With Wall Street's bullish acceleration and US indices averaging +1.5% (wiping out 50% of the previous day's losses), buyers are regaining the upper hand in Europe... except on the Paris Bourse, which remains in the red (-0.1% at 7,145) after two sessions of steep declines (-1.6% on Friday, then -1.4% on Monday).
The Euro-Stoxx50 (+0.2%) hesitated for a long time before returning to the green, benefiting from the Nikkei's recovery of over 10% (but after -18.2% in 48H and -25% in 1 month, this is a proportional rebound).

Wall Street reopened higher after losses of -3% on average the previous day, with gains ranging from +1.2% for the Dow Jones to +1.6% for the Nasdaq and the S&P500 at 5,270: the associated VIX eased by -31% to 26.5.

In today's statistics, the US trade deficit narrowed slightly to $73.1 billion in June, compared with the previous month's figure of $75 billion (which was only slightly revised from an initial estimate of $75.1 billion), according to the Commerce Department.

This 2.5% decrease in the month-on-month deficit resulted from a 1.5% rise in US exports of goods and services, to $265.9 billion, which more than offset a 0.6% increase in imports, to $339 billion.

There were also figures from Europe on Tuesday: German industrial orders, followed by retail sales in the eurozone in the morning. US trade balance figures are expected in the early afternoon.

After declining for five months in a row (including -1.7% in May), volume orders in German industry rebounded by 3.9% in June 2024 compared with the previous month, according to seasonally and calendar-adjusted data from Destatis.

Between May and June 2024, seasonally-adjusted retail sales volumes fell by 0.3% in the eurozone and by 0.1% in the EU, according to initial estimates from Eurostat, the statistical office of the European Union, following increases of 0.1% the previous month.

It is worth noting that one of the main victims of the depressed markets is oil, with Brent crude falling below $76 this morning, i.e. -5% in 1 week and -12% in 1 month.
On the Treasury side, with risk-on back on the stock indices, US T-Bonds are down +7.5pts to 3.855%, Bunds +1pt to 2.193%... and the small surprise is the -2pt easing of Italian BTPs (3.655%) and -3pt of our OATs to 2.9500%.
On the FOREX, the Euro is down -0.2% against the Dollar to 1.0930.
In stock news, Vallourec announces the completion of ArcelorMittal's acquisition of the Apollo funds' entire stake in the tube manufacturer, for a total purchase price of 955 million euros.

Credit insurer Coface reported a 10.4% increase in net income, group share, to 142.3 million euros for the first half of 2024, on sales down 3.8% to 922.7 million (-3.1% organic).

Airbus presented its order and delivery figures for July 2024. The aircraft manufacturer reported 77 deliveries to 40 customers during the month. At the same time, it booked 59 gross orders. Since the beginning of the year, Airbus has made 400 deliveries to 70 customers.

TotalEnergies has sold its 50% stake in Total PARCO Pakistan Limited (TPPL) to the Gunvor oil trading group. TPPL has a distribution network of over 800 service stations in Pakistan, as well as logistics and lubricants activities.


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