The Paris Stock Exchange ended a series of three sessions of decline on Wednesday (+0.39%), driven by a rebound in luxury stocks but awaiting speeches from central bankers later in the week.
The flagship CAC 40 index gained 24.74 points to 6,386.76 points, in a session where volumes remained low (2.2 billion euros). The day before, he had lost 0.26%.
After an opening in the red, the Parisian rating made up for its losses, then went into the green at the start of the afternoon. Over the first three sessions of the week, the index remains clearly negative (-1.68%).
As in previous sessions, investors remained cautious on risky assets ahead of the start of the central bankers’ symposium in Jackson Hole (United States) on Thursday, with a keynote speech by the President of the American Central Bank (Fed) Jerome Powell Friday at the end of the session in Paris.
Investors want to know more about the Fed’s next steps, especially whether it intends to remain committed to raising rates sharply.
“Historically, anything is possible. Jerome Powell can be very virulent, with a reaction or an overreaction of the markets in stride, or not at all. Everything is possible and that is the problem” for several sessions, according to Mr. Claudé .
After a fanfare summer, when the Paris Stock Exchange returned close to 6,600 points, “the market is still resilient in this period, it could have fallen much more”, he believes.
Luxury on the rebound
The good performance of the Parisian dimension on Wednesday, in particular compared to other major European financial centers, is due to the return of luxury to the front of the stage. Heavyweight of the rating, the sector ended up sharply, like Hermès (+ 2.24% to 1,394 euros), Kering (+ 0.91% to 543.60 euros) or LVMH (+ 1.03% to €686.80).
Beyond luxury, EssilorLuxottica (+1.74% to 157.75 euros) and L’Oreal (+1.85% to 360.65 euros) also shone.