The Paris stock market ended the first session of the week up 0.49% at 7996 points, helped by Teleperformance (+5%), Axa (+2.5%) and Accor (+1.6%), while the City of London remained closed.

Although the week promises to be a quiet one due to the bank holidays (Armistice Day and Ascension Day), the Paris index briefly climbed above 8030 points in the early afternoon (+1%) before giving up half its gains in the second half of the session.

We still expect equities to rise between now and the end of the year, but it is likely that the next few months will follow the usual seasonal pattern, with only a moderate increase", emphasize the teams at J. Safra Sarasin.

Investors are still tirelessly awaiting a cut in central bank rates, a prospect that remains uncertain and even unlikely in the short term.

Among the few indicators on this week's agenda, the University of Michigan's Consumer Confidence Index on Friday will provide a clearer picture of current US household morale.

On the statistics front, the PMI index for overall activity in the eurozone rose to 51.7 in April from 50.3 in March, indicating an acceleration in private-sector growth - albeit still moderate, but the strongest pace in almost a year.

This consolidation of the recovery marks the end of the prolonged period of weakness recorded throughout the second half of 2023", observes Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.

He also points, however, to strong inflationary pressures which "should lead the European Central Bank to show restraint with regard to the extent of any interest rate cuts expected in the coming months".

In other data for the morning, industrial producer prices fell by 0.4% in the Eurozone in March compared with the previous month, but excluding a 1.8% fall in energy prices, they rose by 0.2%.

Meanwhile, the bond markets continued their upward trend, with yields on OATs and Bunds down by -3.5pts (to 2.985% and 2.475% respectively). T-Bonds turned around in the afternoon, and after easing by -3pts around 2:30 p.m. are now up by +1 basis point to 4.508%.

The dollar weakened further and the euro appreciated symmetrically by +0.2% to $1.077/E, while the ounce of gold rallied by +0.9% to $2,323 per ounce.
The slide in black gold continues, with Brent crude oil dropping almost -1% to below $83 a barrel, or -10% since April 14.

In French company news, Atos confirms that it received four financial proposals last Friday to provide new liquidity as part of the ongoing conciliation procedure, from a group of bondholders and banks, Bain Capital, EP Equity Investment and Onepoint.

Maurel & Prom announced that it had received a specific license from the US Treasury Department's OFAC regarding its consolidated 40% stake in the mixed company Petroregional del Lago (PRDL), which operates the Urdaneta Oeste field in Venezuela.

SES announced on Monday that it had been selected by Colombian telecom operator Inred to provide broadband connectivity services in remote areas of the Amazon.

Airbus announced on Monday that the Indian company IndiGo would be buying 30 Airbus A350-900s from it as part of a firm order estimated at some ten billion dollars on the basis of list prices.

Finally, Bénéteau this evening published sales of 229 ME in the first quarter of 2024, down 39% on a high basis of comparison (+57% in the first quarter of 2023).

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