After losing up to 1% in the afternoon, the Paris Bourse ended the session with a more limited decline of 0.27% to 7,130 points, penalized by Teleperformance (-2.9%), Kering (-2.6%) and Carrefour (-1.6%).

At the end of the session, the Paris index benefited from the bullish momentum on Wall Street, where Nasdaq and Dow Jones gained 1.1%.

The CAC40 is thus attempting to recover from the complicated sessions of Friday (-1.6%) and yesterday (-1.4%), and is also benefiting from the rebound of the Nikkei (+10%), which had lost more than 18% in the space of 48 hours.

In terms of statistics, the US trade deficit narrowed to $73.1 billion in June (vs. $75 billion in May), according to the Department of Commerce.

This 2.5% month-on-month decrease in the deficit resulted from a 1.5% rise in US exports of goods and services, to $265.9 billion, which more than offset a 0.6% increase in imports, to $339 billion.

In Germany, after declining for five months in a row (including -1.7% in May), industrial order volumes rebounded by 3.9% in June 2024 compared with the previous month, according to seasonally and calendar adjusted data from Destatis.

Meanwhile, between May and June 2024, seasonally-adjusted retail sales volumes fell by 0.3% in the eurozone and by 0.1% in the EU, according to initial estimates from Eurostat, the European Union's statistical office, following increases of 0.1% the previous month.

Oil is one of the main victims of the depressed markets, with Brent crude falling below $76 this morning, i.e. -5% in 1 week and -12% in 1 month. Tonight, the barrel is hovering around $76.9.

On the Treasury bond front, with risk-on back on stock market indices, US T-Bonds are down +7.5pts to 3.85%, Bunds +1pt to 2.19%... and the small surprise is the -2pt easing in Italian BTPs (3.65%) and -3pt in our OATs to 2.95%.
On the FOREX, the Euro is down -0.2% against the Dollar at $1.093/E.

In stock news, Vallourec announces the completion of ArcelorMittal's acquisition of the Apollo funds' entire stake in the tube manufacturer, for a total purchase price of 955 million euros.

Credit insurer Coface reported a 10.4% increase in net income, group share, to 142.3 million euros for the first half of 2024, on sales down 3.8% to 922.7 million (-3.1% organic).

Airbus presented its order and delivery figures for July 2024. The aircraft manufacturer reported 77 deliveries to 40 customers during the month. At the same time, it booked 59 gross orders. Since the beginning of the year, Airbus has made 400 deliveries, to 70 customers.

TotalEnergies has sold its 50% stake in Total PARCO Pakistan Limited (TPPL) to oil trading group Gunvor, . TPPL has a distribution network of over 800 service stations in Pakistan, as well as logistics and lubricants activities.


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