Key Moments:
- France’s EU-harmonized inflation remained at 0.9% year-on-year.
- The figure matched March’s growth, but exceeded forecasts.
- French stock indices extended yesterday’s declines, with the CAC 40 falling 0.4%.
Inflation Data Beats Forecasts
Consumer prices in France were unchanged in April, as the year-on-year harmonized inflation rate came in at 0.9%. This reading, disclosed by the national statistics agency INSEE on Thursday, was marginally higher than both the preliminary estimate and the 0.8% prediction of analysts who had taken part in a poll conducted by Reuters. The increase observed in April mirrored the YoY inflation rate reported in March, indicating a steady inflationary environment when adjusted to align with eurozone comparability standards.
Paris Markets Suffer Declines
On Wednesday, the CAC 40 index fell 0.47% at the close as losses in key sectors dragged stocks lower. Thursday saw the index fall further, dropping 0.4% to hit 7,805.67.
TotalEnergies dropped by 1.60%, sinking to the bottom of the CAC 40% as traders assessed the company’s recent decision to agree to an acquisition deal proposed by HitecVision regarding Polska Grupa Biogazowa. Other stocks that tumbled by over 1% include Bouygues, LVMH, Kering, and Saint-Gobain. Luxury fashion giant Hermes’ stock also declined, dropping by 0.74%.
Despite the overall downturn, some stocks managed to post gains. Danone was at the top, as it managed to edge over 0.7% higher after yesterday’s announcement of the company’s plans for a partial acquisition of Kate Farms. Meanwhile, the share prices of Engie, Essilorluxottica, and Veolia Environ all jumped by around 0.6%.
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