CAC 40 Drifts Lower As Luxury Stocks Drop After LVMH Reports Drop In Earnings

RTTNews | Pred 225 dňami

(RTTNews) - French stocks are down in negative territory Wednesday morning, weighed down by losses in the luxury sector as industry major LVMH's fourt-quarter revenue fell short of expectations.

Gains in technology sector help limit market's downside.

Investors are looking ahead to the Federal Reserve's monetary policy announcement due later in the day. The Fed is widely expected to hold rates unchanged, and the focus is on the accompanying statement for clues about future rate moves.

The European Central Bank is scheduled to announce its policy on Thursday. The ECB is expected to announce a 25-basis point rate cut.

The benchmark CAC 40, which dropped to 7,849.14 earlier this morning, was down 23.32 points or 0.3% at 7,875.05 a few minutes ago.

LVMH is down more than 6%. LVMH reported that its 2024 net profit was 12.550 billion euros, down 17% from 15.174 billion euros last year. Profit from recurring operations was 19.571 billion euros, a drop of 14%.

For 2024, revenue was 84.683 billion euros, down 2% from 86.153 billion euros. Organic growth for the year was 1%.

The company said it reported organic growth despite a challenging economic and geopolitical environment and a high basis of comparison following several years of exceptional post-Covid growth.

Kering is declining 6.1% and L'Oreal is down 2.6%, while Hermes International is down with a modest loss of about 0.5%.

STMIcroElectronics, Edenred, Pernod Ricard, ArcelorMittal, AXA and BNP Paribas are lower by 0.6 to 1.3%.

Schneider Electric, which posted sharpl losses in the previous two sessions, is up 5.1% this morning. Legrand is gaining 2.75%, while Unibail Rodamco and Essilor are up 1.5% and 1.2%, respectively.

Swiss Market Ends Moderately Higher

The Switzerland market closed on a firm note on Thursday with several stocks gaining good ground in positive territory thanks to sustained buying support.

RTTNews | Pred 2 h 11 min

European Stocks Close On Firm Note On Fed Rate Cut Hopes

European stocks closed higher on Thursday as the latest data on U.S. consumer price inflation and unemployment claims boosted the prospects of a rate cut by the Federal Reserve next week. Investors also digested the European Central Bank's decision to hold rates.

RTTNews | Pred 2 h 32 min

TSX Continues To Climb New Highs As Rate Cut Hopes Rise

The Canadian market is up firmly in positive territory around noon on Thursday, led by strong gains in financials, real estate, consumer discretionary and industrials stocks. Rising prospects of a rate cut by the Federal Reserve following data showing the annual growth of consumer prices in the U.S. came in line with estimates, and signs of weakness in the labor market, help undermine sentiment.

RTTNews | Pred 3 h 30 min

ECB's Lagarde Says Eurozone Remains In "A Good Place", Risks More Balanced

European Central Bank President Christine Lagarde tread carefully on Thursday as she attempted to paint a rosier view for the euro area economy without dismissing the impact of the lingering uncertainty linked to the trade tariffs, the political turmoil in France and a stronger euro.

RTTNews | Pred 3 h 41 min

U.S. Jobless Claims Unexpectedly Climb To Nearly Four-Year High

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 263,000, an increase of 27,000 from the previous week's revised level of 236,000. Economists had expected jobless claims to edge down to 235,000.

RTTNews | Pred 5 h 51 min

U.S. Consumer Prices Climb 0.4% In August, Slightly More Than Expected

Following yesterday's report showing an unexpected dip by producer prices, the Labor Department released a separate report on Thursday showing U.S. consumer prices rose by slightly more than expected in the month of August. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.2 percent in July.

RTTNews | Pred 5 h 56 min

Turkish Central Bank Cuts Key Rates Sharply For Second Time

Turkey's central bank slashed its key interest rates for the second straight meeting on Thursday citing slowdown in the underlying trend of inflation. The Monetary Policy Committee of the Republic of Turkey decided to reduce the policy rate to 40.5 percent from 43.0 percent. Previously, the bank had reduced the rate by 300 basis points in July.

RTTNews | Pred 6 h 9 min

U.S. Weekly Jobless Claims Unexpectedly Climb To 263,000

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended September 6th, according to a report released by the Labor Department on Thursday.

RTTNews | Pred 7 h 9 min

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