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AFP – The Paris Bourse closed up 1.04%, particularly driven by luxury goods after signals of easing health restrictions in China.
The CAC 40 gained 69.58 points to 6,738.67 points. For the month of November, the index jumped 7.5%, after gaining 8.75% in October.
“What is important today in a rising market is in particular the performance of the luxury sector, which is up sharply, this is explained in particular by the easing of measures against Covid-19 in China following the protest movement,” said Harry Wolhandler, head of equity management at Meeschaert Amilton AM.
In the Chinese metropolis of Guangzhou, where demonstrations for more freedoms were held, several districts lifted restrictions in some confined areas on Wednesday afternoon, according to announcements by the authorities.
But “markets are also taking a wait-and-see approach ahead of Jerome Powell’s speech, hoping for a less hawkish speech (in favor of strict monetary tightening, editor’s note), and the release of the U.S. unemployment rate on Friday,” Harry Wolhandler continued.
“As the economy slows down, investors are hoping that the Fed chairman will send a clear message that he will slow down his monetary tightening cycle and that he is about to take a break,” summarizes Edward Moya of Oanda.
So far, the Fed has raised its main policy rate by 75 basis points four times in a row to a range of 3.75% to 4%, but markets now expect Powell to signal a 50 basis point increase in December, with the next monetary meeting scheduled for December 13-14.
Luxury goods dress up Paris
Luxury goods stocks, for which the Chinese market is very important, surged. LVMH led the CAC 40 by gaining 5.03% to 737.30 euros, followed by Hermès which gained 3.94% to 1542.50 euros. Kering rose 2.68% to 567.40 euros.
TotalEnergies up
“The price increases on oil have supported TotalEnergies“, noted Harry Wolhandler. Harry Wolhandler noted. The group ended up 2.32% to 60.31 euros.
The battery of the future
Renault took the third place of the podium of the best progress of the session, ending up 3.05% to 34.81 euros, after announcing a collaboration with Airbus (+0.02% to 109.20 euros) to develop a new battery technology to extend the autonomy of cars and help the electrification of aircraft.
Airbus was less at the party, the judiciary having validated in Paris an agreement allowing him to avoid criminal prosecution in the investigations for corruption mainly in the sale of aircraft in Libya and Kazakhstan between 2006 and 2011, against a fine of 15.9 million euros.
Read also > Stock market update in Europe: In an uncertain environment, London and Paris remain the favorites
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AFP – The Paris Bourse closed up 1.04%, particularly driven by luxury goods after signals of easing health restrictions in China.
The CAC 40 gained 69.58 points to 6,738.67 points. For the month of November, the index jumped 7.5%, after gaining 8.75% in October.
“What is important today in a rising market is in particular the performance of the luxury sector, which is up sharply, this is explained in particular by the easing of measures against Covid-19 in China following the protest movement,” said Harry Wolhandler, head of equity management at Meeschaert Amilton AM.
In the Chinese metropolis of Guangzhou, where demonstrations for more freedoms were held, several districts lifted restrictions in some confined areas on Wednesday afternoon, according to announcements by the authorities.
But “markets are also taking a wait-and-see approach ahead of Jerome Powell’s speech, hoping for a less hawkish speech (in favor of strict monetary tightening, editor’s note), and the release of the U.S. unemployment rate on Friday,” Harry Wolhandler continued.
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AFP – The Paris Bourse closed up 1.04%, particularly driven by luxury goods after signals of easing health restrictions in China.
The CAC 40 gained 69.58 points to 6,738.67 points. For the month of November, the index jumped 7.5%, after gaining 8.75% in October.
“What is important today in a rising market is in particular the performance of the luxury sector, which is up sharply, this is explained in particular by the easing of measures against Covid-19 in China following the protest movement,” said Harry Wolhandler, head of equity management at Meeschaert Amilton AM.
In the Chinese metropolis of Guangzhou, where demonstrations for more freedoms were held, several districts lifted restrictions in some confined areas on Wednesday afternoon, according to announcements by the authorities.
But “markets are also taking a wait-and-see approach ahead of Jerome Powell’s speech, hoping for a less hawkish speech (in favor of strict monetary tightening, editor’s note), and the release of the U.S. unemployment rate on Friday,” Harry Wolhandler continued.
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