(News Bulletin 247) – The Paris Stock Exchange appears to be on the rise before the publication of inflation figures in the United States for July. The CAC 40 rose 0.9% at mid-session, supported by its luxury sector and TotalEnergies, once again.
The Paris Stock Exchange remains well oriented before the publication of the long-awaited data on the direction of consumer prices in the United States for last month.
The CAC 40 rose 0.9% to 7388.62 points, after returning to 7400 points earlier in the morning. Trading volumes on Euronext Paris remained very low at 680 million euros.
Already on Wednesday, the star index in Paris had found a smile (+0.72%) thanks to the lull in the banking sector and the support of TotalEnergies. This Thursday, the French oil giant is still contributing to the rise of the CAC 40 while the banking sector gives way to the luxury sector after China’s decision to lift the ban on group travel in more than 70 countries, including the United States.
The markets do not forget the publication of inflation figures for July. A moderate increase of 0.2% in consumer prices in the United States between June and July is expected on average by economists, an increase of 3.3% year on year.
This statistic is all the more watched as any overshooting of expectations would mechanically cause tension on the side of the Fed. But for now, however, a large panel of investors (84.5%) is counting on a break in rates in September, according to the CME tool Fed Watch.
TotalEnergies in shape
On the business side, the news is still scarce. The luxury sector is well oriented after the Chinese decision on organized trips abroad. Hermès and LVMH increased by 2% while Kering appreciated by 1.3%.
TotalEnergies rose another 1.5%, in the wake of the recent rise in oil prices. Brent is at $87.42 a barrel, the highest since January while WTI is trading at $84.17 after hitting a high since November 2022.
On the foreign exchange market, the euro appreciated by 0.5% to 1.1027 dollars before the publication of inflation data in the United States.
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