The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended down 0.61% on Wednesday, weighed down by a decline in luxury stocks in a context of awaiting Nvidia’s results.
The flagship CAC 40 index dropped 49.35 points to 8,092.11 points. On Tuesday, the CAC 40 closed down 0.67% at 8,141.46 points.
The luxury group Hermès signed the worst performance of the CAC 40 and its worst session of the year, with a fall of 4.25% to 2,184 euros. The giant LVMH also lost 2.11% to 751.90 euros and Kering 0.95% to 330.15 euros.
Luxury stocks, heavyweights on the Parisian coast, were penalized by Chanel’s results. The luxury group announced on Tuesday that it had achieved record sales in 2023, up 14.6% to $19.7 billion while net profit growth slowed.
But its financial director Philippe Blondiaux, quoted in the group’s press release, estimated that “after three years of exceptional growth for our industry, the context is more difficult”. A statement that worries analysts.
In other news, investors are impatiently awaiting the publication of results from chip giant Nvidia after Wall Street closes.
The electronic chip manufacturer, third largest market capitalization of the Magnificent Seven (nickname given to major American players in the technology sector), has become essential for the markets with the craze for artificial intelligence. He saw his share price triple in twelve months.
Rare facts for a single company, but “when Nvidia publishes its results, it has as much impact on virtual currencies as on European corporate bonds,” underlines Christopher Dembik, investment advisor at Pictet AM.
“Nvidia is a major player in the technological revolution” and a recent “finalized agreement with Dell Technologies” should contribute to “democratizing AI”, explains Christopher Dembik.
Ahead of this publication, shares of chip manufacturers Stmicroelectronics (+3.05% to 38.83 euros) and Soitec (+3.34% to 114.40 euros) increased.
Investors are also awaiting the minutes of the latest meeting of the monetary policy committee of the American Federal Reserve (Fed). However, there are “no big surprises” to expect from this publication according to Christopher Dembik, the idea of a Fed rate cut in June being “totally ruled out”.
TotalEnergies in the red
The action of TotalEnergies, the second largest company for the calculation of the CAC 40, fell 1.85% to 65.17 euros, carried away by a decline in oil prices, faced with a surprise increase in crude oil stocks in the UNITED STATES.
Furthermore, Emmanuel Macron called on TotalEnergies on Wednesday to “clarify” its position regarding a possible main listing on the New York Stock Exchange, in an interview published by L’Express.
Successful bet for Ose Immuno
Biotech Ose Immunotherapeutics has expanded its collaboration agreement with Boehringer Ingelheim to develop treatments for cancer and cardiovascular, renal and metabolic diseases.
OSE Immunotherapeutics will receive a signing payment of €13.5 million and a potential near-term milestone payment of €17.5 million.
Its action jumped 14.74% to 8.33 euros.
© 2024 AFP
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