CAC 40 Declines With Earnings In Focus; Luxury Stocks Worst Hit
2024-07-16
4855
(fxcue news) - French stocks traded sharply lower on Wednesday after Google parent Alphabet and electric vehicle maker Tesla reported disappointing financial results.
There was some cheer on the data front, as a survey showed France's dominant services sector expanded in July, helped by a pick-up in business from the Olympic Games.
The benchmark CAC 40 was down 113 points, or 1.5 percent, at 7,485 after declining 0.3 percent the previous day.
Luxury group LVMH slumped 4.7 percent after sales slowed in the second quarter. Peer Kering tumbled 3.2 percent and Hermes International dropped 1.8 percent.
Publisher Lagardere Group rose half a percent after reporting a 10.1 percent like-for-like increase in sales for the first six months of the year.
Lender BNP Paribas declined 2.4 percent despite reporting better-than-expected Q2 2024 earnings.
Spirits maker Remy Cointreau gained 1 percent even as it reported a wider-than-expected 15.6 percent decline in first-quarter sales.
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