The Paris Bourse ended the session down 0.57% at 7,168 points, its lowest level of the day, penalized by declines in Worldline (-2.9%), Kering (-2.7%) and TotalEnergies (-2.6%).

The Paris index thus marks a clear pause after a bullish sequence that reflected renewed optimism about inflation and the US economic situation.

For the time being, investors seem to be taking profits, as they take time to digest this particularly powerful uptrend (10 out of 13 sessions).

Market enthusiasm was also fueled by the recent readjustment of the outlook for rate hikes in the United States, with the probability of tightening now estimated at 0% at the end of the next Fed meeting.

While investors are anticipating the end of the cycle of monetary tightening by the major central banks, the persistence of high inflation may nonetheless call into question market optimism, point out the teams at BFT Investment Managers.

In the bond compartment, our OATs are stable at around 3.15%, as are Bunds (2.58%), while the yield on US ten-year Treasuries is easing again to 4.463% (-7pts), as the decline in inflation becomes increasingly visible due to falling energy prices.

Indeed, oil prices are falling, with Brent crude dropping 3.9% to around $77.9 a barrel.

On the statistics front, manufacturing activity weakened: the Philly Fed's Philly Fed Index rose by three points, but remained negative at -5.9 this month.

This is the 16th negative reading for the index in the last 18 months.

In addition, following a 0.1% rise the previous month (revised from an initial estimate of +0.3%), US industrial production fell by 0.6% in October, including a 0.7% drop in manufacturing output proper.

Meanwhile, the employment index points to overall stability in employment, and both price indices point to overall price rises. Future indicators suggest that corporate growth expectations for the next six months remain subdued.

Also in the USA, the Labor Department announced 231,000 new jobless claims in the country in the week to November 6, up 13,000 on the previous week.

In French company news, ADP announced last night that passenger traffic at its two Paris airports rose by 8.3% in October compared with the same month last year, to 8.9 million people carried.

Airbus reports that Emirates has signed an order for a further 15 A350-900 aircraft at the Dubai Airshow, bringing its total order to 65 aircraft.

TotalEnergies EP Gabon, owned 58.28% by TotalEnergies and 25% by the Gabonese state, reports net income of $18 million for the third quarter of 2023, a slight 6% improvement on the second quarter.

Finally, Safran Nacelles announces the renewal of its service contract with Egyptair Maintenance & Engineering, covering full thrust reverser support for the airline's 11 Airbus A330ceo aircraft.


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