The Paris stock market is regaining some of its color thanks to Wall Street: the CAC40, down from 7,295 to 7,235, is clawing back 0.1% and should close in the green.
No suspense for the Euro-Stoxx50, which is up +0.3% and could extend this lead by 17:35 thanks to the Nasdaq, which is up +1.3%.
This shows investors' confidence ahead of Nvidia's earnings release this evening (which are almost as eagerly awaited as Apple's, and bets are running high on a 100% rise in profits, as anything less would be considered disappointing).

Don't "disappoint", as Peloton (-20%) and Foot Lockers (-35%) are bitterly experiencing this Wednesday.
The S&P500 gained +0.85% and the Dow Jones settled for a modest +0.4% (after losing -0.5% the previous day).
Some figures have just come in, notably new home sales, up 4.4%, with an annualized score of 714,000, better than the 704 expected.

On the other hand, investors are faced with a series of disappointing PMIs (leading indicators of activity), the latest coming from the USA: the all-important services PMI fell to 51, instead of the expected 52.5.

But it's much worse in the Eurozone: the HCOB composite flash PMI index of overall activity in the Eurozone fell from 48.6 in July to 47 in August, its lowest level since November 2020, and even since April 2013 excluding the months of the pandemic (the third consecutive month of contraction).
Industry also slowed slightly in August, while services activity declined for the first time since December 2022.

In France, the HCOB flash composite PMI index of overall activity remained stable between July and August, at 46.6, but this remains a 32-month 'low' and reflects a sharp contraction in activity in the French private sector.
The services sector fell for the third consecutive month, to a 30-month low of 46.7 (versus 47.1 in July). Manufacturing output, on the other hand, rebounded from 44 to 45.8, a five-month high.

S&P Global notes that companies strengthened their workforces in August, but with the rate of job creation at its lowest since January 2021.
The only bright spot is that the poor PMIs are pushing down interest rates by almost -13.5pts on OATs and -13bp on Bunds to 3.047% and 2.525% respectively, and by -11.5pts on US T-Bonds to 4.2250%.

Oil prices retreated sharply (-2% to $82.5 in London) under the impact of PMIs, ongoing rate hikes and concerns about the health of the Chinese economy.

Energy consultancy Omnegy explains: "The announcements by Opep+ to further reduce their oil production levels seem likely to keep prices up for the time being, despite the unfavorable macroeconomic context".


In French company news, Dassault Aviation announced that the European Union's EASA (European Aviation Safety Agency) had issued the type certificate for its Falcon 6X on Tuesday, leading to its certification by the US FAA (Federal Aviation Administration) on the same day.

Focus Entertainment dropped nearly 4% after the video game publisher announced that the start-up of Atlas Fallen, 'despite the game's qualities and in a very intense competitive context', was 'below initial forecasts'.


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