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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.<\/p>\n
Investors are also reacting to few other corporate news, in addition to following the developments on the political front.<\/p>\n
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.<\/p>\n
LVMH is soaring nearly 15% on better than expected sales in the third quarter thanks to an improvement in Chinese demand.<\/p>\n
Hermes International is rising 6.5% and Kering is up 6.6%, while L’Oreal is gaing about 2.5%.<\/p>\n
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.<\/p>\n
Publicis Groupe is up 4.3%, Orange is advancing 3.4%, Saint Gobain is rising 3.3% and TotalEnergies is gaining about 3.2%.<\/p>\n
Credit Agricole, Stellantis, Societe Generale, Capgemini and BNP Paribas are up 2.2 to 2.7%. <\/p>\n
Dassault Systemes, Carrefour, Vinci, Bureau Veritas, AXA, Michelin, ArcelorMittal, Accor, STMicroElectronics, Veolia Environment, Legrand and Pernod Ricard are also notably higher.<\/p>\n
Meanwhile, Euronext, Thales, Unibail Rodamco and EssilorLuxottica are down in negative territory with sharp to moderate losses.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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. <\/p>\n<\/p>\n<\/div>\n