The Paris stock market ended the first session of the week down 1.12%, at 7291 points, penalized by the heavy decline in the luxury sector, which was the lantern of the pack with -4% for Hermès, -3.8% for LVMH, -1.9% for Kering and -1.8% for l'Oréal.

The luxury goods sector, which is structurally highly dependent on the Chinese market, suffered from the release of disappointing statistics from Beijing, revealing slower growth in the 2nd quarter, with only +0.8% compared to the 1st quarter, compared to +2.2% three months earlier compared to the previous quarter.

The news also continues to be dominated by the opening of earnings season on Wall Street, where 60 companies in the S&P 500 index, including five Dow Jones constituents, will publish their accounts between now and Friday.

Among the heavyweights due to announce their quarterly performances this week are - among others - Morgan Stanley, Goldman Sachs, Tesla, Netflix and Johnson & Johnson.

The ramping up of the earnings season will also be a major focus of attention in Europe, where technology groups such as ASML and Nokia will also be presenting their earnings and forecasts.

On the statistics front, investors were treated to a further decline in the Empire State index for manufacturing in the New York region. The index came in at +1.1, compared with +6.6 in June, but this was "not as bad" as the consensus forecast of negative territory.

The New York Fed reports that new orders and shipments by manufacturing companies rose, while delivery times shortened and inventories continued to fall.

Employment levels edged up, while input and selling price increases continued to slow. While companies expect conditions to improve, their optimism remained moderate.

On the statistics front, the week will be dominated by tomorrow's release of US retail sales, which will determine whether the country's recent strength in consumption continued in June.

Bonds also get off to a quiet start this week, with -1.7 basis points on our OATs at 3.018%, -2 basis points on Bunds at 2.455% but no change on Italian BTPs at 4.175%, and a symbolic +1 basis point on US T-Bonds at 3.8300%.

FOREX also seems to be dozing off, with E/$ unchanged at $1.1220/euro.

In French company news, Alstom announces that it has signed a framework contract with leasing company Akiem, worth a total of 500 million euros, for 100 Traxx Universal multi-system (MS3) locomotives, including a firm tranche of 65 locomotives.

Danone reports that the Russian authorities have issued a decree placing Danone Russia under temporary external administration, a decision which has no impact on its financial targets for 2023.

Dassault Aviation confirmed on Friday evening that the Indian government had selected its Rafale Marine to equip the Indian Navy with a latest-generation fighter, following a conclusive test campaign held in India.

Finally, on July 13, Michelin announced that it had received the Automotive INNOVATIONS Award 2023 in the 'Chassis, Car Body & Exterior' category for its road-approved car tire, which incorporates 45% sustainable materials

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