The Paris Stock Exchange opened lower this Friday, notably affected by the decline in luxury values. Investors are also paying close attention to announcements regarding the French GDP deficit. Furthermore, central bank decisions continue to influence movements in financial markets.
The Paris Stock Exchange started Friday on a negative note, recording a decline of 0.24%, primarily influenced by the drop in its largest capitalization, LVMH. The CAC 40 index, the market benchmark, lost 19.54 points, standing at 8,160.18 points around 09:45, after reaching a new record during the previous session at 8,229.25 points.
By 4:30 PM, the flagship index showed a decrease of 0.37%, at 8,149.78 points.
Friday’s session is marked by a relatively light economic agenda, with a few indicators from the UK and Germany, as well as a speech by the Chief Economist of the European Central Bank (ECB), Philip Lane, focusing on inflation and monetary policy.
In the bond market, the interest rate on French 10-year bonds slightly declined, settling at 2.83% around 09:45.
French GDP Deficit
On Thursday, March 21, the Minister Delegate for Public Accounts, Thomas Cazenave, announced a public deficit for the year 2023, expected to exceed 5% of GDP, surpassing the initial target of 4.9%. This revision is attributed to various economic factors, such as the slowdown in China, the war in Ukraine, and economic difficulties faced by European partners, notably Germany.
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