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Market Update: Paris Stocks Momentum Fades on Thursday
The CAC 40 closed 14 points or 0.2% lower at 6,508 on Thursday, easing from a near 21-year high in a muted session for European markets, weighed down by concerns about an overheating economy and runaway inflation, after a batch of PMI data confirmed the acceleration of the private sector. In France, both the services and the composite PMI rose to 10-month highs, underpinned by a stronger domestic demand as the country gradually lifted COVID-19 restrictions. At the bottom of the index, spirits group Remy Cointreau shed 3.3%, on disappointing 2021-22 profitability targets. On the other hand, construction materials manufacturer Saint-Gobain outperformed the index as investors welcomed a company press release that said operating income and margin for the first half of 2021 were expected to reach record levels. Meanwhile, news that the UK dropped Portugal from the quarantine-free list and the EU would keep travel restrictions on the UK and the US dented travel & leisure stocks. [/s2If]
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