The flagship CAC 40 index gained 7.76 points to finish at 7,326.94 points. On Tuesday, it had finished up 0.38% after a loss of 1.12% to start the week.
The best progression is to be credited to the luxury group Kering, which jumped 7.37% to 530.40 euros. Investors welcomed the choice to change the direction of its flagship brand, but in difficulty, Gucci to install Jean-François Palus, the right-hand man of the boss of the group, François-Henri Pinault.
The other luxury stocks, LVMH (-1.04% to 850.40 euros) and Hermès (-0.19% to 1,882.20 euros) ended lower, and suffered the worst losses of the index over the last three days due to concerns about growth in China and the poor results announced by the Swiss Richemont in the United States.
But over the year, Kering's shares gained only 11%, while its competitors rose by more than 25%.
For investors at the moment, "there is a conjunction of two elements," describes Jeanne Asseraf-Bitton, manager at BTF IM.
On the one hand, "the context has changed a little with the figures showing disinflation", in the United States last week and in the United Kingdom on Wednesday, which reinforces the belief of the markets that central banks "are not far from ending the cycle of rate hikes", she explains.
In the euro zone, despite an inflation figure a little higher than initially estimated for June, a statement by the governor of the Bank of the Netherlands on Tuesday led them to believe that the July increase already integrated could be the last, she notes.
On the other hand, "the earnings season will be able to tell if activity holds, and if corporate margins hold" in the context of an economic slowdown that facilitates the decline in inflation, explains Ms. Asseraf-Bitton.
The start of the earnings season in the United States has been "pretty good", according to her, even if more than three-quarters of companies have not yet communicated.
"The market remains on an optimistic scenario, so there is a vulnerability on risky assets," such as equities, she warns.
Solid real estate
Property-related companies have benefited from renewed investor interest in the sector, after falling inflation in the United Kingdom on Wednesday and positive analyst ratings, such as Deutsche Bank's on Tuesday.
Icade took 4.19% to 38.82.94 euros, Unibail-Rodamco-Westfield 1.38% to 52.90 euros, Bouygues 1.36% to 31.34 euros.
Other companies sensitive to lower rates rose, such as Dassault Systèmes (+1.60% to 41.37 euros), Teleperformance (+0.97% to 156.85 euros).
The Losange garner
The Renault group saw its sales rebound slightly in the first half, with 1.1 million vehicles sold, supported by the good performance of Dacia. The share gained 0.99% to 38.96 euros, while Stellantis lost 0.08% to 16.58 euros.
© 2023 AFP