2023-08-28 16:55:20
The Paris Stock Exchange closed sharply up (1.32%) on Monday in a session with low trading volumes where the market’s attention focused on measures by the Chinese authorities and the meeting of Chinese and American trade ministers. .
The flagship CAC 40 index rose 95.11 points to 7.324 points, starting the week off on the right foot, as investors turned their attention to “the important catalyst of the day”, according to Edouard de Kerhor, financial investment expert de Milleis Banque: the agreement for the establishment of a working group for “solutions on trade and investment issues” found by China and the United States.
The markets also kept in mind, in a weak session in indicators, the unsurprising speeches of the central bankers last Friday in Jackson Hole (United States). They have expressed their desire to continue their fight against inflation while being increasingly vigilant about the impact on the economy of rate hikes.
This attention is particularly marked in the euro zone, where the slowdown in economic activity constitutes “bad news which may also mean that Europe is closer to the end of the rate hike, good news for the markets”, according to Mr. de Kerhor.
During the session with a peak at 7,340 points at 3:47 p.m., the flagship index of the Parisian market exceeded Friday’s level at the close of the FTSE 100 (7,338.58 points) of the London Stock Exchange, closed Monday due to a holiday. Such a situation can only be found when going back to November 2000, at the beginning of the bursting of the internet bubble.
French macroeconomic news was dominated on Monday by the return of the Medef. President Emmanuel Macron and Prime Minister Elisabeth Borne promised to continue their pro-business policy guaranteeing in particular that there will be no tax increase.
The staggering over several years of the abolition of the CVAE, a tax initially supposed to disappear entirely in 2024, has been confirmed.
The luxury brought by China
Luxury stocks in France rose, driven by news from China, one of their main markets on the one hand, and the agreement between China and the United States on the other.
In Paris, Hermès took 1.83% to 1,917.60 euros per share, LVMH 1.68% to 798.50 euros and Kering 1.39% to 494.40 euros.
Tech and banks in pole position
Other sectors for Monday were linked to interest rates, such as banking stocks, with gains at the close of 2.04% for BNP Paribas (59.50 euros). Technology companies were also well oriented.
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