The Paris stock exchange was up 0.95% Monday, continuing to digest U.S. employment figures.
The Paris stock exchange is starting the week higher in a quiet market. Indeed, Wall Street is closed for Labor Day.
The day’s rebound follows Friday’s sharp decline after the release of much weaker-than-expected U.S. job creation figures in August, confirming a deterioration in the momentum of the economic recovery. In August, only 235,000 jobs were created in the U.S., less than half the 750,000 or so expected by economists.
“This is a bad number that is accompanied by a very strong increase in wages (+0.6% in a month against +0.3% expected),” say analysts at Saxo Bank in a note.
“This could prompt the U.S. Federal Reserve to reconsider the timing” of the reduction in the pace of its asset purchases, they added.
On Thursday, the European Central Bank (ECB) will hold its monetary policy meeting.
At 4 p.m., the leading CAC 40 index was up 0.95 percent to 6,753 points, driven by luxury goods stocks.
Bruno Le Maire, Minister of Economy, declared that the number of shopping malls imposing the health pass will decrease. Following this news, Carrefour rose to the top of the CAC 40 and took 2.22% to 15.88 euros. However, the price remains below the exit price of Bernard Arnault‘s capital (shareholder of the distributor for 14 years).
The luxury goods sector is doing well, with LVMH (+2.33%), Publicis (+2.04%) and Hermès (+1.99%) leading the gains.
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