(News Bulletin 247) – The Paris Stock Exchange extends its rebound initiated on Thursday and is now approaching 7,200 points, driven by the appeasement of prices in the euro zone and its luxury sector.
The Paris Stock Exchange wants to end the week, the month and the quarter on a good note. The CAC 40 increased by 0.7% towards 7200 points to 7181.00 points, on this day marked by several announcements on prices on both sides of the Atlantic.
On Thursday, the Parisian market began this rebound movement (+0.63%), ending an unflattering series of five sessions in negative territory. For now, the index is almost stable (-0.07%) over the week, but lost 1.85% over the whole of this ninth month of the year, known to be difficult on the stock market.
Today’s statistics can change the trend in Paris, in particular the most anticipated publication of the week, namely the American PCE prices, the Fed’s preferred measure in its “assessment” of inflation.
Beforehand, investors have already taken note of the inflation data in the euro zone for the month of September. The euro zone’s annual inflation rate fell more than expected, to 4.3% year-on-year in September, after 5.2% in August. The trend is therefore towards moderation in price increases, confirming the latest figures published for Germany and France. Inflation in France remained at 4.9% year-on-year in September, while across the Rhine it stood at 4.5% year-on-year still for the current month.
The good direction of the Parisian luxury sector, supported by a note from Bank of America and the easing of bond rates, is helping to fuel the rebound of the CAC 40. The strategists of the American research office have raised their recommendation on the sector’s stocks to overweight, believing that the securities of listed luxury groups are now becoming attractive again.
At the top of the CAC 40, we find LVMH (+3.5%), Hermès progressing by 2%, followed by Kering (+1.70%).
Excluding the flagship index, Trigano accelerates upwards (+9%), signing the second strongest progression in the SBF 120 index, behind Orpea after indicating to expect more solid profitability in 2022/2023.
Eutelsat lost 0.8%. The group, which finalized its merger with OneWeb the day before, announces the admission of its shares to the London Stock Exchange as part of a dual listing.
On the foreign exchange market, the euro increased by 0.4% to 1.0609 dollars. As for oil prices, the trend is sluggish after its recent records, particularly in New York. The contract on Brent from the North Sea for delivery in November lost 0.1% to 92.99 dollars per barrel, while that on WTI listed in New York was stable at 91.72 dollars per barrel.
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