European markets are widening their losses, with investors expressing their disappointment with China, which has not adopted new fiscal stimulus measures to support its economy. This bad news and Richemont's disappointing results are weighing on the luxury sector. In Paris, JCdecaux's prospects are sanctioned. Today's macroeconomic agenda looks calm, however, with the University of Michigan consumer confidence index in November. Shortly after 12 p.m., the CAC 40 lost 1.06% to 7346.97 points and the EuroStoxx50, 1.11% to 4790.11 points.
Strongest decline in the Swiss SMI index, Richemont (-6.26% to 119.75 euros) brings the luxury sector in Europe in its wake. The owner of the Cartier and Van Cleef & Arpels brands has revealed a decline in its half-year results that is greater than expected, recalling the difficult situation in which the luxury industry finds itself. This decline is also explained by the fact that China has not adopted new fiscal stimulus measures to support its economy.
Strongest decline in the SBF 120 index, JCDecaux drops by 10.52% to 15.05 euros. The outdoor advertising specialist nevertheless revealed yesterday evening an organic growth of 11.1% in its turnover in the third quarter, at 948.2 million euros, driven by the “JO” effect. But for the fourth quarter, the company expects lower growth in adjusted revenue. It will only reach a single figure due in particular to budgetary discussions in leading countries such as France and the United Kingdom. A perspective sanctioned on the stock market.
Euronext unveiled its new strategic plan for 2027 after having achieved the objectives of the “Growth for impact 2024” plan one quarter in advance. On the stock market, the action of the Pan-European Stock Exchange lost 1.15% to 99.15 euros. “We believe that the objectives set by Euronext in its 2027 strategic plan are achievable and a little conservative” reacted UBS. In detail, like-for-like revenues and adjusted Ebitda are expected to increase by more than 5% per year between 2023 and 2027.
Today's macroeconomic figures
In France, the trade balance deficit stood at 8.3 billion euros in September, compared to -7 billion expected after -7.7 billion euros the previous month.
In the United States, the University of Michigan consumer confidence index for November will be released at 4 p.m.
Around 12:00 p.m., the euro fell 0.28% to 1.0775 dollars.
source: AOF
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France
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