(BFM Bourse) – The impressive jump in the luxury group allowed the Parisian index to gain 2.3% this Friday, and to gain more than 3.5% over the week.
The CAC 40 has not had such a good session for months (since January 4, 2023, according to data from investing.com). The Parisian index also came close to its record during the session this Friday (a high of 7645.74 points against a record of 7653.99 points) and largely beat that at the close.
The CAC 40 finally ended up 2.28% at 7634.14 points, erasing its previous record of 7596.91 points which dated December 15.
This strong finish allows the CAC 40 to gain 3.56% over the week.
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The good trend was not started by the publication of the PCE index, the preferred gauge of the American Federal Reserve (Fed) to measure inflation. In December, this index increased by 2.9% over one year, excluding energy and food prices, a little less than the 3% expected by economists surveyed by the Wall Street Journal. This is its lowest level in almost three years, according to Agence France Presse.
“This confirms the message that there is no real ‘last mile’ of disinflation to go and that, even if real economic growth remains resilient, the Fed has plenty of room to begin reducing inflation. interest rate soon”, analyzes Capital Economics.
The LVMH tsunami
But the macroeconomy completely took a back seat this Friday, because the rise in the CAC 40 was largely driven by its largest capitalization: LVMH.
The number one luxury brand recorded dizzying growth, especially for a CAC 40 group, of 12.8% this Friday. This increase was fueled by higher-than-expected sales in the fourth quarter, particularly in the United States. LVMH brought in its wake the other luxury groups Kering (+6.6%) and Hermès (+6.6%). But also the spirits companies Pernod Ricard + (7.8%) and Rémy Cointreau (+15.2%) thanks to positive comments on cognac.
Moreover, Rémy Cointreau, for its part, published its sales from October to December, which, certainly, remain at half mast, but seem to show investors that they have reached the bottom of the pool.
JCDecaux gained 4.8% supported by activity in the fourth quarter deemed “very dynamic” by Oddo BHF.
On other markets, the euro gained 0.16% against the dollar to 1.0866 dollars. Oil is falling a bit. The March contract on North Sea Brent fell 0.3% to $81.75 per barrel while that of the same maturity on WTI listed in New York lost 0.35% to $77.11 per barrel.
Julien Marion – ©2024 BFM Bourse