Kering shares rebound 4%, among the strongest gains in the CAC 40
The luxury group that owns Gucci and Saint Laurent is recovering sharply at midday, in a Paris market that is also rising. The rebound follows a multi-year low, and the stock remains far from its levels of a few months ago.
A rebound that leaves the stock below its three moving averages
The Kering share rises 4.19% to €187.80, while the CAC 40 advances 1.51%. It is thus among the strongest gains in the index.
The stock nevertheless remains below its MA20 at €198.17 (a gap of -5.23%) and its MA50 at €219.17. It has also fallen nearly 35% over three months, so this rebound recovers only a small part of the decline.
The RSI at 37 remains in a low zone, without reaching oversold levels. The support at €176.28, close to the low of €178.12 touched on October 28, is the nearest level below the price.
On October 22, the group published third-quarter revenue of €3,345 million, stable, down 1% on a comparable scope and currency basis, with the decline at Gucci offset by jewelry.
A European market higher despite pressure on French debt
The session is well oriented in Europe: the DAX gains 1.48%, the FTSE 100 1.13% and the SBF 120 1.47%. Banks dominate the top of the Paris ranking, with BNP Paribas leading at +5% and Société Générale at +4.83%.
Kering ranks fourth in the CAC 40. On the macro side, the 10-year OAT yield was 4.93% as of the November 3 reading, 20 basis points below the 5.13% peak of October 22, while the debate on the 2027 budget continues at the National Assembly.
The VIX fell to 18.22, from 21.15 the previous day. On the sector side, Swiss watch exports to China fell 14.2% year on year, and jewelry and gold sales in China fell 9.6% in September.
The group also announced in May a share buyback program of €8.6 billion. The next level to watch is the MA20, around €198.
