(News Bulletin 247) – The Paris Stock Exchange is moving sharply higher at mid-session this Friday, thanks to half-year results that were (finally) well received. Investors will be watching the publication of the PCE index this afternoon.

It was better to deliver its results this Friday than the day before. The CAC 40 rose 0.9% at mid-session, to 7,492.80 points, supported by results from stock market heavyweights appreciated by investors, unlike the rest of the week.

“Market dynamics have been dominated in recent days by the correction of major technology stocks in the United States, but also by greater caution regarding the growth dynamics of the global economy, particularly in the eurozone, which could affect earnings prospects,” notes Sébastien Paris Horvitz of LBPAM.

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Hermès atomizes the competition

The CAC 40 is benefiting from the growth of several heavyweights, notably Hermès (+3.5%), which has once again fully justified its status as the best luxury student. The leather goods and saddler published growth excluding foreign exchange of 13.3% in the second quarter, above expectations, and which pulverizes the competition. Bank of America notes that Hermès’ growth compares to, on average, a decline of 1% for the luxury sector in the second quarter.

The biggest increase in the index, however, was recorded by EssilorLuxottica, which published solid profitability in the first half of the year, which above all confirmed the interest of Meta, which is considering investing in its capital.

Vinci and Saint-Gobain gained 3.4% and 2.5%, the two groups having delivered very solid results.

On the disappointment side, because there has to be some, Capgemini collapsed by 7.3% after lowering its revenue growth outlook for 2024.

Outside the CAC 40, Bureau Veritas (+7.3%) has once again enchanted the market with its half-yearly accounts. With a 25% increase since the beginning of the year and a capitalization of 13 billion euros, the group is knocking more and more strongly on the door of the CAC 40, of which it is not (yet) a part.

On other markets, the euro gained 0.1% against the dollar to $1.0857. Oil is anemic. The September contract on North Sea Brent is down 0.4% to $81.08 a barrel while the September contract on WTI listed in New York is down 0.4% to $77.96 a barrel.