Despite the downturn in the US indices on Wall Street (notably the Nasdaq, down from -0.3% to -0.7%), the Paris Bourse confirmed its technical rebound (+0.5%) and held close to its 'highs of the day' after -1.5% the previous day.
The CAC40 traded in 'algorithmic straitjacket' mode (oscillating tightly between 7.945 and 7.960 from 9.15am to 2.30pm), but buyers woke up after 2.30pm with the publication of the US GDP, which was 'less good than expected' and gave some relief to the fixed-income markets.

After a +10 to 12 basis point rise the previous day, the yield on Euro-denominated Treasuries fell by a symbolic -2 basis points (to 3.155% for our OATs, 2.662% for Bunds), while Italian BTPs erased -3.5 basis points to 3.966%.
In the United States, the 10-year yield eased by -6.3 basis points to 4.5600% (vs. 4.63% before the US GDP).
But this was not enough to propel the US indices into positive territory: the Dow Jones -notably- fell by 1 (to 38,050), its 6th session of decline in a series of 8 (which has not seen a rebound greater than 0.15%).

The index has only gained 0.6% in May, and the situation would become very delicate below 37,700Pts, which leaves only a 1% margin of safety.
The S&P500 is down -0.5% towards 5,240, jeopardizing the small short-term support at 5.257 (nothing prohibitive for the moment, but vigilance is called for).
The Nasdaq Composite (-0.7% towards 16,800), on the other hand, is in no danger of a trend reversal, but its successive record highs (as well as a +7.5% gain in May) are based on the contribution of just one stock out of more than 3,000: the surge of Nespresso.000: the surge of Nvidia, which set a new all-time record at $1,158, for a market capitalization of $2,875 billion (before reversing course and consolidating -1.3 to $1,133%).

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 that of consumer spending, exports, federal and local government spending.

For its part, the Labor Department announced a +3,000 increase (to 219,000) in new US unemployment benefit registrations 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.

Finally, the number of people receiving regular benefits rose by 4,000 to 1,775,000.000 to 1,791,000 in the week to May 13, the most recent period available for this statistic.

The dollar unsurprisingly lost around 0.3% against the major currencies, while the euro rose symmetrically towards 1.0840 (after dipping below 1.0800 on Wednesday evening).
The slight easing in interest rates is giving the ounce of gold some color (to $2,350 from $2,338 the previous day), while Brent crude oil is down -0.8% in London, to $82.8.

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, a construction contract worth 159 million Australian dollars (around 96 million euros).

Finally, Safran reports 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.

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