The week ended in near euphoria, with the CAC40 soaring +1.6% to 7,260pts (in almost non-existent volumes of 1.2 billion euros at 90 minutes to close), limiting the weekly loss to around -1%.

The morning's positive trend (passage of the debt ceiling extension after a favorable Senate vote) was reinforced by the publication of monthly employment figures for the United States.
The US economy generated no less than 339,000 non-farm jobs in May, according to the Department of Labor (DoL), a number +100,000 higher than market expectations (like Jefferies, which was expecting 230,000).

Job gains were seen in professional and business services, government, health care, construction, transportation and warehousing, as well as social assistance', the DoL said.

The resilience of the US labor market may have troubled the Fed, but it can focus on the sharp rebound in the unemployment rate, which rose by 0.3 points to 3.7% of the labor force.
The labor force participation rate remained stable at 62.6%, and average hourly earnings rose at an annual rate of 4.3%.

In addition, job creations for the previous two months were revised sharply upwards, from 165,000 to 217,000 for March and from 253,000 to 294.000 for April, i.e. a total revision balance of +93,000 for these two months.

The dissipation of the spectre of a U.S. default on payment is also prompting investors to return to risky assets in this last session of the week.

Overnight, the US Senate approved a bill suspending the US debt ceiling until 2025, thus ruling out the scenario of a default, which would have dashed hopes of a soft landing for the economy.

Bond markets deteriorated slightly, with OATs up 1.5pts to 2.855% and US T-Bonds up 2.5pts to 3.662%.


In French company news, TotalEnergies announced that at the close of the subscription period, 52,602 subscribers in 94 countries, representing 45.8% of eligible employees and former employees, had subscribed to the capital increase reserved for them, for an amount of 353.9 million euros.

Alpha MOS announced last night that it had completed, on schedule, the second clinical study on its non-invasive breath glucose monitoring device.

Carbios announced on Friday that it had signed a memorandum of intent with Thailand's Indorama Ventures to form a joint venture dedicated to the construction of their joint biorecycling plant.

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