(News Bulletin 247) – The Paris Stock Exchange finally ended in positive territory, despite a decline in luxury values. The CAC 40 closed up 0.32%, back above 7,600 points.

The Paris Stock Exchange finally opted for the increase. Down slightly at mid-session, the CAC 40 in fact recovered in the afternoon to show an increase of 0.32% to 7,602.06 points.

The star index surely found inspiration from Wall Street, open despite the Columbus Day holiday with

In Germany, it is a historic session in Frankfurt. Its flagship index, the Dax, reached a record closing level, at 19,508.29 points, not without having touched a high during the session at 19,518.44 points.

Luxury takes the hit

And yet, the Parisian index was not helped by its luxury sector which is very exposed to China. The biggest drop in the CAC 40, Kering lost 3.8%, while LVMH lost 2.3% and Hermès limited its decline to 0.4%. Luxury groups were penalized by the absence of details on the announcements of new measures from China.

“Investors had high hopes regarding the press conference organized on Saturday by the Minister of Finance, especially since the latest figures on price developments confirmed the deflationary risk (consumer price index published at 0% for the month of September, producer prices at -2.8%)”, recalls Apicil AM in its market commentary.

“The Chinese government simply reaffirmed the desire to support the real estate market and local administrations, without announcing any new stimulus or concrete figures,” regret the specialists of the management company.

The week will be full of news, while the quarterly publication season in Paris will begin this Tuesday, with LVMH followed by Pernod Ricard, Essilorluxottica and Publicis on Thursday.

“On the Old Continent, the party will begin this week, with the entry on the scene of the big names in the rating (LVMH and ASML, respectively the largest French and European capitalization, next Tuesday Wednesday). We will be vigilant with regard to most cyclical companies, notably the automobile industry”, notes Apicil AM.

Investors will also learn Thursday of the European Central Bank’s decision on its rates, and the market anticipates a drop of 0.25 percentage points.

Inventiva on the rise

On the value side, Pluxee contained its decline to 2.7%, under pressure after a downgrading of recommendation from Goldman Sachs which switched to sell on the issue this Monday morning.

On the biotech side, Inventiva finished up sharply by 54.3% after obtaining immediate funding of 94.1 million euros for its phase III clinical study (last study before potential commercialization) NATiV3, evaluating its flagship molecule , lanifibranor, intended to treat nonalcoholic steatohepatitis (Nash), also known as “human fatty liver disease” or “soda.”

Transgene returned 13.6%, the biotech having announced that the phase II trial on its therapeutic vaccine TG4001 in cervical and anogenital cancers had not reached its main endpoint.

On the foreign exchange market, the euro lost 0.2% against the dollar to 1.0906 dollars. As for oil, it is falling due to investor concerns about Chinese demand. The December contract on North Sea Brent lost 2.2% to $77.27 while that of November on WTI listed in New York returned 2.4% to $73.74 per barrel.