After opening in the green and gaining up to 0.8% shortly after the opening, the Paris Bourse saw its gains eroded throughout the session. At the final gong, the Paris index even lost 0.24%, to 7,279 points, dragged down by Saint-Gobain (-3.1%).

This first session of the week was marked by the absence of Wall Street, closed for Labor Day, and by low volumes, with less than 700 ME traded since the opening.

Investors still seem preoccupied by the slowdown in growth, persistent inflation and changes in monetary policy.

In Paris, breaking through the 7360 resistance level - which halted the CAC rebound - appears to be the main short-term challenge. Clearing this technical pivot (which has been in operation since March 6) could pave the way for a return to April's annual highs.

'The deceleration of the US labour market could, however, be a key catalyst for a rise in equities and a fall in bond yields between now and the end of the year', says Mona Mahajan, strategist at Edward Jones.

This would mean that the Fed could finally stand aside and take a break on rates", continues the analyst.

Tomorrow, investors will take note of the US industrial orders figures, followed by the ISM services index the next day. These figures could provide guidance for traders looking for concrete information on the health of the economy.

The mid-week publication of German industrial orders and then industrial production should confirm that Europe's leading economy, the continent's traditional powerhouse, is showing worrying signs of weakness.

This morning, Germany announced a further fall in exports in July (from 18.7 billion euros to 15.9 billion euros, i.e. almost -10%), confirming the negative trend in the middle of the 3rd quarter.

Meanwhile, bond markets continue to deteriorate in Europe, with OATs and Bunds up +3 basis points to 3.103% and 2.578% respectively, while Italian BTPs are up +5.5 basis points to 4.2900%.
Outside the Eurozone, Gilts are still the red lantern, up +7 basis points to 4.5020%.

In French company news, Technip Energies announces the launch, at the Gastech 2023 conference in Singapore from September 5 to 8, of SnapLNG by T.EN, a modular, pre-engineered and standardized solution for the production of low-carbon LNG (liquefied natural gas).

Unibail-Rodamco-Westfield (URW) announces that it has sold Westfield Valencia Town Center, a regional shopping center in Santa Clarita, California, to Centennial Real Estate for a total value of $199 million (100%, URW share 50%).

On Monday, STMicroelectronics announced a collaboration with Sindcon, a Singaporean specialist in the Internet of Things (IoT), in the field of smart meters.

Lastly, Teleperformance (+2.1%) posted the biggest gain on the CAC 40 on Monday on the Paris Bourse, on the back of encouraging comments from Berenberg analysts, who gave the company a buy recommendation and a price target of 225 euros.

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