The Paris stock market continues to trade cautiously : after closing at a record high yesterday evening, the CAC 40 is beginning to decline, weakened in particular by L’Oréal and Hermès shares.
After reaching an all-time high of over 8,030 points during trading on Tuesday and a new closing high of 8,012 points, the CAC 40 paused on Wednesday, falling around 0.6% in early trading. This decline is part of a logical consolidation movement after several weeks of almost continuous growth.
The quarterly earnings season in Europe is playing a key role in this : some stocks, such as Hermès and Dassault Systèmes, continue to post robust growth, while others, such as L’Oréal, are suffering from overly high expectations. At this stage, around 35% of Stoxx Europe 600 companies have published their results, with average earnings growth of 3.8%, compared with more than 6% anticipated at the beginning of the month.
Elsewhere in Europe, the Dax fell 0.28%, the FTSE 100 rose 0.53% and the European Stoxx 600 index fell 0.4%.
Luxury : good results but not enough for investors
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