After gaining a modest 0.5% at mid-session, the Paris Stock Exchange ended the day with a negligible decline of 0.09% to 8,114 points, split between gains for Saint-Gobain (+2.8%), Edenred (+2.8%), and Stellantis (+2.1%) and declines in Orange (-2.1%), Société Générale (-1.5%), and TotalEnergies (-1.3%).
The Paris index was virtually unchanged (+0.04%) over the past week.

While green dominated on Wall Street, the gains were marginal: the Dow Jones and S&P gained 0.2%, ahead of the Nasdaq (+0.1%).
The eagerly awaited US inflation figures (November PCE) were perfectly in line with expectations, with the rate unchanged at 2.8% and a sequential increase of 0.3%.

The pleasant surprise came from "household sentiment" (the University of Michigan consumer confidence index), which rose from 52 to 53.2, with incomes increasing by 0.4% instead of the expected 0.3%.

The publication in recent days of indicators confirming the slowdown in the US labor market has reinforced expectations of a further rate cut by the Federal Reserve in December, but caution is warranted given the persistence of core inflation in recent months.
The consensus for a third rate cut remains at 87%, up from 68% a month ago, according to the FedWatch barometer from the CME Group stock exchange operator.

US T-Bonds are deteriorating more sharply, with the 10-year yield at 4.137% and the 2-year yield at 3.561% (+3pts respectively).

"It's already December, but due to the recent federal government shutdown, these figures will only provide a snapshot of the situation for September," Danske Bank's teams cautioned this morning. "This should be kept in mind when analyzing them," the Danish bank said.

In Europe, France's trade deficit narrowed significantly to €3.92 billion in October (compared with an anticipated €5.2 billion) after €6.35 billion the previous month, according to seasonally and calendar-adjusted data (CVS-CJO) from Bercy.

German manufacturing orders rose by 1.5% in October compared with the previous month (against an anticipated 0.5%), according to CVS-CJO figures from Destatis, following a 2% increase in September (revised from an initial estimate of 1.1%).

Finally, in the third quarter of 2025, seasonally adjusted GDP rose by 0.3% in the eurozone (against an anticipated 0.2%) and by 0.4% in the EU, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.

In the bond market, the OAT 2035 is trading at 3.531% (+1pt) for a Bund with the same maturity at 2.797% (+2.8pts) and Italian BTPs are down (2pts deterioration to 3.491%).

The euro is stable against the greenback at $1.163, while Brent crude is up 0.5% at $63.7.

In French corporate news, Derichebourg (+16%) posted a sharp 63% increase in net income to €122 million for its 2024-25 financial year, "thanks to the significant contribution of Elior Group, which is set to grow significantly in the coming financial years."

Air Liquide will invest around €25 million to modernize its air separation unit (ASU) in Yulin, Shaanxi province.
In addition, the company said it had signed an agreement with Hyundai Motor Group to strengthen their international partnership and accelerate the hydrogen economy.
Finally, Alstom gained nearly 5% on the SBF 120 after Citi raised its recommendation, expressing optimism about the French rail equipment manufacturer's cash flow performance. The broker upgraded the stock from "neutral" to "buy" with a target price raised from €21 to €31.