BNP is benefiting in particular from an upgrade by UBS, which shifted its rating from "neutral" to "buy," raising its price target from 77.40 EUR to 103 EUR. The analyst believes BNP Paribas is currently the most undervalued major European bank in the sector and that its price does not at all reflect its strength compared to its peers. He forecasts a 50% increase in earnings per share by 2028.
The bank has also been authorized to appeal its conviction in the Sudanese case.

The Paris index is nevertheless weighed down by declines of -2.4% for Saint-Gobain (UBS moved from "neutral" to "sell," lowering its price target from 92 to 78 EUR) and for EssilorLuxottica, which is seeing some profit-taking after its recent surge (+5.2% on Tuesday).

Other European stock markets are trading without clear direction, with narrow spreads. Frankfurt is up +0.2%, while London is down -0.3%.

Against a backdrop of renewed geopolitical tensions linked to the expansionist ambitions of Trumpist policies, the defense sector is posting strong gains in Europe, with BAE Systems up 6%, Rheinmetall up 2%, and Dassault Aviation up 1.4%.

"As 2026 approaches, two sentiments are clashing. On one side, the cautious optimism of an economic cycle that, on certain indicators, retains its vigor despite the risks of slowdown. On the other, the growing awareness that high valuations, dependence on technological innovation, and geopolitical tensions create fertile ground for sharp corrections or capital reallocations," analyzed Fidel Martin yesterday, president of Exoé, an external trading desk for asset management professionals.

Following the intervention in Venezuela and yesterday's seizure of two tankers linked to Caracas by the US military, oil is under close watch. In Europe, Brent crude is down -0.5%, at 60.1 USD per barrel.

On the data front, France's trade deficit widened to 4.17 billion euros in November 2025, up from 3.48 billion euros the previous month, according to seasonally and calendar-adjusted data (CVS-CJO) from Bercy.

Meanwhile, after a 1.6% increase in October, German manufacturing orders rose by 5.6% in volume in November 2025 compared to the previous month, according to seasonally and calendar-adjusted data from Destatis.

The eurozone unemployment rate is due at 11 a.m. On this subject, Ofi Investment notes that Bulgaria's entry into the eurozone (6.5 million inhabitants producing just over one hundred billion euros, less than 1% of the eurozone's GDP), effective since January 1, should not significantly impact the data, given the small size of the Bulgarian economy.

This afternoon will see the release of the US trade balance and weekly jobless claims.