The Paris Bourse ended the first session of September down 0.27% at 7,296 points, erasing its morning gains. The index was penalized in particular by Renault, which lost 6.2%.

Over the past week, the CAC nevertheless gained nearly 1.2%, and almost 13% since the start of the year.

The much-anticipated US employment figures were finally greeted with a certain indifference by the markets.
The US economy generated 187,000 non-farm jobs in August, according to the Labor Department, a number slightly higher than expected (+157,000).

Job creations in the previous two months were revised sharply downwards, from 185,000 to 105,000 for June and from 187,000 to 157,000 for July, i.e. a total revision balance of -110,000 for these two months.

On the other hand, the unemployment rate rose by 0.3 points to 3.8% of the labor force, and the labor force participation rate climbed by 0.2 points to 62.8%, while average hourly earnings grew at an annual rate of 4.3%... slightly above 'gross' inflation

Activity in the US manufacturing sector contracted at an accelerating pace in August, according to S&P Global, whose PMI index for the sector stood at 47.9 for the month, compared with 49.0 in July.

S&P Global explains that a faster decline in new orders led to a drop in production, while employment rose at its slowest pace since January and inflationary pressures remained modest, albeit rising slightly.
The ISM manufacturing index published a few minutes later also showed a contraction.

US T-Bonds ended the week down +9pts at 4.18%, which is likely to weigh on Wall Street on the eve of a 3-day weekend (Labor Day on Monday).

In Europe, investors took note of several statistics: the French government budget deficit widened at the end of July, with a general implementation balance of -169 billion euros at the end of July (this is the most severe in history - excluding the Covid period - and the absolute record - including Covid - should be beaten in September), compared with -131.2 billion a year earlier, according to data published on Friday by the Ministry of Public Accounts.

Meanwhile, the PMI HCOB buyers' index for French manufacturing industry, produced by S&P Global, stood at 46 in August, up almost a full point on the previous month (45.1).

In the Eurozone, the HCOB PMI index for Eurozone manufacturing recovered to 43.5 in August from July's 38-month low (42.7), but, below 50 for the fourteenth consecutive month, it continues to signal a strong rate of contraction in the sector.

Eurozone bond markets are consolidating, with yields on both Bunds and OATs tightening by +6pts (to 2.53% and 3.050% respectively).

The "fact of the day" may well be the surge in Brent crude oil, which has gained +1% and is approaching the resistance level of $88 in London: this is not good for inflation, hence the pressure on US rates.
The dollar is not benefiting from this and is stagnating at around $1.0840/E.

In French company news, bioMérieux reports a 29.1% fall in net income, group share, to 162 million euros at the end of the first half of 2023, as well as a 9.5% fall in operating income before non-recurring items to 291 million euros, or 16.5% of sales.

Saint-Gobain announces that it has finalized the sale of its Glassolutions glass processing business in Slovakia to Glasora, as part of its strategy to optimize the Group's profile, in line with the objectives of its Grow & Impact plan.

Vinci announces the start of the subscription period for its employee shareholding operation under its savings plan, which will therefore run from September 1 to December 31, 2023, at a price set at 102.83 euros per new share to be issued.

Finally, TotalEnergies announces the inauguration of the Absheron gas field, which is currently producing 1.5 BCMA (billion cubic meters per year).

On this occasion, the Group discussed TotalEnergies' development projects in Azerbaijan, in particular the launch of the second phase of Absheron's development, which should increase the field's production to 5.5 BCMA.

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