(News Bulletin 247) – The Paris index ended in the green on Monday, supported by the pharmaceutical group, one of its largest stock market capitalizations.
The Paris Stock Exchange started the week on the right foot. After falling at mid-session, the CAC 40 turned slightly back into the green during the afternoon and ended the day up 0.20% at 7,646.42 points.
The Paris market had to cope without many American investors who were absent due to a public holiday, namely Labor Day, the equivalent of our Labor Day.
Investors also looked at China’s PMIs, which measure private sector activity. Two different gauges gave divergent readings. The independent index, calculated by Caixin/S&P Global, came in at 50.4 in August for the manufacturing sector, compared with 49.8 the previous month. A reading of 50 marks the boundary between contraction and expansion in activity.
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Sanofi in the spotlight
On the contrary, the official manufacturing PMI index fell to 49.1 against 49.4 in July and a consensus of 49.5. The market, for its part, retained this index. The Shanghai Composite, the flagship index of the Shanghai Stock Exchange, lost 1.1% this Monday.
These contrasting data weighed on the luxury sector in the morning. But the securities in the compartment ultimately limited their decline. Kering lost 0.8%, Hermès 0.3% and LVMH 0.16%.
The big support for the CAC 40 came from Sanofi, the pharmaceutical group remaining one of the largest capitalizations within the index. The stock closed up 3.6%, driven by encouraging clinical data for the company’s potential treatment for some forms of multiple sclerosis.
Atos fell 7.3% after lowering its financial projections for the 2024-2027 period.
It is worth noting that in Frankfurt Volkswagen is up 2.1% after several media outlets reported that the German manufacturer was considering closing factories in Germany to reduce costs.
On other markets, the euro gained 0.16% against the dollar to $1.1068. Oil gained a tiny bit of ground. The November contract on North Sea Brent gained 0.09% to $77 a barrel, while the October contract on WTI listed in New York advanced 0.3% to $73.78 a barrel.
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