(News Bulletin 247) – The Paris Stock Exchange ends in sharp decline after a disappointing series of company results. The CAC 40 lost more than 1%, approaching 7,400 points this Wednesday evening.

It was clearly a day without for the Paris Stock Exchange, which had to face many headwinds this Wednesday. A disappointing batch of company results weighed down the CAC 40, causing it to lose up to 1.75% to 7,377.39 points at the day’s lowest

Before the Parisian index recovered a little after relatively good American statistics, and limited its decline to 1.1% to 7,428.36 points at the close.

The markets therefore took note this afternoon of the publication of GDP for the third quarter. The US economy grew at an annualized rate of 2.8%, slightly less than the 2.9% growth economists had hoped for and the 3% growth recorded in the second quarter. But “this is still a very good statistic”, say ING economists, which reassures investors.

“Consumer spending was very robust, as expected based on monthly retail sales data, increasing by 3.7% and, within this, spending on goods increased by 6%,” they continue.

Furthermore, the ADP report on employment for the month of October, an imperfect prelude to the official figures which will be published on Friday, showed that the American private sector had created 233,000 jobs in October in the United States, much more than the consensus expectations housed at 115,000.

Before this series of American statistics, investors have already taken note of the gross domestic products of the euro zone countries which were published this Wednesday. Ultimately, the growth of the monetary union was a bit of a surprise, amounting to 0.4% in the third quarter compared to 0.2% for the consensus.

A series of disappointments

On the value side, Saint-Gobain finished at the top of the CAC 40 after delivering revenues in line with expectations in the third quarter and counting on continued sequential improvement in its activity.

Conversely, Capgemini suffered the biggest drop in the CAC 40 (-6.4%) after once again lowering its growth target for 2024.

Pernod Ricard returned 4.4% and Rémy Cointreau (-3.6%) while the Italian Campari plunged 15% on the Milan Stock Exchange, after revealing summer activity deemed “very disappointing” by Royal Bank of Canada .

LVMH and Kering lost 2% and 3.2% respectively after their comparable Moncler disappointed, the transalpine group having published revenues 4% lower than consensus in the third quarter.

Excluding the CAC 40, Nexans fell 7.4% after, on the contrary, disappointing in the third quarter.

When Emeis grew by 4% after revealing an increase in activity over nine months and confirming its annual objectives.

On other markets, the euro advanced 0.4% against the dollar to 1.0860 dollars. Oil is rising sharply after an unexpected drop in American oil stocks last week. The December North Sea Brent contract advances 2.1% to $72.19 per barrel while the November contract for WTI listed in New York also advances 2.1% to $68.65 per barrel. .