The Paris stock market gained a spectacular +1.5% and climbed back up to the 7,350 mark... but what is absolutely impressive is the historic collapse in volumes, with less than 500 million E traded in 6 hours of trading, and barely 670 million processed with 90 minutes to go.
Even during a half-Christmas trading session ending at 1:30 p.m., the one-billion mark was passed at the close.
British traders are certainly missing, as the London Stock Exchange will remain closed for the Summer Bank Holiday... but this only partially explains the evaporation of activity in Paris (the absence of US investors has a far greater impact).

What does it mean for the CAC40 to rise by +100pts in volumes that are 50% lower than the summer average, and 2/3 lower than in the summer of 2022?

The Euro-Stoxx50 is scarcely more active, but is just as buoyant, as investors seem reassured by the adoption of new economic support measures in China.

Beijing's announcement that it would halve the tax on stock market transactions in order to reinvigorate capital markets and boost investor confidence partly allays fears of a marked slowdown in the global economy.
But the Chinese indices, which had reopened +4 to +5% higher, ended the day with gains ranging from +1.1 to +1.4%... the wind soon died down.

The day's trading session is expected to be very quiet, with a light agenda for both corporate results and economic statistics.
Wall Street reopened +0.6 to +0.7% higher, with Jerome Powell's (short) speech on Friday appearing a little 'hawkish' in hindsight, but entirely in line with previous FED releases and 'minutes'.

But doubts about global growth are likely to remain the common thread running through the markets this week, with a number of statistics expected, including the US employment figures on Friday, which are always closely watched.

Also on the agenda is the eagerly-awaited first estimate of consumer prices in the eurozone for August, due on Thursday.

On Monday, the yield on 10-year Treasuries fell by -1.5Pt to 4.223%, after climbing above 4.36% last week, a level not seen for 16 years.

In Europe, the yield on the ten-year German Bund tightened symbolically by +1Pt to 2.565%, remaining some twenty points from its worst levels in recent weeks.

Despite fears about global growth, crude oil prices edged up on Monday, supported by encouraging news from China.

Brent crude oil rose to over $84.9 a barrel (+2%), while US light crude oil traded above $80 (+1.5%).

In the news for French companies, Casino announced on Friday evening that the Paris Commercial Court would rule in September on the requests for grace periods relating to the bonds it has issued.

TotalEnergies announced this morning that it is continuing its commitment to its motoring customers, guaranteeing that the price of diesel and gasoline will not exceed 1.99 euros per liter at any of its 3,400 service stations in France until the end of the year.

Plastic Omnium announced that it is building the largest hydrogen storage plant in the USA in Grand Blanc Township, Michigan, to supply 'a major American automaker', without specifying a name.

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