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The Cac 40<\/strong> opened this Monday down 1.8%<\/strong> to 6461 points<\/strong>.<\/p>\n <\/p>\n In addition to the uncertainties surrounding the aftermath of French politics and Emmanuel Macron<\/strong>‘s future room for maneuver (will he have a majority to govern?), investors, particularly in the luxury goods sector, were influenced by a negative international environment.<\/p>\n <\/p>\n For the other world stock markets are not celebrating either. In Asia Pacific<\/strong>, at 9am, Tokyo<\/strong> and Sydney<\/strong> were losing more than 1.5% and Shanghai<\/strong> and Hong Kong<\/strong> more than -2%. The Chinese anti-covid reconfinement policy is indeed raising major concerns. Several major cities, including Shanghai but also some areas of Beijing, have been closed.<\/p>\n <\/p>\n Wall Street had itself fallen sharply (- 2.8%) on Friday, its worst session since early March. And this, again, because of the Chinese risk weighing on the global economy, but also the announcement of a less accommodating monetary policy of the Fed. This raises the spectre of over-inflation. As for the other European leading indicators, they were also down sharply at the opening on April 25.<\/p>\n <\/p>\n On the CAC 40, the declines in luxury stocks<\/strong>, which are very sensitive to the international context<\/strong>, were even more pronounced.<\/p>\n <\/p>\n Kering<\/strong>, which had already fallen sharply last Friday in the wake of disappointing results for Gucci, published the day before, was down 2.65% at 9:40 am (compared to -1.63% at the same time for the CAC 40). Lvmh<\/strong> and Hermes<\/strong> were not left behind with similar falls, either -2.6% and -2.4%.<\/p>\n <\/p>\n