Since 9:15 this morning, the Paris stock market has been stuck between -0.5% and -0.6% (within a range of 8,085/8,100 points), penalized in particular by the downturn in the luxury goods sector, with Hermès down 4%, Kering -1.6% and LVMH -1.8%.
The Euro-Stoxx50 lost just -0.3%, also in the wake of the luxury giants.
On Wall Street, US indices reopened without direction (the day after 2 record highs on the S&P500 and Nasdaq), with gaps that were not even measurable (of the order of 0.05% at most in absolute terms): new records are still likely to be broken this evening if the FED's 'minutes' (8pm) are deemed reassuring on inflation.

After its spectacular rally at the beginning of May, the markets have tended to stall over the past week, with the absence of major economic indicators and company results prompting investors to adopt a wait-and-see attitude.

With the positive effect of reassuring US inflation figures and the prospect of further Fed rate cuts having faded significantly, traders have opted for a few profit-taking moves.

In this market without any real conviction, where traders are waiting for a sign indicating the direction to take, Nvidia's results - due later this evening - will be the big event of the week.

If Nvidia beats expectations, which it probably will since it has done so eight times out of the last nine quarterly results, this could give the market a little bullish impetus", predicts Christopher Dembik, Investment Strategy Advisor at Pictet AM.

Investors are also eagerly awaiting the minutes of the Federal Reserve's latest monetary policy meeting, which will also be published this evening.

The minutes could provide valuable clues as to the timing of future interest rate cuts in the USA.

Recent comments from FOMC members show no rush to put rate cuts back on the table", say Oddo BHF's economists.

The Fed can probably wait until the end of the summer to see more clearly," add the private bank's analysts.

According to the CME Group's FedWatch barometer, the probability of a rate hike in the autumn is now estimated at 50.8%, compared with 45.6% a month ago.

Investors' indecision is reflected in the narrow swings in 10-year Treasuries, which are down +1.9pts to 4.435%, while the German equivalent is at 2.523%, and the OAT at 3.015% (i.e. +1.5pts respectively).

In currencies, trading is also flat, with the euro stable against the greenback at $1.085/E. Gold is consolidating at -1%.
Gold is consolidating -1% towards $2,410, after hitting a record high of over $2,430 the previous day.

The oil market continues to show weakness as we await the release of weekly US crude inventories in the afternoon.
Brent crude is currently down 1% towards $81.6, its lowest level since the consolidation period from mid-February to early March.

In French company news, Schneider Electric announces the completion of its preliminary discussions with Bentley Systems with a view to a potential strategic transaction, the two groups having mutually agreed not to proceed with such a transaction.

LVMH announces the expansion of its partnership with Alibaba to 'push the boundaries of the luxury experience in China, leveraging Alibaba's cloud technologies, through AI-powered retail innovations and the Tmall e-commerce site'.

Bouygues Construction announces that its Moroccan subsidiary Bymaro will build the Mohammed VI International University Hospital in Rabat, scheduled for delivery in September 2025, at a cost of nearly 450 million euros.

Finally, Renault announced on Wednesday the opening of orders in France for its new Symbioz, a compact vehicle positioned at the entry level of the C segment.


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