Paris Stock Exchange closes at 2% after a week of inflation worries – zimo News


Paris bourse closed sharply higher (+2.04%) on Friday, during which the market surged, encouraged by US consumption data on a technically volatile day.

The star CAC 40 rose 120.59 points to 6,036, ending the week with a green short-term lead (+0.05%). The index, which brings together 40 major French listed companies, has fallen 15.62 percent since January 1.

Lionel Melka, head of research at Homa Capital, commented: “The market is looking to take a breather after a rough week,” as the release of two consumer indicators raised concerns about the health of the U.S. economy Rest assured, this encouraged a market rally.

US retail sales rose 1.0% in June, better than expected, while consumer confidence edged up in July.

Oanda analyst Craig Erlam said this “suggests that households are still in good health due to savings over the past two years”.

Investors were torn between inflation fears and recession fears at the end of an uncertain session that could prompt central banks to take firmer monetary policy in an already weak European economy, all CAC 40 Stocks all closed in green.

Luxury company Kering came in last (+0.03% to €496), while carmaker Renault led (+6.94% to €24.26).

This rally occurs on the day when monthly stock and index futures contracts expire (the so-called “Three Witch Day”), which typically creates volatility in the market.

Prices soared as car and airline companies focused on overseas sales, helped by a stronger dollar than the euro.

Airbus closed at +4.12% (€103.72), Air France-KLM closed at its lowest point since June at +6.93% (€1.22) and carmaker Stellantis closed at 2.40% (€11.97).

The luxury goods company closed with a narrow edge on Friday, hurt by disappointing results from Swiss and British groups Richemont (-2.85%) and Burberry (-3.76%).

LVMH shares rose 0.33% (608.40 euros), L’Oréal raised the bar to +1.67% (340.40 euros) and Pernod Ricard rose 1.46% (180.70 euros).

Source link


Please enter your comment!
Please enter your name here