The Paris stock market is at the top of the European and international league tables: the CAC40, which gained 1.3% to 7,635pts, outperformed Tokyo this morning (+1.28%), Frankfurt (+1%) and the Euro-Stoxx50 with +1.1% to 4,980 (the 4,900 support level was once again saved yesterday).
The CAC40 is buoyed by projections that give no possible majority to the 'extremes', so costly programs cannot be implemented.

Unsurprisingly, in the half-session leading up to the July 4 Independence Day celebrations, the Nasdaq (+0.2%) set a new all-time record at 18,061Pts (+20.1% annual gain), and the Nasdaq-100 followed suit with a new (provisional?) zenith at 20,049Pts, for an annual gain of +19%.
The Dow Jones remains stuck at 39,300 (-0.1%), as do US T-Bonds, which remain stuck at 4.345% on the '10-yr' (the '2-yr', on the other hand, is easing by -Pts to 4.69%).

There were a few figures this afternoon in the US, with PMIs and industrial orders.
Anticipated growth in the US private sector accelerated slightly more than initially estimated in June, according to S&P Global's composite PMI, which came in at 54.8 in final data, compared with 54.6 in flash estimates and 54.5 for the previous month.

The index thus reached its highest level since April 2022, with a renewed rise in employment, while production growth accelerated. Services activity grew faster than manufacturing output.

US industrial orders contracted by 0.5% in May 2024, according to the Commerce Department, following a 0.4% rise in April (revised from an initial estimate of +0.7%).

US industrial shipments fell by 0.7% in May compared with the previous month. With inventories up by 0.2%, the inventory-to-delivery ratio rose from 1.46 to 1.47 month-on-month.

In Europe, producer prices in the eurozone continued to fall in May, mainly as a result of a sharp drop in energy costs, according to data published Wednesday by Eurostat.

Industrial producer prices in the region fell by 0.2% month-on-month, according to estimates by the European Union's statistical office, after already declining by 1% in April.
Energy costs alone fell by 1.1% month-on-month.
On an annual basis, i.e. compared with May 2023, industrial producer prices were down by 4.2% in the eurozone.
In the European Union as a whole, industrial producer prices fell by 0.3% in May, following a 0.7% decline the previous month (over 1 year, producer prices are down 4% in the EU).

In France, the HCOB PMI composite index of overall activity was only marginally down on May, at 48.8 (vs. 48.9), continuing to signal a slight contraction in private-sector activity

In addition, the recent upturn in the HCOB composite PMI index of overall activity in the eurozone came to an end in June, with the index declining for the first time since October 2023, to 50.9 from 52.2 in May.

The moderation in inflation is reassuring the bond markets somewhat, and our OATs are down -6.5 basis points to 3.267%, Bunds -5.8 basis points to 2.5500%, and Italian BTPs are down -8 basis points to 3.995% (back below the 4.000% threshold).

Monthly US employment figures are expected at the end of the week, the day after Independence Day, and economists are expecting an average of 200.000 jobs created in June, and a stable unemployment rate of 4%.

On the other hand, employment indicators reflecting vigorous activity in the US economy could dampen enthusiasm for equities, lest they prompt the Federal Reserve to forego a rate cut in September.

On the energy front, Brent North Sea crude remained unchanged at $86.6 a barrel.
In French company news, Eurofins announces the publication of a second denial, following that of June 25, of the allegations made by activist fund Muddy Waters, which on June 24 denounced confusion and contradictions in the bioanalysis giant's financial statements.

Clariane announces the success of its capital increase with shareholders' preferential subscription rights (DPS) of around 237 million euros, as part of the plan to strengthen the EHPAD group's financial structure.

Finally, Sanofi announces the approval of its Dupixent in the European Union, for the adjunctive maintenance treatment of adults with uncontrolled chronic obstructive pulmonary disease (COPD), characterized by high blood eosinophilia.

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