The CAC-40 plunged into losses in Tuesday’s trade as world markets responded to a vaccine maker’s concerns about vaccine efficacy against the Omicron variant. Moderna’s CEO expressed apprehensions about the effectiveness of vaccines against the newly identified variant. Accelerating inflation in the Euro Area and the unexpected decline in homeland’s domestic consumption exacerbated the negative sentiment leaving the CAC in a state of utter despair.
The CAC-40 is currently trading at 6693.23, down 1.23 percent from Monday’s close. The day’s trading has been between 6655.86 and 6715.87.
Eurofins Scientific and Schneider Electric have gained more than 1 percent.
Alstom has lost more than 3 percent. Safran, Danone, Unibail Rodamco Westfield, Stellantis, Renault, Essilor Luxottica and Carrefour have shed more than 2 percent.
Luxury goods group LVMH is the most active scrip with a turnover of 144 million. The scrip has shed close to 1.7 percent.
Only 5 scrips viz Eurofins Scientific, Schneider Electric, Teleperformance, Legrand and Dassault Systemes are trading in positive territory.
Preliminary data released during the day showed the Eurozone consumer price inflation accelerating to 4.9 percent year-on-year in November, from 4.1 percent in October. Markets had expected a 4.5 percent reading.
Meanwhile, household consumption contracted by 0.4 percent in October versus a 0.2 percent expansion in September.
The EURUSD pair hovered around 1.1351, 0.54 percent higher than the closing level at Monday as the dollar index plunged to 95.76 from 96.22 on Monday. Safe-haven demand for the Yen pulled down the dollar index.
France’s ten-year Bond yield has decreased by around 70 percent to 0.013 percent versus 0.041 percent on Monday, in a mood of risk aversion triggered by the Omicron virus scare.
Market Analysis
CAC-40 Plunges As Vaccine Efficacy, Economic Data Ruin Sentiment
2021-11-30 11:52:38
