(News Bulletin 247) – The Paris Stock Exchange takes a break this Thursday after three sessions of progress. The CAC 40 is losing ground below 7,200 points, undermined by its luxury sector itself disrupted by the warning from the British Burberry.

The Paris Stock Exchange is taking a breath, after having gained 2.3% over the last three sessions, in reaction to macroeconomic data suggesting a reduction in central bank rates next year.

The CAC 40 is currently down 0.4%, back below 7,200 points at 7,182.18 points. On Wednesday, the flagship Parisian index returned to this symbolic threshold, for the first time since the end of September, after producer prices for the month of October which confirmed the slowdown in inflation in the United States.

On the agenda this Thursday, investors will be attentive to a speech by the President of the European Central Bank (ECB), Christine Lagarde, at 12:30 p.m. This speech will open the annual conference of the European Systemic Risks Board. On the other side of the Atlantic, several officials from the Federal Reserve will also speak, including the Governor of the San Francisco Fed, Lisa Cook.

In the macroeconomic chapter, operators will learn this afternoon of the manufacturing activity index for the Philadelphia region for November as well as the essential weekly registrations for unemployment benefits at 2:30 p.m. These statistics will be followed by industrial production for the month of October at 3:15 p.m.

Burberry gets a jacket, luxury is disillusioned

On the business side, luxury is struggling in the wake of the fall of Burberry shares on the London Stock Exchange (-10%). The British company, known for its checked trench coats, warned that the “slowdown in global luxury demand” could weigh on its 2023-2024 annual targets. Kering thus lost 1.6%, as did LVMH, while Hermès shares managed to gain 0.1%.

Vallourec jumped 4.5% after raising its gross operating profit forecast.

Elior gained 4.3%, supported by TP ICAP Midcap which raised its recommendation on the collective catering group to purchase.

On the foreign exchange market, the euro lost ground slightly (-0.1%) against the dollar at 1.0848 dollars. On the oil side, it is trending slightly downward. A barrel of Brent from the North Sea, for delivery in January, lost 0.4% to 80.89 dollars. Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in December, returned 0.2% to 76.53 dollars.