France’s stock market has surged to a series of record highs as investors pile into luxury goods groups on hopes of a sustained rebound in Chinese demand for high-end brands.
The Cac 40 has risen 16 per cent so far this year and by more than 30 per cent since a low at the end of September, outperforming Europe’s region-wide Stoxx 600 and the US S&P 500 over the same period.
Shares in Cac-listed cyclical stocks including chipmaker STMicroelectronics, carmaker Stellantis and oil and gas group TotalEnergies have all climbed sharply in recent months. Yet roughly one-third of the market’s rally since the start of the fourth quarter last year stems from burgeoning investor interest in Hermès, Kering, LVMH and L’Oréal.
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