The Paris Stock Exchange settled in the green this morning, two days before the Fed’s monetary policy meeting and the day after the 47th G7 summit.
With the U.S. central bank (Fed) meeting in two days and the G7 summit in Cornwall concluding yesterday, the Paris Bourse is up at the start of the week. At the same time, French luxury goods (LVMH, Hermès, L’Oréal) are gaining ground on the world stock market.
The CAC 40 gained 0.678% to 6,645.09 points at 9:20 am, after peaking at 6,647.12 this morning. The index continues its advance from last week, which followed optimism expressed by the European Central Bank (ECB). Last Friday, the CAC 40 broke its 2000 record and passed the 6,600 point mark.
On Wall Street, the S&P 500 index set new records at 4,247 points on Friday, up 0.19% for the session. According to the May figures published Thursday by the U.S. government, consumer prices in the United States rose by 0.6%, well above expectations (which were based on +0.4%).
Luxury goods still at the top
Luxury goods continue to post positive results. The world leader LVMH and the historic French house Hermès reached their all-time highs (+0.8% and +0.5% respectively). Cosmetics giant L’Oreal jumped 1% to 387.55 euros.
However, some luxury brands are slightly down, particularly in the wine and spirits sector, such as Pernod Ricard, which is down 0.2%. Rémy Cointreau lost 0.7%.
Conclusion of the G7 summit
This weekend was held the 47th G7 summit, hosted by British Prime Minister Boris Johnson, in Carbis Bay, Cornwall. For the occasion, the seven heads of state of the seven richest countries in the world met to discuss various issues concerning the policy of their countries.
During the G7 Finance meeting on Saturday, June 5, the economic ministers of these seven countries decided on a global minimum tax rate of 15% on multinationals. This weekend, the heads of state also agreed to provide more than 1 billion doses of vaccine against Covid-19 to the poorest countries.
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