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The Paris stock market advanced by 0.58%, according to the results at mid-session Wednesday, driven by favorable indices on private activity in the Eurozone.
The Paris stock market rose by 0.58%, according to mid-session results on Wednesday, driven by indicators on private activity in the Eurozone, which are still pending the conclusions expected by the meeting of the U.S. Central Bank.
This progress could well continue after the first returns from the US Central Bank meeting, which yesterday reaffirmed its commitment to maintaining a target of a near-zero federal funds rate until the end of the economic recovery. This Thursday, the index continued its slow rise, with 0.2% to 5.560 at midday.
On Wednesday, the CAC 40 index climbed 32.27 points to 5,530.21 points at 1:20 p.m. French time. The index is progressing slowly, starting its fourth session of progression this morning, while the President of the Republic Emmanuel Macron was diagnosed positive at Covid-19. Few significant declines on the CAC 40, with the largest being for Société Générale on a limited decline of 1%.
The stock market remains in the green almost everywhere in Europe, with London up 0.97%, Frankfurt 1.54%, and Madrid 0.36%. In Asia, the Tokyo Stock Exchange ended up slightly higher, with the Nikkei taking 0.26% and the Topix 0.27%.
The French luxury giant Kering (-2.23% to 557 euros), which owns the houses Balenciaga and Gucci, has been targeted since February 2019 by an investigation for “laundering of tax fraud”, it was learned Wednesday from the national financial prosecutor’s office in correlation with information from Mediapart. The firm said however that it had not been aware of this information.
On the banking side, Commerzbank gained 1.23% to 5.36 euros, the Crédit Agricole lost 0.33% to 10.64 euros, and BNP Paribas fell 1.07% to 44.75 euros. On Tuesday, the European Central Bank authorized banks to pay out dividends again on the condition that they do not exceed 15% of their cumulative profits for the years 2019 and 2020 while advising banks to remain prudent in the midst of the health crisis.
In Germany, the Volkswagen group took 4.47% to 157.04 euros. The market welcomed the peace found within Europe’s leading car group after its supervisory board reached a compromise on Monday to end the internal conflict with the boss, Herbert Diess, to whom it affirmed its support. The equipment group Continental AG (+4.68% to 118.50 euros), for its part, presented on Wednesday an update of its strategy, which is generally based on an acceleration of investments in the digital sector.
Read also > PARIS STOCK EXCHANGE: KERING IS LAGGING BEHIND THE LUXURY
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