The Paris stock exchange closed the final session of the week down 0.76% at 8,170 points, notably dragged lower by Stellantis (-2.6%), Orange (-2.1%), and Société Générale (-2%).
Weekly recap: The Parisian index gained 2.7% over the week, setting a new all-time high at 8,314 points.
Across the Atlantic, after an initial drop of -1.5%, the Nasdaq rebounded to +0.4%. The S&P 500 followed a similar trajectory, opening in the red before recovering into positive territory (+0.2%).
Since Wednesday, investors have been rattled by statements from Fed members, shaking the previously near-unanimous consensus for a third consecutive rate cut on December 17. In this context, the 'FedWatch' probability has plummeted over the past 15 days from 90% to 49.5% in favor of rates at 3.50/3.75%.
The clearest sign that the unease stems from shifting expectations regarding Fed rate cuts is the deterioration of T-Bonds (despite Wall Street's 'risk-off' mode), with yields up 3 basis points to 4.1260% on the 10-year and 3.5 basis points on the 30-year to 4.733%.
In Europe, French OATs are slipping, up 4 basis points to 3.455%, while German Bunds--faring only slightly better--are up 3 basis points to 2.7170%. Italian BTPs have tightened by 3.5 basis points to 3.4640%, remaining below French OATs.
Another factor to consider before writing off European equities: investment flows remain favorable to Old Continent stocks, as reflected in the early stages of a rotation that has penalized U.S. stocks, particularly tech names, since the start of the week. Evidence of this shift: the S&P 500 has posted only a minimal 0.1% gain so far this week.
However, there is no guarantee that year-end market performance will match this week's results. Much of the recent rally has been fueled by expectations of monetary easing that may not materialize, a factor that could prompt profit-taking.
Whereas traders estimated the probability of another Fed rate cut in December at over 94% just a month ago, only 52% now see this scenario as likely.
This downward revision is largely due to the lack of fresh inflation data, a consequence of the federal government shutdown, which has left the Federal Reserve in the dark and may prompt caution at its next meeting.
The return of macroeconomic releases--expected to resume in the U.S. next week with the reopening of public services--will be closely watched, especially as the American economy, though not facing immediate contraction, is beginning to show signs of slowing, particularly in the job market.
But the stock market landscape could be dramatically reshaped next week by Nvidia's quarterly results. The AI chip giant will serve as a litmus test for global stock markets in search of new catalysts.
On the data front, consumer prices in France rose by 0.9% year-on-year in October 2025 after a +1.2% increase in September, according to Insee, which revised its provisional estimate for last month down by 0.1 percentage point.
This drop in the annual inflation rate from one month to the next is explained by a sharper decline in energy prices (-5.6% after -4.4%) and a slowdown in food prices (+1.3% after +1.7%).
Elsewhere, in the third quarter of 2025, seasonally adjusted GDP increased by 0.2% in the eurozone and by 0.3% in the EU compared to the previous quarter, according to a flash estimate published by Eurostat, the European Union's statistical office. For reference, in the second quarter of 2025, GDP rose by 0.1% in the eurozone and 0.2% in the EU.
Finally, according to preliminary estimates, the eurozone posted a trade surplus of EUR19.4 billion in goods with the rest of the world in September 2025, compared with a surplus of EUR12.9 billion in September 2024.
In London, Brent crude gained 2.1% to $64.5 per barrel. The euro slipped 0.2% against the greenback to $1.161.
In French corporate news, Crédit Agricole SA announced that its board of directors has decided to reduce its share capital by canceling 22,886,191 treasury shares, representing about 0.75% of share capital, an operation carried out on November 13.
TotalEnergies announced plans to commit $100 million to Climate Investment for the benefit of OGDC (Oil & Gas Decarbonization Charter) signatories.
Bastide Le Confort Médical jumped nearly 4% after the home healthcare provider reported a strong first quarter for 2025-26, with revenue up 8% to EUR126.3 million (+8.3% organic).
Mersen announced it has been selected by Contemporary Amperex Technology Limited (CATL), the world's largest battery manufacturer, leveraging its expertise and local presence with production sites in China.
A few months after its delivery, Argan announced the official inauguration of the AutOnom site in Bain-de-Bretagne, south of Rennes--a next-generation 30,000 m² logistics building, with 19,500 m² leased to Dimolog.
