On this semi-holiday of Whitsuntide, the Paris Bourse slightly amplified its gains from the start of the session (from +0.2% to +0.4%).
But the CAC40 lost around twenty points ahead of the opening of the US markets, falling back from 8,221 to 8,201... all in anecdotal volumes.221 to 8.201... all in anecdotal volumes, as only 600MnsE changed hands with 2 hours to go before the close (the one-billion mark for 'real' transactions will not be reached at 5.30 p.m.).

The CAC40 is supported by Air Liquide (+2%), which is fully recovering its 3.20E dividend, Teleperformance and Sté Général (between +2.1% and +2.2% each)

The underperformance of the CAC40 over the past month (+1.8% vs. +10% for the Nasdaq since April 19), which has repeatedly stalled below its major resistance of 8250 points, contrasts with the continuing surge of US indices.
The Nasdaq (+0.6% towards 16.790) looks set for a double intraday record/closing record (intraday record done!), while the S&P500 grabs +0.32% towards 5,320, but this will suffice for an all-time best closing... the Dow Jones lags a little with -0.1% (towards 39,950), but it was the only one to break a record on Friday, at over 40,000Pts... a symbolic mark if ever there was one.

Wall Street looks set for a sixth consecutive week of gains, provided that Nvidia's results (+2.7% to $949 at the opening) - to be released on Wednesday evening - live up to investors' expectations, as they will help determine the technology sector's ability to continue pulling the markets upwards.

Analysts are expecting better-than-expected performances from the Californian processor manufacturer and an increase in its annual targets, as is the group's custom.

Beyond its forecasts, professionals also want the group to prove its ability to maintain its undisputed 'leadership' in the AI segment, perhaps with the announcement of new projects.

Good news would undeniably confirm the favorable direction of tech stocks, particularly those focused on artificial intelligence.

With Nvidia's share price up by more than 88% since the start of the year, some investors are beginning to wonder about its remaining upside potential... but many see the stock finishing above $1,000 this Friday, May 26.

Market participants will also be keeping an eye on a whole series of statistics, starting with the European PMI indices expected on Friday, which will tell us more about the economic recovery on the Old Continent.

Statistics will be rarer in the USA, although the minutes of the Federal Reserve's latest monetary policy meeting will be closely followed on Wednesday evening.

In recent weeks, markets have reacted positively to slowing inflation and weaker-than-expected indicators from the USA, as they presage further rate cuts by the Fed.

While the adage 'Bad news is good news' currently prevails, some strategists are wondering whether a context of softer growth could end up having a negative impact on world stock markets.

The question now is: how long can negative macroeconomic news continue to support equity valuations?" asks Florian Ielpo, Head of Macroeconomic Research at Lombard Odier Investment Managers.

"It seems that falling interest rates are no longer enough to support the markets, which raises the spectre of potential pitfalls", warns the professional.
Bond markets start the week on a heavy note, with +2Pts on T-Bonds at 4.4400%, our OATs and Bunds posting +1Pt at 3.0200% and 2.5230% respectively.
Gold nears record highs at $2,420, while the $ remains stable at 1.0870E.

In news from French companies, Danone announced on Friday evening that it had completed the sale of its EDP (dairy and plant-based products) activities in Russia to Vamin R LLC, following receipt of the required Russian regulatory approvals, as announced on March 22.

Eiffage announced on Friday evening that over 57,000 employees had subscribed, via the FCPE Eiffage Actionnariat Relais 2024, to its capital increase reserved for employees announced on February 28.

Alstom announced that the first four trams in the Nantes Métropole T1 tramway project had entered commercial service on Saturday, as part of the gradual replacement of the 46 TFS streetcars that have been running in Nantes since 1984.

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