The Paris stock market is going nowhere: after a promising start to the week and an initial rise of 0.4% (without the continuity of the previous week's upward funicular), the CAC40 index quickly returned to zero and has been drifting sideways for over 4 hours between -0.1 (currently) and -0.2%, around a pivot of 7340 points.

Unsurprisingly, trading has been anecdotal, with only 1.1 billion euros traded with just over 90 minutes to go: we're heading for a session with less than 2 billion euros traded.
This apathy is the result of the absence of a session on Wall Street, which was closed due to the commemoration of George Washington's birth.

Traders have no reason to take any initiative given the absence of any major economic indicators, with no statistics on the day's agenda.

After a quiet day on the macroeconomic front on Monday, the rest of the week will be marked by several important dates, including tomorrow's publication of the latest PMI activity indices in Europe, before the release of the German Ifo business climate index on Wednesday.

For the time being, the only sticking point seems to be diplomatic relations between the United States and China, both on the issue of spy balloons and on Beijing's possible support for Moscow in the Ukrainian conflict.
On the bond front, President's Day in the U.S. is also causing activity in Europe to plunge, with only insignificant scores: a small improvement is emerging (-3Pts on our OATs and Bunds at 2.89 and 2.432% respectively), but it is not supported by volumes.

On the corporate front, earnings season is now officially drawing to a close, with only 61 of the S&P 500 companies, including two Dow Jones components, due to publish their accounts this week.

In Europe, some of the big names such as BASF, Capgemini, Engie, Holcim, HSBC, Stellantis and Telefonica will also be reporting in the coming days.

On the bond front, European markets are stabilizing after ending the past week on a favorable note, with German Bunds holding steady at around 2.44% and French OATs at 2.90%.

In company news, Icade reports net current cash flow (NCFC) for 2022 up 7% to around 417 million euros (or +5.9% to 5.50 euros per share), "above guidance", on IFRS sales up 9% to 1.8 billion euros.

Riber shares rose sharply on Monday morning (+2.3%) on the Paris Bourse, the manufacturer of equipment for the semiconductor industry having announced that it had won a contract in Asia.

Finally, Technip Energies reports that it has won a front-end engineering design (FEED) contract from Arcadia eFuels to design the first commercial-scale plant for the production of sustainable aviation fuels, located in Vordingborg, Denmark.


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