(News Bulletin 247) – The Parisian index ended sharply lower this Tuesday, weighed down by Totalenergies which fell significantly in the wake of oil prices, as well as by L’Oréal which was penalized by Coty’s results.
The Paris Stock Exchange marks a halt after two sessions slightly in the green. The CAC 40 ended sharply down 1.05% at 7,521.97 points this Tuesday evening.
The flagship Parisian index was pulled down by two of its largest components, namely Totalenergies and L’Oréal. The oil giant posted the biggest drop in the CAC 40 (-4.8%) in the wake of the heavy decline in black gold.
The December North Sea Brent contract lost 4.7% to $73.84 per barrel while the November WTI contract listed in New York lost 4.9% to $70.19 per barrel. According to the Washington Post, Israel would not intend to strike Iranian oil infrastructure, which somewhat alleviates fears of disruptions to oil supplies in the Middle East.
Conversely, Air France-KLM gained 4.4% helped by the decline in black gold, the fuel bill constituting one of the group’s main expenditure items.
L’Oréal, for its part, lost 3.9%, penalized by a negative cross-reading of the results of its comparable company, the American Coty, which fell by 10% on Wall Street.
Investors are awaiting a series of meetings this week, including the publication of Chinese GDP for the third quarter on Friday, and the monetary policy meeting of the European Central Bank (ECB) on Thursday.
The failure of ASML
In the immediate future, investors will be watching the start of the CAC 40 results season this Tuesday evening, with the publication this Tuesday of LVMH’s third quarter revenue. The luxury specialist revealed after the closing, an organic decline of 3% for the period, disappointing expectations.
Another disappointment, but on the side of the technology sector which suddenly fell on the stock market at the end of the afternoon, shaken by the ASML shock wave. The semiconductor specialist dropped 15.6% in Amsterdam this Tuesday evening after announcing its third quarter results in advance. It published disappointing order intake and lowered its targets for 2025. It dragged STMicroelectronics (-2.7%) and Soitec (-9.6%) into its fall.
On other markets, the euro lost 0.05% against the dollar at 1.0904 dollars.
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