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Paris stock exchange: the CAC 40 returns to its glorious past of 2007

Paris stock exchange: the CAC 40 returns to its glorious past of 2007

After a four-day weekend, the Paris stock market opened up 0.87% a at 6,155.89 points on Tuesday, extending last week’s gain, and buoyed by encouraging signs of economic recovery. The CAC 40 has performed among the best of the world’s stock markets since the beginning of the year and is not far from reaching its 2007 record (6,168.15 points). Indeed, shortly after the opening, the Parisian index reached 6,159 points.

 

“The possible worries in connection with the dynamics of growth in Europe and the evolution of the pandemic do not seem to worry too much investors, who prefer to see the glass as half full rather than half empty”, commented Christopher Dembik, associate director at Berenberg.

 

The Paris index has jumped 10.89% since the beginning of the year, seeming to ignore the rise in bond rates, a consequence of the pandemic and new health restrictions in Europe or the Archegos case. It is now ahead of the German DAX (+10.12%), the Dow Jones (+9.54%) and the S & P 500 (+8.57%).

 

“The stock market remains positive thanks to hopes of new support measures for infrastructure in the United States.” Mr Dembik noted.

 

Indeed, the financial markets are benefiting from the US employment figures published on Friday, but also from the infrastructure investment plan unveiled last week by President Joe Biden.

 

Also, several European countries are beginning to relax their sanitary restrictions, even if the new measures that have come into force in France have led the government to revise downwards its growth forecasts for 2021, to 5% against 6% previously.

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On the luxury side, LVMH again hit a high (1%) at over 290 billion euros valuation. Hermès followed suit with a late-day rise of 0.96% to EUR 965.60. By contrast, Kering lost 0.15% at the same time to EUR 598.50.

 

Read also > PARIS STOCK EXCHANGE : A RETURN TO THE RED

 

Featured Photo : © Press

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