2023-08-15 08:55:06
The Paris Stock Exchange is in the red on Tuesday, dragged down by the luxury and tech sectors, the first being weighed down by disappointing economic statistics in China.
The main CAC 40 index fell around 10:20 GMT by 0.87%, to 7,284.27 points. On Monday, it started the week with a very small increase of 0.12%, to 7,348.84 points, in very low trading volumes.
On Tuesday, the absence of many investors due to the summer holidays and the Assumption holiday may exacerbate the variations.
After a start to the week marked by fears over the financial health of Country Garden, one of China’s largest real estate groups, which announced the suspension of a dozen bonds from Monday, China continues to worry on Tuesday. Investors.
Retail sales, the main indicator of household consumption, only rose by 2.5% over one year in July, according to official figures from the National Bureau of Statistics (BNS), less than anticipated by analysts polled by Bloomberg.
In addition, loans to households fell last month to their lowest level since 2009, a sign of sluggish consumption in China.
To support activity, the Chinese central bank on Tuesday lowered a reference rate for medium-term loans and injected 400 billion yuan (50.4 billion euros) into the economy.
The aim of the measures is to “boost its economy, which not only has not lived up to expectations for a great post-Covid recovery at all, but which is facing a worsening real estate crisis. , to the gloom of consumers and to investors” who avoid Chinese assets, underlines Ipek Ozkardeskaya, analyst of Swissquote Bank.
In the UK, the unemployment rate climbed to 4.2% for the three months to the end of June, compared with the previous three months – a high in almost two years.
Luxury at half mast
Values in the luxury sector, a large part of whose sales are made in China, fell on Tuesday.
Around 10:15 a.m., LVMH lost 1.38% to 804.90 euros, Kering 0.82% to 509.90 euros, Hermès 1.22% to 1,904.80 euros.
Shares of technology groups are also falling: often considered more risky, these assets are neglected in times of investor fears and when interest rates rise.
Teleperformance lost 1.58% to 118.45 euros, Worldline 1.27% to 32 euros, Capgemini 0.83% to 161.55 euros and Atos 1.2% to 6.62 euros.
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