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CAC 40 declines, impacted by French luxury groups

CAC 40 declines, impacted by French luxury groups

Affected by the decrease in recommendations from the HSBC bank, the luxury sector penalized the barometer of the Paris Stock Exchange on Wednesday 23 June.

 

Indeed, yesterday 22 June, Jerome Powell, Fed Chairman confirmed after multiple discussions not to raise key interest rates too quickly. “We will wait for evidence of real inflation or other imbalances,” he said earlier this week.

 

John Plassard, investment director at Mirabaud, was expecting a “trendless opening after Jerome Powell’s testimony to the US Congress”, but this is not the scenario that occurred today. The CAC 40 lost 0.51% to 6,577.97 points on Wednesday, in a trading volume of 700 million euros.

 

The decline of the CAC 40 was partly caused by the large French luxury groups. As has rarely been the case, the luxury groups occupied the last ranks of the Paris stock exchange. A drop of 2.8% was recorded by the Kering group, 1.6% by Hermès and finally 1.4% by LVMH.

 

On the other hand, the spirits group Pernod Ricard gained 2.5% on Wednesday, after raising its operating profit outlook for the second quarter of 2021. The same is true for Teleperformance (+2.7%), which has recorded its 5th consecutive session in the green.

 

 

See Also

Read also > TOKYO STOCK EXCHANGE RECORDS ITS BIGGEST DROP IN ALMOST 4 MONTHS

 

 

Featured photo : © Press

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