The Paris stock market ended the last session of August down 0.65% at 7,316 points, penalized in particular by Pernod Ricard (-6.7%) and by the downturn in luxury stocks with LVMH (-2.7%), Hermès (-1.6%), l'Oréal (-1%) and Kering (-0.8%).

Over the past month, the Paris index has lost almost 2%.

Volumes - very limited throughout the day, with barely 2 billion euros traded a few minutes before closing - exploded in the last few seconds to finally exceed 5.5 billion euros. However, this did not get the CAC out of its rut.

Throughout the day, investors digested various statistics from both sides of the Atlantic. In the second quarter of 2023, France's gross domestic product (GDP) in volume terms was confirmed at +0.5% compared with the previous quarter, according to detailed data from Insee.

Furthermore, consumer prices in France rose by 4.8% year-on-year in August 2023, marking a significant acceleration after +4.3% the previous month (due to higher fuel prices), according to Insee's provisional estimate at the end of the month.

Finally, in July 2023, French household consumption expenditure on goods rose by 0.3% month-on-month in volume terms, after +0.9% in June, according to Insee's seasonally and working-day adjusted data.

Another busy month in the US, with consumer spending up 0.8% in July on the previous month, according to the Commerce Department, a slightly better-than-expected rise on income growth of just 0.2%.

In addition, the PCE price inflation index stood at 3.3% year-on-year for July, accelerating from 3% the previous month. Excluding food and energy, the core PCE rose from 4.1% to 4.2% month-on-month.

Earnings rose by +0.2% vs. +0.3% previously.

Finally, weekly jobless claims fell by 4,000 to 228,000.

There was little reaction on US bond markets: the 30-year yield stood at 4.22%, the 10-year remained unchanged at 4.11%, and the 2-year edged up to 4.885%.
In Europe, the yield on the German 10-year Bund fell to 2.46%, and the OAT to 2.97%.

On the currency front, the dollar (+0.7%) erased its losses of the last 48 hours at $1.0850/E.

On the stock market, Eramet recovered +11% to 70.8E on the announcement of a resumption of manganese mining operations.

Pernod Ricard (-6.7%) reported a 13% increase in net income, group share, to 2.26 billion euros for its 2022-23 financial year, a rise linked to an 11% increase in operating profit from ordinary activities (ROC), to 3.35 billion.

Eiffage loses nearly 2.8% following the presentation of net income, group share, up 10.7% to 392 million euros for its first half 2023, but with an operating margin down 0.1 points to 9.7%.

Alstom today announced that it has successfully delivered the first train of the Bhopal-Indore metro project to the Madhya Pradesh Metro Rail Corporation Limited (MPMRCL).

Neoen announces that it now has 3.3 GW of assets in operation or under construction in Australia, 'confirming its position as leader in renewable energies' in the country where it has already invested, to date, more than four billion Australian dollars.

Lastly, TotalEnergies EP Gabon recovered 5% following a 14.5% plunge against the backdrop of the coup d'état in Libreville, although the oil group announced on Wednesday evening a net profit of $17 million for its second quarter, down 23% on the first.


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