The Paris Stock Exchange positive before inflation in the euro zone

The Paris Stock Exchange rises on Wednesday, driven by the hope that the European Central Bank will soon come to the end of its monetary tightening cycle, pending the publication of inflation in the euro zone.

The flagship CAC 40 index gained 0.35% around 10:10 a.m., up 25.95 points to 7,345.13 points. The day before, the Paris Stock Exchange rose by 0.38%, supported by a drop in interest rates on the bond market.

Markets welcomed UK inflation figures and braced for Eurozone figures at 09:00 GMT.

Inflation slowed more than expected in the United Kingdom in June, to 7.9% over one year against 8.7% in May, the National Statistics Office (ONS) said on Wednesday, but remains the highest of the G7 countries.

In Europe, investors still have in mind the statements made the day before by the Governor of the Bank of the Netherlands.

According to Klaas Knot, a rate hike by the European Central Bank, beyond that of July, is only a “possibility”, whereas it was considered almost certain previously.

On the bond market, the rates relaxed: the German 10-year loan was at 2.34% around 10:00 GMT against 2.38% the day before at the close, the French at 2.86% against 2.38% and the Italian at 3.96% against 4.01%.

Kering changes cast

The price of the luxury group Kering jumped 6% on the Paris Stock Exchange in the first exchanges, after announcing the day before a major reshuffle at the head of the group and Gucci, its main brand.

Around 10 a.m., Kering gained 4.98% to 518.30 euros, however remaining far from its highest reached at the end of March when the share price reached 600.00 euros.

LVMH gained 0.48% to 863.60 euros and Hermès 0.55% to 1,896.20 euros.

Lidl interested in Casino stores

The German distributor Lidl is interested in taking over nearly 600 Casino and Monoprix stores and has approached the investment fund Attestor, one of the new key allies of the duo of buyers Kretinsky-Ladreit de Lacharrière, AFP learned on Tuesday, confirming information from Le Monde.

Casino gained 2.33% to 2.90 euros and its parent company, Rallye 1.14% to 80 cents.

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