(News Bulletin 247) – If Paris stands out (+0.9%) thanks to the solid point of activity of LVMH, the other major European places show much less enthusiasm (-0.1% in London and Frankfurt) the day after a close in the red on Wall Street.
The New York Stock Exchange suffered on Wednesday from mixed figures on inflation in the United States, with a drop in the gross annual rate of one point to +5% in March, but a slight increase of 0.1 point at +5.6% excluding food and energy.
“Although annualized inflation is at its lowest level since September 2021, 5% is a long way from the Fed’s 2% target, so there is still a long way to go,” said Srijan Katyal, global head of strategy & trading services at ADSS.
The Paris Stock Exchange, however, escaped the ambient gloom, driven by its heavyweight LVMH which won more than 4%, the world number one in luxury having unveiled for the first quarter of 2023, sales up 17% organically.
‘The group notes the persistence of macroeconomic uncertainties and wants to be vigilant but confident, anticipating continued market share gains’, notes Oddo, which remains at ‘outperformance’ with a price target raised on the title.
LVMH brings in its wake many other luxury stocks in Europe, in particular its compatriots Hermès (+3%) and Kering (+2%) in Paris, as well as Richemont (+3%) in Zurich or Burberry (+2%). ) in London.
Novo Nordisk takes more than 1% on the OMX, supported by an opinion upgrade at Credit Suisse from ‘neutral’ to ‘outperform’ with a raised price target, in the wake of its EPS estimates for the Danish pharmaceutical company .
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