Caution is the watchword for investors at the start of the week. The Trump administration is threatening to launch criminal proceedings against Jerome Powell over renovations at the Federal Reserve's headquarters. These concerns about the Fed's independence are weighing on the dollar and benefiting precious metals: gold hit a new record at $4,600.33 an ounce, while silver also reached an all-time high at $84.609 an ounce.

Geopolitical tensions remain a major source of concern. After Venezuela and Greenland, Iran has taken center stage in international news. In response to the ongoing crackdown in the country, Washington is not ruling out military options. After rising more than 3% last week, oil prices are pausing this Monday: Brent is down 0.99% and WTI 1.07%.

Across the Atlantic, investors are gearing up for the start of earnings season with the big U.S. banks. JPMorgan Chase will kick things off, followed by Bank of America, Citigroup, and Wells Fargo on Wednesday. Goldman Sachs and Morgan Stanley are set to report on Thursday.

On the macroeconomic front, December's U.S. inflation data will be released tomorrow.

Abivax Soars, Capgemini Brings Up the Rear

In this context, Abivax is surging more than 23% to €121.80, buoyed by rumors of a $15 billion takeover by Eli Lilly. In Amsterdam, equipment maker BE Semiconductor is up 8.34%, riding the wave of artificial intelligence.

Conversely, IT services stocks are under pressure following a negative note from Morgan Stanley, which downgraded several companies in the sector. Capgemini is down 4.08% to €121.80, posting the biggest drop on Paris's main index. In Zurich, SoftwareOne is falling even more sharply (-9.63%).

Meanwhile, Exosens is up 4.78% to €79.20 after announcing a contract for its new 5G image intensifier tubes with Actinblack, one of Europe's leading manufacturers of advanced night vision systems, recognized as a trusted supplier to special forces.

On the currency market, the euro is up 0.59% against the dollar, at 1.1692.