The Paris stock market remains down sharply (-1.4%, around 8,030/8,040 points, or -2% for the week), with 38 of the 40 CAC40 stocks in the red, in "insignificant" volumes (1.5 billion euros).
Only Carrefour (+0.6%) and Téléperformance (+1.4%) remained afloat, while Eurofins dropped -4.7%, Bouygues -3% and LVMH -2.8% (breaking the 800E support level).

The publication of the US NFP at 2.30 pm was eagerly awaited... and as is often the case when a figure is presented as the 'market mover of the week', we witness a 'non-event'.
Another demonstration of the lack of reaction in both equities and fixed-income markets.
The US economy created more jobs than expected in March, according to the monthly report from the Labor Department published on Friday.
Wall Street, which was expected to rise by 0.2%, posted a 0.3% increase, with scores for once very homogeneous, from the Dow Jones to the Nasdaq (identical scores the day after declines ranging from -1.3% to -1.5%, the biggest drop of the year).

The monthly 'NFP' report counted 303,000 non-farm jobs created last month in the US, compared with 270,000 (revised from 275,000) in February, while the Reuters consensus forecast only 200,000.

The unemployment rate fell to 3.8% in March, compared with 3.9% the previous month (Reuters consensus unchanged at 3.9%).

The rise in average hourly earnings - a closely watched component - accelerated to +0.3% in March, after +0.2% in February (consensus +0.3%), but its increase slowed slightly to 4.1% from +4.3% (annualized) the previous month, coinciding with the consensus of 4.1%.

'Labor market signals are not weak enough to offset the bullish surprises on inflation. Hence the Fed's status quo', explain analysts at Oddo BHF.

Proof of the markets' great sensitivity to this theme, Wall Street was the victim of a rare reversal of fortunes last night following statements by Minneapolis Fed President Neel Kashkari.

He warned that 'if inflation continues to follow a pattern of declines and occasional spikes, the question will arise whether we should not abandon any rate cuts this year'.

While some strategists see this as no more than a slight blip in an underlying trend that remains bullish, others see it as a prelude to a correction that is now inevitable... and the stress was ratcheted up a notch on Thursday evening, with the 'VIX' jumping +14% in 2.5 hours, from 13.7 to 16.50.

The stock markets' solid start to the year increases the risk of renewed volatility in the short term", warns Larry Adam, Chief Investment Officer at Raymond James.

"Stock markets usually experience three to four correction sequences of at least 5% a year, and the last one so far dates back to September 2023", he recalls.
There were also figures on the agenda this morning in Europe: production rebounded in France over one month in manufacturing (+0.9% after -1.5% in January) and in total industry (+0.2% after -0.9%), according to seasonally and working-day adjusted data from Insee.
Bond markets remain "heavy", with OATs and Bunds up +3pts to 2.894% and 2.3880% respectively, and Italian BTPs up +3.5pts to 3.7500%.
T-Bonds re-tested the crucial resistance of 4.400% before balancing out at 4.3650%, the median level seen since Monday.

Geopolitical tensions in the Middle East and the drop in Russian refining capacity continue to keep pressure on oil: Brent crude is hovering around $91 a barrel, while WTI is hovering around $86.7, i.e. slightly below the annual records tested the previous day.
The "geopolitical fact" continues to push gold up above $2,300 (zenith of $2,303 retested this morning), while silver is marking time below $27 (-1% but +7.8% over the week).

In company news, in response to press rumors, Clariane confirms that it has held an information meeting with CSEC members on the possible sale of its home hospitalization and home nursing services (HAD/SSIAD) business in France.

For its 2023-24 financial year (ending February), LDC posted sales of almost 6.2 billion euros, up 6% (+3% on a like-for-like basis and at constant exchange rates), for virtually stable sales volumes (+0.3% on a reported basis and -0.2% on an organic basis).

Rallye, Casino's former parent company, announced on Friday an annual loss of nearly 8.5 billion euros, due in particular to the depreciation in value of the retailer's shares.

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