Strong PMI Data Leads to a Modest Increase in CAC 40

CAC Futures Updates

Following a somewhat lacklustre beginning, France’s equity benchmark CAC 40 experienced a modest uptick on Friday, buoyed by a decline in oil prices and preliminary data from S&P Global indicating an enhancement in French private sector activity for the month of July.

Brent crude futures experienced a decline, initially falling to $96.40 a barrel before rebounding to $97.70. Nonetheless, this marked a decrease of nearly 3% from the previous close. The CAC 40 increased by 28.84 points, reflecting a rise of 0.35%, reaching a level of 9,327.93 recently.

  • Dassault Systemes experienced an increase of 5.2%. Capgemini and ArcelorMittal experienced increases of 2.7% and 2.5%, respectively.
  • Credit Agricole, Danone, BNP Paribas, and Safran experienced increases ranging from 1.4% to 1.6%. Saint Gobain and Publicis Groupe both experienced an increase of approximately 1%.
  • Euronext, Eurofins Scientific, Eiffage, L’Oreal, STMicroelectronics, Vinci, Veolia Environment, Engie, and Schneider Electric recorded modest gains.
  • Sanofi experienced a decline of nearly 2% after announcing its decision to halt the clinical development of amlitelimab for moderate-to-severe atopic dermatitis, a move prompted by the mixed results from phase 3 trials.
  • Carrefour experienced a decline of approximately 4.2%. Kering, Unibail Rodamco, Michelin, Stellantis, Renault, and Thales experienced a decline ranging from 0.6% to 0.8%.

Data indicated that France’s S&P Global Flash Composite PMI increased to 49.6 in July, up from 47.2 in the preceding month, suggesting the mildest contraction since the onset of the Middle East conflict in February. The services sector PMI experienced an increase, reaching a seven-month high of 49.8, up from 46.8 in June. This rise was bolstered by the first uptick in demand since November. Manufacturing activity declined to 48.8 from 49.1, indicative of weaker demand conditions.