Clément Lesaffre, edited by Manon Fossat 8:10 pm, August 19, 2021
The Paris Bourse fell sharply by 2.43% on Thursday.
In particular, it was penalized by luxury goods, which represent more than a quarter of the CAC 40 index. Three large French groups have indeed recorded unprecedented declines.
Unheard of for over a year.
The Paris Bourse fell sharply by 2.43% on Thursday, weighed down by fears of seeing the support of the US Central Bank fade this year, and by luxury stocks which are suffering from the economy in China.
Three large French groups have indeed plunged today during a dark day.
-4% recorded for Hermès, -6% for LVMH and even a drop of more than 9% for Kering.
Unheard of for over a year, when luxury had crossed the pandemic without too much difficulty.
Bernard Arnault overtaken by Elon Musk
Since the start of the week, the sector has been in the red due in particular to the announcement of the slowdown in consumption in China.
And President Xi Jinping added another layer on Wednesday, notably announcing his intention to adjust excessive income.
He called on the wealthiest Chinese to contribute to common prosperity, a measure aimed at correcting the glaring inequalities that plague China, a country where the poorest populations rub shoulders with growing billionaires.
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These same billionaires who could therefore ease off their luxury purchases. Hence this little wind of panic this Thursday on the stock market with another figure that makes you dizzy. Today alone, Bernard Arnault, the boss of the LVMH group, has lost the equivalent of 10 billion dollars on the stock market. And he even lost in passing his place of second fortune in the world to the benefit of Elon Musk.