(BFM Bourse) – The Parisian index recovered this Wednesday, driven by LVMH, its first market capitalization. But the CAC 40 fails at the foot of 8,000 points.
Despite a less lively end, the Paris Stock Exchange regained color this Wednesday evening, the day after its worst session since the beginning of January, with a drop of 1.4%.
Up 0.62% at the close, the CAC 40 thus recovered part of the ground conceded the day before. A progression which is however insufficient, the Parisian index having refused the obstacle of 8,000 points, to finish its race at the gates of this symbolic threshold, at 7,981.51 points this Wednesday evening.
The CAC 40 was able to count on its great locomotive: luxury. The largest capitalization on the Paris Stock Exchange, LVMH increased by 2.8%, signing the largest increase in the Parisian index, after the publication of its activity in the first quarter. If the group’s growth slows, the publication contains reassuring elements, both regarding the resistance of the American market and sales of Chinese customers.
Dupphin of LVMH this Wednesday evening, Hermès, another good student of luxury, offered itself an increase of 2.3%.
Another factor which revived the Parisian market was a slight easing of tensions on the bond market, which had seized up the market in recent days. The yield on the 10-year US debt security stands at 4.616% compared to 4.673% on Tuesday evening.
But the market remains wary, still beset by doubts about the expectations of rate cuts from the American Federal Reserve. Especially since Tuesday evening, the president of the American central bank, Jerome Powell, declared that “if high inflation persists”, the Fed “could maintain the current level (of rates) as long as necessary”. Investors will therefore be attentive to the publication of the Beige Book, an economic report published by the Fed, at 8 p.m. Paris time.
No push for Adidas
Company publications also punctuate the European stock exchanges. Adidas jumped 8.7% on the Frankfurt Stock Exchange, supported by its better-than-expected first quarter results and raised outlook for 2024.
The Dutch group ASML, on the other hand, fell by 6.7% on the Amsterdam Stock Exchange. The specialist in vital semiconductor technologies recorded orders that were much lower than expected by analysts.
In terms of declines, but this time in France, we can cite Derichebourg, which lost 5.2% after issuing a profit warning, caused by the stronger than expected impact of the cyberattack suffered at the end of 2023.
On other markets, the euro gained 0.2% against the dollar to 1.0643 dollars. Oil accelerates downward after the publication of a new increase in weekly crude stocks in the United States. The June contract on North Sea Brent plunges 2.4% to $87.87 per barrel while the May contract on WTI listed in New York also drops 2.4% to $83.28 per barrel. .
Sabrina Sadgui – ©2024 BFM Bourse