After losing 2.4% over the last two sessions, the Paris Bourse regained some of its color today, finally gaining +0.55% to 7,978 points, driven by Airbus (+1.5%), LVMH (+1.4%) and BNP Paribas (+1.3%).

The CAC40 traded in 'algorithmic straitjacket' mode (oscillating narrowly between 7,945 and 7,960 from 9.15 a.m. to 2.30 p.m.), but buyers woke up after 2.30 p.m. with the publication of the US GDP, which was 'less good than expected' and brought some relief to the fixed-income markets: nothing spectacular, since after a rise of +10 to 12 basis points the previous day, the yield on Euro-denominated Treasuries fell by a symbolic -1 basis point.

In the United States, the 10-year yield eased by -5pts to 4.575% (vs. 4.63% before GDP).

Yesterday's announcement of a rebound in German inflation accelerated the upward trend in long yields, which yesterday experienced one of their worst sessions of the year.

There is a hint of relief on the eve of the publication of the US PCE (the Federal Reserve's preferred price indicator), with the sharp fall in US gross domestic product (GDP) to an annualized rate of 1.3% in the first quarter of 2024, according to a second estimate from the Commerce Department, after a rate of 1.6% in the very first reading.

This downward revision makes the contrast all the starker, given that US growth had reached +3.4% in the final quarter of 2023.

This deceleration mainly reflects the slowdown in consumer spending, exports, and federal and local government spending.

The Labor Department reported a +3,000 increase (to 219,000) in new US jobless claims for the week ending May 20.

The four-week moving average - more representative of the underlying trend - came in at 222,500, a rather anecdotal rise of 2.500 on the previous week.

Against this backdrop, the greenback lost around 0.3% against the major currencies, with the euro rising symmetrically to $1.0837/E.
The ounce of gold fell by 0.7% to $2343, while Brent crude oil was down -1% in London to $82.7.

In news from French companies, LDC reports a 35% increase in net income (group share) to 304.4 million euros for its 2023-24 financial year, as well as a 0.9 point improvement in current operating margin to 6%, helped by "exceptional business conditions".

Pierre & Vacances has raised its targets for 2024, aiming for an adjusted EBITDA of at least €160 million excluding the impact of non-recurring income, one year ahead of the March 2022 business plan.

Vinci announces that it has won, for its Australian subsidiary Seymour Whyte, a new works contract for Melbourne airport in Australia, worth A$159 million (around €96 million).

Safran announces that it has entered into an agreement with an investment services provider (ISP) for the implementation of a new tranche of share buybacks by the aircraft engine and equipment manufacturer.

Sanofi announces the completion of its acquisition of Inhibrx, adding SAR447537 (formerly INBRX-101) to the French healthcare group's development portfolio in rare diseases.

Finally, Alstom has successfully put into commercial service the new signalling system for the Beni Suef Assuyt (BSA) railway line covering 15 stations between Beni Suef and Assyut, which is officially open to the public in Egypt.

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