(BFM Bourse) – The Paris Stock Exchange is moving sharply down this Wednesday, as doubts about the American economy return after a disappointing statistical indicator on Tuesday.
The CAC 40 is bending but not breaking. The Paris index lost around 1% at mid-session on Tuesday, returning to 7,501.76 points.
The Paris Stock Exchange is caught up in the general risk aversion movement that has weighed down American indices.
The S&P 500 fell 2.1%, its biggest drop since the infamous black session of August 5. The Nasdaq composite was particularly under pressure, with a drop of 3.26%.
This risk aversion climate was triggered by a new disappointing statistic in the United States, namely the ISM manufacturing index for August, published on Tuesday. “The main catalyst for the selling movement was first the latest ISM manufacturing index, which revived investors’ concerns about the US economy running out of steam,” adds Deutsche Bank.
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Luxury in difficulty
Following this bad session, Nvidia lost more than 9% and wiped out $279 billion of market capitalization, an all-time record.
The Tokyo Stock Exchange fell by more than 4% on Wednesday, also weighed down by the renewed strength of the yen against other currencies.
This disappointing statistic has revived fears about the American economy, which were very strong at the beginning of August, and is increasing tension before the publication of the American employment report on Friday. As a reminder, the previous report, from July, had triggered a significant downward movement on the stock markets.
On the value side, luxury, a sector dependent on the macroeconomy, is particularly down. LVMH lost 3.6%, Kering lost 2.9% and Hermès also dropped 2.9%. On the other hand, the few stocks that are up are defensive stocks, such as Danone (+0.8%) and Orange (+0.8%) or even Air Liquide (+0.09%).
Aelis Farma, for its part, recorded the biggest drop of the day (-51%) after disappointing clinical results for its drug candidate to combat cannabis addiction.
On other markets, the euro gained 0.05% against the euro to $1.1049. Oil benefited from cheap purchases. The November contract on North Sea Brent gained 0.9% to $74.43 a barrel while the October contract on WTI listed in New York advanced 1% to $71.04 a barrel.
Julien Marion – ©2024 BFM Bourse
