The Paris stock exchange closed (+ 0.98%) on Tuesday supported by luxury stocks and relatively low trading volumes as investors await the conclusion of a US central bank meeting on Wednesday.
The CAC 40 index gained 61.48 points to 6,328.25 points. The day before, the Paris market had closed close to breaking even.
Rising sharply until midday, the Paris stock market stalled, driven by the decline on Wall Street. After opening higher, the New York Stock Exchange turned around minutes later, seared by macroeconomic indicators reflecting a still tense job market.
The number of job postings in the United States increased by 437,000 positions in one month, according to the American Bureau of Statistics (BLS), while analysts had instead expected a decline of about 500,000 positions from the previous month, according to MarketWatch consensus. .
But investor attention has remained mainly focused on the monetary policy meeting of the US central bank, the Fed, which meets on Tuesday and Wednesday and whose conclusion will be presented Wednesday after the close of European markets.
The market fluctuates between “hope and fear” and “the nervousness is clearly perceptible,” observes Konstantin Oldenburgern, of CMC Markets.
“Some investors fear the Fed is holding course” with a harsher tone in its rate hikes, but others hope it “approaches the end of its upward cycle,” he continued.
Information, not verified and published on social networks, according to which a commission was created by the Chinese authorities to discuss the exit from the “zero-Covid” policy that is weighing down the country’s economy, has agitated the Parisian restaurant that has several luxury goods stocks, a sector sensitive to Asian markets.
Hermes took 3.01% to € 1,350, finishing at the top of the strongest gains of the session, followed by Kering, up 2.75% to € 476.45. LVMH took 1.85% to 650.80 euros. Only L’Oréal lost 0.19%, to 317.50 euros.
Mining stocks rose on the heels of the announcement of a drop in the price of commodities for the U.S. manufacturing industry in October, the first since May 2020, according to the ISM professional federation index.
Eramet gained 4.22% to 69.15 euros and Technip Energies 1.65% to 13.28 euros.