The Paris stock market stalled a little after flirting with the 7,700-point mark.
The CAC quickly gained +0.8% (as early as 9:15 a.m.), but then stalled at around 7,695.695 points, until around 5 p.m.: volumes remained skeletal (1 billion euros traded), as is tradition when Wall Street is on vacation.
The Euro-Stoxx50 was content with +0.4%, but Amsterdam climbed +1.2%.

The London Stock Exchange (+0.9%) seems unconcerned about the change of majority that is looming at the end of the general election, with a heavy defeat anticipated for the Conservatives (in power for 14 years) and their leader Rishi Sunak.
Labour leader Keir Starmer is likely to succeed him tomorrow, if Charles-III, as tradition dictates, validates his nomination.

The CAC40 is notably driven by banking stocks, with +2.4% for Société Générale and Crédit Agricole, followed by +2% for BNP Paribas.

Reassured by projections that no majority is possible for populist parties, the Paris market has gained almost 3% since the start of the week.

Today's trading session will end calmly, with the VIX index close to its historic lows (below 12, the zone of complacency and unlimited appetite for risk), reflecting the markets' enormous confidence on the eve of the eagerly-awaited monthly employment report in the USA.
Florian Ielpo, Head of Macroeconomic Research at Lombard Odier Investment Managers, explains: "The macroeconomic situation remains complex at present, and the data provide uncertain information as to the next phase of the current cycle.

"Once confidence has been established, whether on the upside or the downside, the markets will be able to choose their own direction", says the analyst.
As far as a rate cut in mid-September is concerned, this scenario is favored by 72% of traders, and the consensus is 84% for a second cut in December.

With this outlook and "moderate" figures published yesterday, the New York Stock Exchange ended on a flurry of new records last night (intraday and close), as investors continued to retreat to their comfort zone, namely technology stocks, starting with Nvidia, and Tesla, which has been on a roll for the past week.

Published on Wednesday evening, the minutes of the Fed's latest monetary policy meeting showed that inflation remained a major source of concern for the central bank, which cited the term 73 times in its document.

The only statistic on the day's menu, German industrial orders fell by -1.6%, whereas a rebound from +0.5% to +0.6% was expected in May.
No impact on the Bund, nor on the yield spread between the OAT and the 10-year Bund, which falls back to 70 basis points pending a French auction that will be closely watched later today.
The Bund is down +2pts to 2.577% and the OAT +2.5pts to 3.271%, while Italian BTP is up +2pts to 4.005% (and there are no T-Bond quotes this Thursday).

On the oil front, Brent crude is up +0.2% to $87.25 in London.

In French company news, Dassault Systèmes announced a unique long-term partnership in the agri-food industry with Groupe Bel, with a view to accelerating the sector's digital transformation and the development of pioneering innovations.

Technip Energies announced on Thursday that it had been selected as part of a research and development (R&D) program aimed at accelerating the industrial development of floating offshore wind power in France.

Stellantis announced on Thursday that it would be strengthening its twenty-year collaboration with the French Atomic Energy and Alternative Energies Commission (CEA) to develop new next-generation battery cell technologies.

Finally, Schlumberger (SLB) announced the signing of a contract by TotalEnergies with its OneSubsea TM joint venture for a 13-well subsea production system, including associated equipment and services, as part of the development of the Kaminho project, offshore Angola.


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