The week ends on a sour note: all indices have reversed course, with weekly scores that were still in positive territory around 4:30 p.m. now turning red.

The Paris Bourse (-0.1%) has been oscillating around the 8,120-point pivot for nearly seven hours, falling back below 8,080 and returning to the middle of the 8,050/8,150 corridor (which has capped any movement since November 26), resulting in a negative weekly performance of -0.4%.

Overall, the CAC 40 had gained nearly 10% this year--a flattering figure given the political uncertainties that have slowed momentum in 2025. Still, the Paris index sits less than 3% from its all-time high, which could discourage investors from closing their books too early.

Global equity markets cheered the latest announcements from the Federal Reserve, which refrained from adopting an overly restrictive tone despite the current strength of the U.S. economy and persistent sharp divisions within its monetary policy committee.

On Wall Street, a rare reversal is underway: the Dow Jones (-0.3%) and the Russell-2000, both of which had posted a third consecutive record (after two "intraday/close" doubles the previous day), have slipped into the red. December 12 will nonetheless be remembered as the day the Dow Jones came closest to 50,000--even if it didn't finish in positive territory--setting a new high at 48,886.

The Dow Jones has gained 14.5% since January 1, while the S&P and Nasdaq had posted increases of 17% and 22%, respectively, as of Thursday evening, suggesting that most of the gains have already been made.

The post-FOMC environment, however, is not all euphoria, with the S&P500 now down 1.2% and the Nasdaq -2%. Both indices continue to suffer from disappointment over Oracle's weaker-than-expected quarterly results (-11% the previous day, -5.8% this evening), rekindling fears of massive overinvestment in AI that could weigh on the accounts of America's tech giants.

This Friday, the trend is being dragged down by Broadcom (-11.2%), Micron (-8.7%), Marvell (-5%), and Nvidia (-2%).

Many commentators are pleased that the "heavy uncertainty linked to the Fed" has now been lifted, but Powell has not reassured everyone, as US T-Bonds continue to deteriorate (a trend since November 26), with the 10-year yield rising by 4 basis points to 4.1840% and the 30-year surging by 6.5 basis points to 4.856%.

The contagion has spread to Europe, with the Bund up by 1.2 basis points to 2.8560%, French OATs up by 2 points to 3.579%, and Italian BTPs adding 1.6 points to 3.551%.

This tension could persist into next week, as markets await the latest highly anticipated US inflation and employment figures.

It will be the last full trading week before Christmas and New Year's (with the "quadruple witching" session as a highlight), which could also mean lighter trading volumes.

Among today's indicators are the final consumer price data for France. Consumer prices in France rose by 0.9% year-on-year in November 2025, the same rate as in October, according to INSEE, which thus confirms its preliminary estimate for last month.

The euro slipped against the dollar (-0.05% to 1.1735) after a 1.1% gain in 48 hours.

Despite the dollar's weakness, oil continues to fall, with Brent crude down -1.1% to around $60.85, and WTI down -1.2% to around $57.15, flirting with its yearly low.

Noteworthy during the session was a new all-time high for an ounce of silver at $64.5, while gold returned to $4,350... before falling back to $61.7 and $4,270, respectively.