After spending the first half of the session in the green, the CAC40 reversed course and ended the day down 0.37%, at 7104 points, heavily penalized by the downturn in the luxury goods sector, with -2.6% for Kering, -1.6% for LVMH and -1.4% for Hermès.

The day was marked by the release of a CPI (US inflation figure) that slightly disappointed expectations: +0.4% rise instead of the +0.3% expected. Core CPI remains in line with expectations).

For information, Jefferies forecast a slight slowdown in annualized US inflation in September, to 3.6% unadjusted: the annualized rate was 3.7% after +4.3% in August.

Fixed-income markets reacted negatively: stable before the CPI, our OATs tightened by 5pts to 3.34%, US T-Bonds by +5.5pts to 4.655%... (vs. 4.55% before the 'stat').

The probability of a final rate hike by the FED on November 1 had fallen below 10% before the 'CPI', this figure has doubled... but it remains a rather low score.
The Euro suddenly falls -0.7% to rebound below 1.0600, at $1.0550.

In the Paris stock market, Publicis Groupe announced a further upward revision of its annual targets, on the occasion of its third-quarter trading update, marked by "strong organic growth of 5.3%, ahead of expectations".

It now anticipates organic growth of between +5.5 and 6% (instead of around +5%), an operating margin of 18% (instead of close to 18%) and free cash flow close to 1.7 billion euros (instead of at least 1.6 billion).

Legrand announces the sale on October 4 of its Russian business to a local industrial player. The French specialist in electrical and digital building infrastructures will therefore no longer be active in this market.

Getlink announces Evolyn's decision to launch a new high-speed rail service via the Channel Tunnel to link London and continental Europe, confirming the growth potential of the cross-Channel passenger rail market.

Claranova reports a net loss of -11 million euros for its 2022-23 financial year, but an operating margin improved by one point to 6.4% on record sales of 507 million, up 7%, driven by all divisions.

Orpea (-11.7%) announced on Wednesday evening a net loss, group share, of 371 million euros for the first half of 2023, due 'mainly to the unfavorable trend in interest rates and higher credit margins on financing'.

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