French Benchmark Weakens On Earnings, Economic Contraction

RTTNews | 22 jam 8 menit yang lalu

(RTTNews) - France's equity benchmark CAC 40 shed ground on Friday with investors making cautious moves, reacting to corporate earnings updates and flash data showing a contraction in the nation's services sector activity in the month of October. Concerns over fiscal woes and worries about persisting tensions in the Middle East and elevated oil prices hurt sentiment.

Oil prices climbed higher amid persisting tensions in the Middle East. Brent crude front-month futures climbed to $114.72 a barrel, before easing to around $114.33, still up more than 1% from previous close.

The CAC 40 was down 52.25 points or 0.67% at 7,759.01 a little while ago.

Kering tanked nearly 14% to a more than 52-week low after third-quarter revenue came in flat year-on-year and down about 1% on a like-for-like basis.

Despite the company surpassing third-quarter revenue growth forecasts, shares of jet engine maker Safran plunged nearly 9% on concerns about slowing aftermarket growth.

Accor and Hermes International dropped 3% and 2.8%, respectively, with the latter declining on disappointing quarterly results. STMicroElectronics drifted lower by 2.3%.

Capgemini, ArcelorMittal, Renault, Bureau veritas, Airbus, Stellantis, Euronext, AXA, Orange, LVMH, Publicis Groupe, Schneider Electric, Engie and Sanofi lost 1%-2%, while Pernod Ricard moved modestly higher.

L'Oreal climbed nearly 5%, buoyed by strong third-quarter sales.

TotalEnergies moved up 2.3% thanks to higher oil pries. EssilorLuxottica, Saint Gobain and Carrefour gained 1%-1.2%.

Catering and food services group Sodexo jumped 7% after reporting stronger-than-expected full-year revenue.

Survey results from S&P Global showed France's private sector activity contracted in October, marking a reversal from September's growth rebound. The flash composite output index fell to a four-month low of 48.4 in October from 51.1 in the previous month.

Economists had forecast the index to drop moderately to 50.5. Moreover, a score below neutral 50.0 indicates contraction.

The services Purchasing Managers' Index posted 48.4, down from 51.2 in September. At the same time, the manufacturing PMI hit an 11-month low of 49.3 compared to 50.6 in the prior month.

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