The Paris stock market was down 0.3% this morning, penalized in particular by Stellantis (-1.9%) and Dassault Systèmes (-1.4%).

On the eve of the May 1st bank holiday - which will see the main continental European markets remain closed - today's session promises to be rich in economic statistics, starting with inflation on the old continent.

Eurozone annual inflation is estimated at 2.4% in April 2024, stable compared with March, according to a flash estimate published at 11am by Eurostat, the statistical office of the European Union.

Seasonally-adjusted GDP rose by 0.3% in the eurozone and the EU in the first quarter of 2024, compared with the previous quarter, according to the preliminary flash estimate published by Eurostat, the statistical office of the European Union.

Earlier in the morning, investors had taken note of France's gross domestic product (GDP), which grew moderately in the first quarter of 2024 (+0.2% after +0.1% in the previous quarter), according to the first estimate (seasonally and working-day adjusted) from Insee.

In Germany, GDP grew by 0.2% in the first quarter of 2024 in sequential terms, in volume and seasonally-adjusted data, according to a first estimate from Destatis, following a 0.5% decline in the fourth quarter of 2023.

The markets are still dealing with the uncertainties surrounding the tone of the Fed's statement to be published tomorrow evening.

No rate changes are expected on this occasion, but market participants will be dissecting the language to be distilled by Chairman Jerome Powell at his press conference, in the hope of gaining some insight into the evolution of the central bank's monetary policy.

The past few weeks have been clearly marked by a spectacular downward revision of US rate cut expectations for 2024, from seven to potentially zero.

The session is also punctuated by numerous corporate quarterly publications on both sides of the Atlantic.

In the news for French companies, Air France-KLM reported a net loss of 480 million euros for the first three months of 2024, up 143 million year-on-year, with an operating margin down 2.5 points to -7.4%.

Stellantis reported this morning net sales of 41.7 billion euros for the first three months of the year, down 12% year-on-year. By way of comparison, consensus was expecting sales of around €43.5 billion.

Thales reports sales of €4,421 million for the first quarter of 2024, compared with €4,026 million for the first quarter of 2023, up 9.8% on a reported basis, and 7.9% on a like-for-like basis.

Finally, Arnaud Lagardère, Chairman and CEO, today informed the directors of Lagardère SA that he has been placed under investigation. He is contesting the case and will appeal. This indictment essentially concerns facts relating to personal companies wholly owned by him, and does not involve any Lagardère Group company, according to the Group.

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