A calm but positive session on the bond markets, with long yields easing in Europe: -4Pts on OATs to 3.125%, -3.5Pts to 2.582% on Bunds, -2Pts on Italian BTPs to 4.333%.

Across the Atlantic, the variations are symbolic, with consolidation prevailing with +1.5Pt to 4.437%.

Investors are now opting for caution less than 48 hours before the 'bridge' to celebrate the American holiday of Thanksgiving, a traditionally quiet period for the markets.
On the figures front, the FED will publish its 'minutes' this evening, and investors will be trying to get a better idea of when it will start cutting rates, but it seems that the US central bank itself does not know when that moment will come (Wall Street thinks it will be linked to the risk of rising unemployment).

Existing home sales figures expected this afternoon in the US were the main event for the financial markets.
After a modest rebound at the beginning of the year, the trend is once again negative on the US housing market, due to historically high borrowing rates and prices that remain unaffordable, stifling any possibility of recovery.

Sales of existing homes fell by 4.1% to a seasonally adjusted 3.79 million units last month, compared with economists' expectations of around 3.90 million.
Sales were down in three of the country's four main regions (Northeast, South and West), but were unchanged in the Midwest, says the NAR.

Year-on-year, home resales fell by 14.6%.
In the absence of supply, median home prices remain artificially tight: they rose by 3.4% to $391,800, marking the fourth consecutive month of monthly increases.

In Europe, the ECB warns of the risk of major losses for banks in the commercial real estate segment (mainly offices).




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