(BFM Bourse) – The Paris Stock Exchange starts this month of November with a bang, credited with a hearty gain of 1.7% at midday. The luxury sector is driving the rebound in the CAC 40, supported by speculation of a relaxation of measures against Covid-19 in China.
Direction the 6,400 points. The Paris Stock Exchange is not idle on this All Saints holiday and even offers a hearty rebound of 1.74% to 6,374.62 points. The volume of transactions is more than respectable with more than 600 million euros exchanged since the start of the session.
On Monday, the Paris Stock Exchange ended down slightly by 0.10%. This small drop in speed did not prevent the Parisian market from posting a gain of 8.75% over the whole of October, achieving in passing its best monthly performance since last July (+8.87%). .
Operators remain focused on the monetary policy meeting of the US Federal Reserve (Fed) which begins on Tuesday and the report of which will be presented on Wednesday after the close of European stock markets. The market is very broadly anticipating a 75 basis point (0.75 percentage point) increase in key rates during this meeting. The market questions are about the next hikes, which could be less important.
Despite the uncertainties about the surge in inflation (with a further acceleration in consumer prices observed on Monday in the euro zone), investors are therefore resolutely optimistic on this holiday Tuesday.
Luxury in shape
The luxury segment is fueling the rebound of the day, driven by rumors that Beijing is ready to relax its health measures against Covid-19. Kering rebounded 4%, Hermès rose 3.7% to take the lead in the CAC 40 on Tuesday at midday. LVMH is not to be outdone and gains more than 3% while Christian Dior wins 3.2%.
On the rest of the rating, FDJ gains more than 2%, the leading gambling operator in France has obtained the approval of the National Gaming Authority to offer “online circle games ” .
As for other assets, the euro recovered 0.5% to 0.9934 dollar before the meeting of the US Federal Reserve. Oil prices are on the rise again, supported by OPEC’s optimistic forecasts of long-term crude demand. The January contract on Brent from the North Sea jumped 1.80% to 94.50 dollars a barrel while that of December on WTI listed in New York gained 1.7% to 88 dollars.
Sabrina Sadgui – ©2022 BFM Bourse