CAC 40 Rises Over 2% As Luxury Stocks Sparkle

(RTTNews) - France's benchmark CAC 40 is up firmly in positive territory around early afternoon on Wednesday with luxury stocks turning in a fine performance after sector major LVMH's fairly strong sales in the third-quarter pointing to a recovery in global luxury demand.

Investors are also reacting to few other corporate news, in addition to following the developments on the political front.

The CAC 40, which rallied to 8,130.72 earlier in the session, was up 170.33 points or 2.15% at 8,089.35 a little while ago.

LVMH is soaring nearly 15% on better than expected sales in the third quarter thanks to an improvement in Chinese demand.

Hermes International is rising 6.5% and Kering is up 6.6%, while L'Oreal is gaing about 2.5%.

Bouygues is climbing up 7.5% on reports Bouygues Telecom, Free and Orange have submitted a 17 billion euro non-binging joint bid to acquire Altice's French assets.

Publicis Groupe is up 4.3%, Orange is advancing 3.4%, Saint Gobain is rising 3.3% and TotalEnergies is gaining about 3.2%.

Credit Agricole, Stellantis, Societe Generale, Capgemini and BNP Paribas are up 2.2 to 2.7%.

Dassault Systemes, Carrefour, Vinci, Bureau Veritas, AXA, Michelin, ArcelorMittal, Accor, STMicroElectronics, Veolia Environment, Legrand and Pernod Ricard are also notably higher.

Meanwhile, Euronext, Thales, Unibail Rodamco and EssilorLuxottica are down in negative territory with sharp to moderate losses.

In economic news, France's consumer price inflation accelerated as initially estimated in September to the highest level in eight months, the latest data from the statistical office INSEE showed.

The consumer price index climbed 1.2% year-over-year in September, faster than the 1% rise in the previous month. That was in line with the flash data published on September 30.

Data from Eurostat showed Eurozone industrial production slipped 1.2% month-over-month in August, reversing an upwardly revised 0.5% gain in July. On an annual basis, Eurozone industrial production growth slowed to 1.1% in August from 2.0% in July.