(BFM Stock Exchange) – The Parisian index ended with a decline of 0.44%, while the highly anticipated Jackson Hole symposium started. The president of the Fed, Jerome Powell, will speak on Friday. Several American statistics have also been disappointing.
The CAC 40 dropped down this Thursday, August 21. The flagship index of the Paris Stock Exchange sold 0.44% to 7,938.29 points.
Investors opted for caution at the dawn of the Jackson Hole symposium that started this Thursday. The president of the American Federal Reserve (Fed), Jerome Powell, will deliver a speech which will be followed on Friday, investors watching for the slightest index for the next meeting of the American Central Bank, in September, even beyond.
For the past few days, the market has reduced its anticipations of rate drops a little. Investors are currently attributing a probability of 71% to a cup of a quarter of percentage next month, against more than 90% a few days ago.
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In the meantime, the president of the Fed of Kansas City, Jeffrey Schmid, expressed doubts with CNBC as for a drop in rate in September. Schmid is one of the voting members of the Fed this year.
In addition, several American statistics have proven to be disappointing. New unemployed weekly registrations have established 235,000 units against 225,000 expected by economists surveyed by Reuters. The Fed of Philadelphia’s activity index also fell 0.3 points in August when the consensus awaited an increase of 7 points.
On the values ​​side, Safran signed the highest increase in CAC 40, with a gain of 1.14%. The title is carried by a recovery of recommendation from Bernstein to “outperformance” equivalent to buying.
L’Oréal lost 1.48%, a little penalized by the disappointing publications of its American rivals Estée Lauder and especially Coty. Luxury found itself under pressure. LVMH abandoned 1.7%, Kering 1.5%and Hermès 1.57%.
In the other markets, the euro fell 0.3% against the dollar to 1.1614 dollars. Oil is advancing a little. The October contract on the Brent de Mer du Nord takes 0.48% at 67.17 Dollars per barrel while the same maturity on the WTI listed in New York gains 0.5% at 63 dollars per barrel.
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