(News Bulletin 247) – Caution dominates in the main European markets at the start of the week (-0.2% in London, -0.3% in Frankfurt, -1.3% in Paris), against a backdrop of disappointing data from China and a lackluster Richemont publication.
Pointing out that Chinese GDP growth fell to +0.8% in the second quarter of 2023, Commerzbank points out that ‘the pace of the recovery has therefore slowed more than was expected earlier this year’, which according to him ‘requires more stimulus to come’.
‘Although this could lead to new support from the government, the evolution of the yuan and the situation on the level of indebtedness could reduce the room for maneuver of the party’, we warn at IG France on this subject. .
Still in terms of statistics, operators will take note this week, among other things, of inflation in the euro zone and the United Kingdom, as well as numerous American data such as retail sales and industrial production.
The next few days will also see the rise of the quarterly results season, with for example values ​​of the caliber of Novartis, ASML and SAP in Europe, or even Goldman Sachs, IBM and Tesla in the United States.
For the time being, Richemont is losing 9% in Zurich, after the luxury house claimed a growth in its turnover of 14% in its first accounting quarter, down from the previous quarter.
In its wake, the title of the Swiss group leads its French peers LVMH (-4%), Hermès (-4%) and secondarily Kering (-2%), thus beating the trend in Paris where the luxury sector weighs particularly heavily.
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