The Paris stock exchange (+0.5%) is up this Friday for the final session of a week largely shaped by the Federal Reserve's strategic decisions.
The CAC 40 index is hovering around the 8,120-point mark, remaining anchored within the 8,050/8,150 corridor since November 26... with a weekly gain of +0.2%.
Overall, the CAC 40 has gained nearly 10% this year—a flattering performance given the political uncertainties that slowed momentum in 2025—but the Parisian index is less than 3% from its all-time high, which could deter investors from closing their books too early.

Global equity markets welcomed the latest announcements from the Federal Reserve, which refrained from adopting an overly restrictive tone despite the current strength of the U.S. economy and the significant divergences that persist within its monetary policy committee.
On Wall Street, the Dow Jones (+0.1%) and the Russell 2000 both notched a third consecutive all-time high (after two “intraday/close” doubles the previous day).
December 12 will, in any case, be remembered as the day the Dow Jones came closest to 50,000, even if it did not finish in positive territory, with a new peak at 48,886.
The Dow Jones has risen 14.5% since January 1, while the S&P and Nasdaq posted gains of 17% and 22% respectively as of Thursday evening, suggesting that most of this year's rally has already played out.

However, the post-FOMC period has not been all about euphoria, with the S&P 500 down 0.7% and the Nasdaq losing 1.4%: both indices continue to suffer from the disappointment triggered by Oracle's weaker-than-expected quarterly results, which have reignited fears of massive overinvestment in AI potentially weighing on the accounts of American tech giants.

“Had this disappointment occurred just three weeks ago, market reaction would have been much harsher,” Danske Bank's teams noted this morning.

Many commentators are pleased that the “heavy uncertainty surrounding the Fed” has now been lifted, but Powell has not reassured everyone, as U.S. T-Bonds continue to weaken (a trend ongoing since November 26), with the 10-year yield rising +4 basis points to 4.1840%, and the 30-year soaring +6.2 points to 4.852%.
The contagion has spread to Europe, with the Bund up +1.8 points to 2.8640%, French OATs up +3 points to 3.589%, and Italian BTPs adding +2.5 points to 3.5600%.
This tension could persist into next week, as markets await the latest highly anticipated U.S. inflation and employment figures.
It will be the last full trading week on the markets (with the “quadruple witching” session as the highlight) before Christmas and New Year's, which may also lead to lighter trading volumes.

Among today's indicators are the final consumer price data for France. Consumer prices in France rose by 0.9% in November 2025 year-on-year, the same rate as in October, according to Insee, which thus confirms its preliminary estimate for last month.
The euro is slipping against the $ (-0.1% at 1.1735) after a 1.1% gain in 48 hours.
Despite the weak $, oil continues to fall, with Brent crude down -1% to around $60.90, and WTI off -0.9% to $57.3, flirting with its annual low.
Notably in today's session, a new all-time record for an ounce of silver at $64.5, with gold returning to $4,350.

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