Paris (AFP)
The Paris Bourse ended in slight decline (-0.28%) Tuesday despite a rather promising start to the session, once again penalized by luxury goods against a background of fears about the recovery.
The CAC 40 index, which fell nearly 4% last week, dropped 18.79 points to 6,664.31 points.
The day before, it had increased by 0.86%.
"Once again, the luxury sector has made the trend", summarized for AFP Thierry Claudé, manager at Kiplink Finance, stressing that the exchanges remain "in low volumes", of the order of 2.5 Billions of Euro's.
"Very few investors want to get wet before the end of the week", precisely before the highly anticipated meeting of central bankers in Jackson Hole in the United States, whose investors are hoping for more visibility regarding the timing of a possible reduction in support measures from the US Federal Reserve (Fed).
"It is in Jerome Powell's speech that everything will play out", according to Mr. Claudé.
Market traders, who are preparing for the Fed to start cutting back on relatively short-term asset purchases, are awaiting a speech from Fed Chairman Jerome Powell to get a clearer picture of his intentions in this area. monetary normalization.
Especially since the risks associated with the Delta variant could thwart their prognosis.
Luxury gets bogged down again
Already weighed down last week by fears about consumption in China, luxury goods have again faltered and pulled the Paris index down.
At the bottom of the index, the giant LVMH lost 1.93% to 624.30 euros, Hermès 1.57% to 1,250 euros and Kering 0.37% to 669.30 euros.
© 2021 AFP