(News Bulletin 247) – The CAC 40 fell this Monday at mid-session while the Ifo index measuring German business confidence experienced a surprise drop.

The Paris Stock Exchange is catching its breath this Monday, after the CAC 40 gained almost 1% last week and set a record close on Friday. The Parisian index fell 0.37% to 7,569.10 points this Monday at mid-session.

After digesting the messages from the major central bankers last week, investors are waiting for the last major statistics for 2023, to plan for next year. They will be particularly attentive to the publication of the PCE index, the preferred gauge of the American Federal Reserve (Fed), which will be published Friday afternoon.

Meanwhile, the Ifo index measuring business confidence in Germany experienced a surprise drop in December, standing at 86.4 points compared to 87.2 in November.

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Luxury coughs

“Other climate indicators also signal a weak economy for the foreseeable future. German GDP could contract slightly again in the fourth quarter, with -0.2% compared to the previous quarter,” underlines Marc Schattenberg, economist at Deutsche Bank.

On the value side, luxury is in a bad direction and is weighing on the trend, with Hermès falling by 1.6%, LVMH by 1.4% and Kering by 1.4%.

Atos fell 7.3% after gaining more than 20% on Friday, driven by speculation about renewed interest from Airbus to buy certain activities of the group.

On other markets, the euro gained 0.2% against the dollar to 1.091 dollars. Oil is falling. The February contract for North Sea Brent lost 0.6% to $76.11 per barrel, while the January contract for New York-listed WTI lost 0.67% to $70.95 per barrel.