The Paris stock market is in line for its 3rd session of complete stagnation (between 7,550 and 7,590 for 95% of trading): the CAC40 is fluctuating between -0.1% and +0.1%, in insignificant volumes (less than 830MnsE traded in 7 hours).
The CAC40 is weighed down by Airbus and Safran, down 1.5%, behind Renault with -1.8%, which is offset by a +1.8% rise for Unibail and +1.2% for BNP-Paribas.
The Euro-Stoxx50 fell by -0.2% to 4,525, the day after a session marked by a record close at 4,550pts.
Wall Street also stalled, but held firm: the S&P500 (+0.02% to 4.769Pts) posted its 10th consecutive session of gains (despite FEDEX's -10% plunge), as did the Nasdaq-100 (+0.1%), which set a new all-time record at 16,825Pts around 4.01pm... and the Nasdaq Composite gained +0.2% in the wake of the "Fantastic 7", which were all in the green after 35 minutes of trading.

The Dow Jones, which is crumbling solo by -0.1%, would (if the index were to stay there) end a run of 9 straight gains.

'Graphically and fundamentally, the bullish movement remains very active, but after all this long upward sequence and with only a few days to go before the end of the 2023 financial year, the search for catalysts seems to be lacking', explain the analysts at Kiplink Finance.

The race for absolute records continues in New York, in the wake of US long rates which continue to ease (-6.5pts on the '10 yr' to 3.893%) despite all the 'caveats' issued by members of the FED in the face of a consensus of 6 to 8 rate cuts in 2024 when the FED is forecasting only 3.
Rate futures now incorporate a 69% probability of a rate cut following the Fed's meeting at the end of March, compared with 28% a month ago, according to CME Group's FedWatch barometer.

While the latest US inflation figures are due tomorrow, the day's agenda will be limited to the release of US old home sales figures, followed by the Conference Board's consumer confidence index.

On the European bond front, the party never ends, even if the ECB has yet to announce any rate cuts before the 2nd half of 2024: the 10-year Bund, the eurozone's true benchmark rate, is down -4pts at 1.972%, its lowest since March 19 or mid-December 2022, our OATs are down -5pts at 2.478%, and Italian BTPs are also down -5pts at 3.601%, their lowest since... August 21, 2022.

On the foreign exchange market, the euro is trading at $1.0960 (-0.2%).

On the commodities front, oil prices confirmed their recovery, as a growing number of attacks on ships in the Red Sea by Yemeni Houthi rebels with close ties to Iran disrupted maritime trade.

Brent crude oil is currently up nearly 1.3% at $80.3 a barrel in London.

In other French company news, Alstom announced today the launch of its first digital experience center in Bangalore, India.

Orange Business announces the acquisition of Expertime, a services company specialized in Microsoft technologies, to contribute to its ambition to accelerate its growth in digital services and become the benchmark network and digital integrator in Europe.

Following the devaluation of more than 50% of the Argentine peso on December 13, Verallia warns that the impact of converting its local sales into euros will not enable it to achieve its annual growth target of at least 20% of total sales by 2023.

Finally, the Caisse des Dépôts-led consortium comprising CNP Assurances, MAIF and MACSF announced last night that it held 50.2% of Orpea following the capital increase completed by the retirement home operator.

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