A day after the CAC40 index climbed 1.9% to 7,266 points, the Paris Bourse is giving up some of its gains, following in the footsteps of Wall Street yesterday (-0.6% on the Dow Jones, -1% on the Nasdaq) and Tokyo this morning (-0.7%). At the start of the afternoon, the CAC40 index was down 0.3% at 7,240pts.

Futures on the S&P500 (+0.8%) and Nasdaq-100 (+1%) augur a vigorous opening on Wall Street this Thursday, while investors seem to prefer the hypothesis of only a temporary correction in the equity markets.

While he welcomes the accommodative message sent out by the Bank of Japan on Tuesday night and the clear easing in US interest rates since the end of July, Christopher Dembik warns that "this will certainly not be enough in the short term".

The Pictet AM advisor notes that the market is still debating the possibility of a US recession, a scenario which seems to him to be "far removed from reality", and that European companies are continuing to lower their annual guidance.

As much as we have no doubt that the US equity market will recover this year, we fear that it will be more sluggish in Europe", he warns, advising caution, "even if valuation levels are very attractive".

With little to do on the macroeconomic front (apart from the traditional US jobless claims), this Thursday will still be marked by quarterly reports, such as those from Deutsche Telekom in Europe and Eli Lilly in the US.

The U.S. Department of Labor reports 233,000 new jobless claims for the week ending July 29, down 17,000 on the previous week.

In Paris news, Sanofi reports that the Phase III GMMG-HD7 study of its Sarclisa induction therapy significantly improved progression-free survival in patients with multiple myeloma.

Getlink, Eurotunnel's parent company, announces that its shuttle services saw a 4% increase in truck traffic, but a 2% drop in passenger vehicle traffic in July, year-on-year.

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