After a difficult start to the week, which saw the Paris index lose almost 3% in three sessions, the Paris Bourse attempted a rebound on Thursday.
At the end of the morning, the Paris index was up by as much as 1% and seemed to be on a promising trajectory... but this gain was gradually eroded over the hours before disappearing completely by mid-afternoon.
Taking advantage of a final surge, the CAC40 managed to claw back 0.55% at the final gong, at 7137 points.

In terms of statistics, numerous figures were published on both sides of the Atlantic.
The US private sector generated 278,000 new jobs in May, well above expectations (by more than 50%), according to the monthly survey published on Thursday by ADP, a specialist in human resources management outsourcing.

Job creation over the past month slowed marginally from the 291,000 recorded the previous month, a number revised very slightly down from the initial estimate of 296,000.
The consensus forecast was for just +175,000 new jobs.

US jobless claims rose by just 2,000 in the week to May 22, to 232,000 from 230,000 the previous week (revised from 229,000), according to the Labor Department (consensus was for +5,000).

Non-farm productivity in the US fell by just 2.1% annualized in the first quarter of 2023, revised from the Labor Department's preliminary estimate of -2.7%.

This decline, which Jefferies had expected to be revised down to just -2.6%, is based on a 2.6% increase in the number of hours worked, while production rose by just 0.5%.

Moreover, given a 2.1% rise in hourly wages, this fall in productivity translated into a 4.2% jump in non-agricultural unit labor costs over the first three months of the year.

As for industrial activity, the US manufacturing sector contracted in May, according to S&P Global, whose PMI index came in at 48.4 for the month, compared with 48.5 in the flash estimate and 50.2 in April.

In Europe, the unemployment rate has just fallen to its lowest level since the beginning of the 21st century, at 6.5% compared with 6.6% in April.

Annual inflation in the eurozone is estimated at 6.1% in May 2023, marking a clear deceleration from the 7% rate seen in April, according to a flash estimate published by Eurostat, the European Union's statistical office.

Among the main components, food, alcohol and tobacco should see the highest annual rate in May (12.5%), followed by industrial goods excluding energy (5.8%), services (5%) and energy (-1.7%).
In Europe, reaching a 36-month low of 44.8 in May, the HCOB PMI reported a new monthly decline in the eurozone manufacturing sector, and at an accelerated pace compared with the previous month (45.8 in April).

In France, the HCOB PMI reported a new monthly decline in the French manufacturing sector, and at a pace very close to that of the previous month, given the 35-month low recorded in April (45.6).

Finally, it should be noted that investors received without particular emotion the adoption by the US House of Representatives of an agreement aimed at suspending the US debt ceiling, an issue which finally seems to be coming to an end after laborious negotiations.

The agreement - which provides for the suspension of the US government's borrowing limit until January 2025 in return for a drastic reduction in federal spending - must now be presented to the Senate, which is controlled by the Democrats: raising the ceiling is now no more than a formality.

On the bond front, the yield on 10-year government bonds fell by -1pt to 3.63%, as the remoteness of the risk of a US default made US debt more attractive.
In Europe, OATs and Bunds eased by -2pts to 2.82% and 2.25% respectively.

In French corporate news, Sanofi announced the launch of Action 2023, its global shareholding plan open to 86,000 employees in 56 countries, to 'involve all employees, in all its geographical territories, in the future development and results of the company'.

Safran announced on Thursday that it had entered into exclusive negotiations with Air Liquide with a view to acquiring its aeronautical oxygen business.
Alstom unveils the first of its new trains for the North-South and East-West lines in Singapore.

Finally, Rémy Cointreau reports EPS of 5.79 euros for its 2022-23 fiscal year, up 37.5% (5.85 euros excluding non-recurring items), and an operating margin before non-recurring items of 27.7% (+2.3 points on a reported basis and +1.4 point on an organic basis).

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