The Paris Bourse is back on the decline with 45mn to go: the CAC is down -1.4% at 7,005 and back in the red on a weekly basis (-0.9%).
The Euro-Stoxx50 is also down -1% at 4,156, while Wall Street is holding on to some of its initial gains, with the S&P500 up +0.05% and the Dow Jones up +0.2% (i.e. 4 rises in 5 sessions).
Note that oil jumped +4% in London, touching $90 a barrel (+6.2% for the week), while the weekend promises to be a high-risk one on the geopolitical front in the Middle East (hundreds of thousands of civilians in the Gaza Strip have been warned by Israel of imminent strikes on the northern part).

Bond markets do not seem to be reflecting any risk-off with regard to the risk of conflagration in the Middle East (although Iran has been targeted in numerous statements by US officials): our OATs and Bunds are down -4 basis points to 3.310% and 2.743% respectively, but US T-Bonds are extending their lead (-8 basis points to 4.63%), while US consumer confidence deteriorated sharply in October, according to the monthly survey by the University of Michigan (UMich), which published a preliminary estimate of 63, versus 68.1 in September.

By way of comparison, Jefferies was anticipating a drop to 67 for the current month.
This sharper-than-expected decline reflects a deterioration in both the current economic conditions sub-index, at 66.7 (vs. 71.4), and the consumer expectations sub-index, at 60.7 (vs. 66).

In another closely watched figure, the Labor Department announced that US import prices rose by 0.1% in September.
A reassuring figure following August's +0.6% jump.Export prices rose by 0.7% last month, after climbing by 1.1% the previous month.

Overall, over the last 12 months, US import prices fell by 1.7% in unadjusted figures (-0.8% excluding petroleum products), while export prices contracted by 4.1% (-3.8% excluding agricultural products) in September.

In France, inflation remained stable in September (at 4.9% annualized) despite the sharp rise in fuel prices, tempered somewhat by Total Energies' '1.99E' deal.
According to Eurostat, industrial production (seasonally adjusted) contracted by 5.1% in the eurozone and by 4.4% in the EU (between August 2022 and August 2023).

In July 2023, industrial production was down by 1.3% in the eurozone and the EU compared with the previous month.

The quarterly dance began in the USA with the publication of 'better than expected' results by Wells Fargo (+3%), a major specialist in mortgage lending, a sector currently in crisis... but rising interest rates boosted margins: net income came to $5.767 billion, or $1.48/share, up nearly 60% on Q3 2022.

Citigroup, on the other hand, saw its earnings stagnate (with +2%), and the results were only positive thanks to a +12% rise in profits from its "Institutional Clients Group" division (capital markets activities + investment banking).

In Paris stock news, Alstom reports that Moody's rating agency decided on October 12 to confirm its long-term issuer rating at 'Baa3', but to lower its credit outlook from 'stable' to 'negative'.

On the occasion of a preliminary nine-month publication, pharmaceutical industry supplier Sartorius Stedim Biotech reduced its forecasts for 2023, both in terms of sales and current EBITDA margin: this was the second 'warning' of the year and was punished by a -16.5% fall.

On the occasion of this week's state visit to France by the President of Mongolia, Ukhnaagiin Khürelsükh, Thales Alenia Space announces the signing of an agreement to build Mongolia's national satellite telecommunications system.

The group will be responsible for building a very high-performance Ku-band satellite, named Chinggis Sat, which will provide broadband Internet connectivity throughout the country, including in rural white zones and for nomadic populations.

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