Analysis of AOF closing France/Europe – Market indicators based on other brands

(AOF) – European markets are showing a slight recovery but risk aversion is still there, as shown by the progress of safe havens like Hermès (+2.24%) which rose above the CAC40. The stock market and persistent recession are also making investors nervous and cautious, especially with the euro still weak against the greenback and the Fed’s monetary policy uncertain on Friday. The CAC 40 managed to rise 0.39% to 6,386.76 points, while the Euro Stoxx 50 recovered 0.48% to 3,669.94 points.

Richemont announced the sale of 47.5% of online retailer YOOX Net-A-Porter (YNAP) to Farfetch. Emirati businessman Mohamed Alabbar will get 3.2%. Is this enough to cool the interest in activist funding that surrounds this super giant? Investors anyway appreciate it. The title gained 3.55% to 113.90 Swiss francs. This will result in a non-cash loss of €2.7 billion in Richemont’s consolidated financial statements.

Down 0.48% to 9.31 euros, Agricultural loans he recorded one of the biggest drops in the CAC 40 to date. A green bank is punished by bad news. The ECB has confirmed a fine of €4.76 million against it and two of its subsidiaries. The central bank accuses them of placing large shares of CET1 without permission. The fines, which were imposed in 2018, were overturned by the European Union’s court two years after the ECB had not fully accepted its decision.

Today’s macroeconomic statistics

In the United States, home sales pledges in July fell one-month by 1% in July. Economists had predicted a fall of 4% after -8.9% in June (revised from -8.6%).

Additionally, orders for durable goods rose by 0.3% in July on a month-over-month basis. Economists were expecting an increase of 0.2% after +0.3% in June (revised from +0.4%). Year after year, orders have stabilized in July. The consensus was reading +0.6% after +2% in June (revised from +1.9%).

US crude oil inventories fell by 3.282 million barrels in the week ended August 19, according to the latest data from the Energy Information Administration (EIA), while the market had forecast an increase of 0.933 million barrels. Last week, it fell by 7.056 million barrels. At around 4:30 pm, WTI rose 0.51% to $94.30 a barrel.

Finally, the euro lost 0.03% to $0.9967.