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CAC40: ends the week on a high note (+3% hebo), luxury preferred

(CercleFinance.com) -
A 100% "green" week, with a 9th session of gains, in the wake of the luxury sector, with the CAC40 up to the 8,000 mark (+1%) and flirting with +8% since January 1st.


Since mid-January, our "Fantastic 4" of the luxury sector have rediscovered their role as driving forces, with +5% for Kering, +3% for L'Oréal, +1.5% for LVMH and +2.3% for Hermès (an all-time record at 2,700 euros), in the wake of Burberry (+15% in London), whose results, "less worse than expected", have been hailed by the markets.

A slightly hesitant opening on Wall Street calmed the initial euphoria, but with +0.5%, the CAC40 gained +3% for the week.
The Nasdaq lost just over 0.2%, the Russell-2000 -0.6% (less appetite for risk), while the Dow Jones gained 0.2%.

The Euro-Stoxx50 set a new record this morning at 5,260Pts.After underperforming US stocks last year, and even for several years, European equities have been enjoying a comeback in recent weeks, driven by their undemanding valuations.

"In reality, European equities are at a significant discount to US equities - the discount is 40% between the STOXX Europe 600 and the S&P 500", points out Christopher Dembik, Investment Strategy Consultant at Pictet AM.

This technical rebound was bolstered by the preliminary HOCB PMI indices measuring private sector activity in France (up slightly above 48.3, but well below 50) and in the Eurozone.
'These figures confirm what we already know, namely that the Eurozone economy is stagnating, that the UK is mired in stagflation, and that the US economy continues to outperform its counterparts by a wide margin', stresses Michael Brown, market strategist at Pepperstone.

The analyst points out, however, that many uncertainties remain, mainly linked to developments in US trade policy, which could derail the current stock market rally.

It's not in anyone's interest to take on too large a position at the moment, knowing that a setback could occur at any time, with the possibility of a Trump tweet sending the market back down," he warns.

The bond market remains 'heavy', with T-Bonds at 4.657 (+2Pts), Bunds at 2.563% (+5%) and OATs at 3.325% (+3Pts).
The euro confirms its comeback, gaining 0.8% against the greenback, to $1.05.

In London, Brent crude rose by 0.8% to $78.5 a barrel.


Today's economic agenda looks relatively quiet in the United States, although it will be marked by old home sales and the Michigan consumer confidence index.
In terms of results, investors will be following the lunchtime releases from American Express and Verizon.

In Europe, Ericsson announced this morning that it had posted a "solid end to the year" in 2024, with sales up 2% in Q4 and net income up to SEK 4.9 billion from SEK 3.4 billion a year earlier.

In the news for French companies, Stef posted cumulative sales for 2024 of 4.8 billion euros, up 8.1% (+2.8% on a like-for-like basis), including nearly 1.26 billion for the fourth quarter, up 8.8% (+3.4% on a like-for-like basis).

GL events gained 3% the day after the events specialist announced sales of 431 million euros for the fourth quarter of 2024, an increase of over 4% and higher than the 410 million expected by Oddo BHF.
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