The Paris stock market is widening its losses slightly, with the decline exceeding 0.75%, bringing the CAC40 back close to 7,500 (at 7,515).

The Euro-Stoxx50 is faring a little better with -0.5% at 4,378, but its trajectory has also been bearish since this morning.378, but its trajectory has also been bearish since this morning.
The easing of interest rates (OATs down 8pts to 2.975%, Bunds down 8.3pts to 2.4070) has not changed anything.

Indexes were penalized by the decline in banking stocks such as Société Générale (-3.4%), BNP Paribas (-2.2%) and Crédit Agricole (-1.5%), while the Governor of the Banque de France yesterday predicted two more minimum rate hikes in Europe, while the last is expected in the USA on May 3.
On Wall Street, indices reopened lower, with the Dow Jones losing -0.2%, the S&P500 -0.6%, and the Nasdaq -1%... despite rates easing significantly: -10Pts on T-Bonds at 3.4070%.

After the strong stock market rally at the beginning of the year, equity markets are struggling to find a new lease of life, even if short- and medium-term technical elements are not really giving negative signals.

Investors are cautious as several European stock market giants, including ABB, Nestlé, Novartis, Santander and UBS, are due to publish their results today. On the other side of the Atlantic, 3M, GE, GM, McDonald's and UPS will present their quarterly results before the opening of Wall Street.

After the close, Alphabet and Microsoft's eagerly-awaited publications will set the tone for trading.

On the economic front, traders will follow the Conference Board's consumer confidence index this afternoon, as well as new home sales in the USA.

In news from French companies, the M6 group has announced current operating income (EBITA) of €59.5 million for the first quarter of 2023, down 1.8 points to 19%, on sales down 3% to €312.9 million "in a deteriorated economic context".

Alstom reports that it has won a contract from Quebec City, Canada, to supply 34 Citadis tramways, worth a total of around 900 million euros (or 1.34 billion Canadian dollars).

Finally, Voltalia announces the commissioning of its Sud Vannier wind farm: with a capacity of 23.6 megawatts, this is its first wind farm in the Grand Est region and its third in the northeast quarter of France, after those in Sarry and Molinons.

Copyright (c) 2023 CercleFinance.com. All rights reserved.