(BFM Bourse) – The official manufacturing PMI index fell in China in August. The Paris Stock Exchange lost ground.
The CAC 40 had a timid start to the week. The Paris index fell 0.29% at mid-session on Monday, to 7,608.98 points, as the market digested the Chinese PMIs.
These indices measure private sector activity, and two different gauges have produced divergent results. The independent index, calculated by Caixin/S&P Global, came out at 50.4 in August for the manufacturing sector, compared to 49.8 the previous month. A figure of 50 marks the borderline between a contraction and an expansion in activity.
On the contrary, the official manufacturing PMI index fell to 49.1 against 49.4 in July and a consensus of 49.5. The market, for its part, is retaining this index a priori. The Shanghai Composite, the flagship index of the Shanghai Stock Exchange, lost 1.1% this Monday.
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Luxury coughs
“According to data released over the weekend, China’s manufacturing PMI index fell to a six-month low, sparking concern among investors and traders,” commented Naeem Aslam of Zaye Capital.
Volumes may be penalized by the absence of American investors on Monday, due to a public holiday.
On the value side, luxury is declining after the Chinese data. Kering is down 2.4%, LVMH is down 1.4% and Hermès is down 1.2%.
On the contrary, Sanofi is progressing and taking 2.9%, posting the biggest increase in the CAC 40. The action is driven by encouraging clinical trials for the group’s potential treatment against multiple sclerosis.
On other markets, the euro gained 0.1% against the dollar to $1.1064. Oil fell slightly. The November contract on North Sea Brent dropped 0.17% to $76.80 a barrel, while the October contract on WTI listed in New York lost 0.16% to $73.43 a barrel.
Julien Marion – ©2024 BFM Bourse
