre economic data from major economies such as Germany and France earlier in the week. On Friday, Eurozone inflation for December came in at 2.9%, above November’s 2.4%, mainly due to several government subsidies winding up.

The French CAC 40 index fell 2.49% this week to €7,358.7, while the Stoxx 600 index dipped 1.24% to €472.5. The FTSE 100 index also slid 0.77% to £7,663.1.

According to the lead equity analyst at Hargreaves Lansdown, Sophie Lund-Yates: “The FTSE 100 has shed points today as a lack of major corporate news means there’s nothing to offset anxiety about core US jobs data published later today. The data will help mould expectations for the Federal Reserve’s next interest rate decision, which has read-across for the fortunes of the UK. If the labour market shows signs of being too hot, it could add weight to the idea that rates will need to be held or raised."

CAC 40 top weekly gainers

Mobile network company Orange rose 3.46% this week, following the company announcing that it had 5G networks in 2,463 cities by the end of 2023 and partnering with Ericsson for a private network deal in Spain.

Pharmaceuticals giant Sanofi gained 3.48% throughout the week, following the company’s vaccine for respiratory syncytial virus (RSV) being approved by China.

Food company Danone inched up 3.49% following the company announcing that Platinum Equity would be buying its US premium organic dairy arm, consisting of Horizon Organic and Wallaby.

Investment bank Credit Agricole climbed up 2%, as the bank still basked in its 2023 glow, as well as announced its first 10-year covered bond in six months. Recently, Credit Agricole has also revealed that it will no longer be funding new fossil fuel extraction projects.

Construction engineering company Bouygues increased 1.52% this week, as it was named contracts league champion for 2023, recently being picked by the London School of Economics for a student accommodation deal.

CAC 40 top weekly losers

Semiconductor supplier STMicroelectronics fell 10.4% this week, despite the company announcing a share repurchase programme, as well as the launch of a new shutter sensor.

Pernod Ricard dropped 9.77% over the week, after the company became caught up in an anti-dumping investigation regarding brandy it was importing from the European Union into China. Pernod Ricard also announced that Poland’s Maspex Group would be buying its Czech herbal liqueur brand, Becherovka.

Alstom dipped 9.36% throughout the week, even as the company announced plans to supply trains to Lille’s metropolitan area and invest in signalling technology in India.

By Friday LVMH had dropped 6.92%, mainly due to the company announcing that Frederic Arnault would become the chief executive officer of LVMH Watches.

Kering inched 6.68% lower this week following a recent management, creative and brand shake-up, mostly impacting one of its most well-known and best-selling brands, Gucci.

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