CAC40: down sharply ahead of numerous statistics

(CercleFinance.com) - The Paris Bourse began the session sharply lower, with the CAC40 down 1.
1% at 7430, in a session marked by the release of numerous statistics, particularly concerning economic growth.

Announced an hour ago, French GDP growth in volume terms accelerated moderately in the third quarter of 2024, according to Insee: it rose by 0.4%, after +0.2% in the second quarter, boosted by the Paris Olympic and Paralympic Games.

Among the many other data expected in the morning are the first GDP estimates for Germany and the eurozone, as well as the European Commission's ESI economic sentiment indices.

In the third quarter of 2024, GDP rose by 0.4% in the eurozone and 0.3% in the EU, compared with the previous quarter, according to Eurostat's preliminary flash estimate, following increases of 0.2% and 0.3% respectively in the second quarter.

In the middle of the day, eyes will turn to the USA, where the ADP survey of private-sector employment for October is due to be released, followed by the first estimate of economic growth for the third quarter.

According to Michael Brown, senior research strategist at Pepperstone, the US economy grew 'at an annualized rate of around 3%, marking the eighth quarter of the last nine with growth above 2%'.

Finally, the results calendar is once again busy, with Microsoft and Meta due to publish their results after the close", also points out the strategist, recalling that Alphabet unveiled solid figures on Tuesday evening, particularly concerning its cloud revenues.

In Paris, too, the quarterly publication season is in full swing: Schneider Electric, Capgemini, bioMérieux and M6 have just unveiled their nine-month sales figures, following those of Saint-Gobain and Eutelsat the previous evening.

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