The Paris stock market (-0.1%) is trading within a new low range of 6,775/6,830, but in volumes that do not reflect intense activity.
The break of important medium-term supports is not leading to a domino effect, characterized by the triggering of major automated sales programs.
The Euro-Stoxx50 is down -0.15% to -0.2%, testing the psychological 4,000 mark.

Wall Street is expected to decline by -0.3%, with a uniform spread across the 3 US indices.... the Russell-2000 having underperformed again on Friday ('3 Witches').

The start of the November trading month (after an October close at its lowest on Friday) is taking place under the triple sign of interest rates continuing to rise, the risk of a conflagration in the Middle East and the publication of an avalanche of quarterly results this week (although Monday promises to be calm, the next few days will see tech giants Microsoft, Meta and Amazon publish their results).

The bond markets continue to deteriorate ahead of the ECB's monetary policy decision on Thursday, with our OATs stretching +4 to +5pts towards 3.55/3.56%...., but it's the US T-Bonds that are most worrying for their sustained flirtation with 5.00% (they are stretching +8.5pts to 4.99% this afternoon after peaking at 5.023% around 11:30).

The T-Bonds had deteriorated by more than 30 basis points over the past week, the worst weekly score since April 2022.
"I continue to worry about how the markets are going to cope with such high levels, particularly in the US", explains Jim Reid, market analyst at Deutsche Bank.
We're coming out of a 10-15 year period of low, zero or even negative bond yields and interest rates in the developed world against a backdrop of quantitative easing (QE), the only way to finance the enormity of the global debt burden', he points out.

While a status quo on rates is widely expected from the ECB, market participants will be on the lookout for any indication of the trajectory of inflation and the impact of the recent surge in bond yields.

The most important statistic of the week will be the first estimate of third-quarter US GDP, due on Thursday before Wall Street opens.

Economists are forecasting average growth of 4% over the July-September period, driven by strong consumer spending, following a 2.1% gain in the second quarter.

Europe's PMI activity indices should also get investors moving tomorrow, as should Germany's Ifo business climate index, due on Wednesday.

US household income and spending figures, which include the Fed's closely watched core PCE inflation index, will also be on the agenda later this week.

In French company news, Teleperformance announces that 98.448,171 shares representing approximately 98.45% of Majorel's outstanding share capital have been tendered under the offer, which the group has therefore declared unconditional.

TotalEnergies announces that it has teamed up with Corio Generation and Rise Light & Power to jointly develop the Attentive Energy offshore wind project, located off the coasts of New York and New Jersey, USA.

Icade reports sales of nearly 1.02 billion euros for the first nine months of its 2023 financial year, up 3.8% (+3.9% on a like-for-like basis) on the same period last year.

Dassault Aviation is one of the only shares to stand out from the crowd, and its +2% rise to) 187.3E brings it close to its closing record of 188.5E.

Finally, Airbus Defence and Space announced that it had signed two contracts worth a total of 1.2 billion euros for capacity enhancement and in-service support for the French Air Force's A330 MRTT (Multi Role Tanker Transport) aircraft.

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