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(CercleFinance.com) – The CAC40 ended the session with a gain of 0.46%, at 7,576 points, helped by the rebound in luxury with +4.6% for Kering, +2.7% for LVMH and +1 .1% for Hermès, while a new part of the Chinese recovery plan – a key market for the luxury sector – should be unveiled tomorrow.
Paris had started the session with a slight drop of 0.40% towards 7,510 Points (in the wake of US ‘futures’) but the tide reversed with the Chinese announcement, regardless of the fact that oil went back above $80 (+ 2.7% to $80.3), regardless of the fact that the US indices are in decline: the S&P500, Dow Jones and Nasdaq are dropping between 0.2 and 0.4%.
US stocks are suffering from the tension in rates: the ’10 year’ takes +4 points to 4.0220, the ‘2 year’ even jumped by +9.5 points during the session, up to around 4.025% (3.99% now ), returning to parity with the ’10 years’.
‘After disappointing publications in previous months, the situation on the American labor market improved significantly in September,’ recalls Commerzbank, stressing that 254,000 new jobs were created, much more than expected.
‘Of course, individual monthly figures should not be overestimated, but this report should allay fears that the US economy is on the verge of a recession,’ the German bank continues.
If these figures could encourage the Fed to only reduce its rates by 25 basis points in November, the attention of operators this week could mainly be focused on the data from the euro zone, in view of the ECB meeting next week.
Thus, on the statistics front, the seasonally adjusted retail sales volume increased by 0.2% in the eurozone and by 0.3% in the EU between July and August 2024, according to the first estimates from Eurostat, the statistical office of the European Union.
Furthermore, after an increase of 3.9% in July (revised from 2.9% in initial estimate), volume orders in the German manufacturing industry fell by 5.8% in August compared to the previous month, according to CVS-CJO data from Destatis.
Operators will be attentive to inflation in the United States (Thursday), as well as the start of the American results season, with those of banks such as JPMorgan Chase (Friday).
In the meantime, the Euro is stabilizing against the Dollar and is content to gain 0.1% towards $1.0975/E.
In securities news in Paris, Unibail-Rodamco-Westfield announced the resignation of Xavier Niel from its supervisory board, and the co-optation of Michael Boukobza to replace him for the remaining duration of his mandate.
Taking stock of the malfunction of the electrical interconnector between France and Great Britain which led to the suspension of the activity of its subsidiary ElecLink, Getlink estimated the duration of the repair work to date at six weeks.
Bureau Veritas announced an agreement to sell its food analysis business to Mérieux NutriSciences, and announced the acquisition of IDP Group, an independent provider of BIM (Building Information Modeling) services.
TotalEnergies announces that it has signed an agreement with RWE to acquire a 50% stake in two offshore wind projects, N-9.1 (2 GW) and N-9.2 (2 GW), located 110 km off the German coast of the South Sea. North.
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