The Paris Bourse ended the session with a modest gain of 0.27%, at 7222 points, buoyed in particular by Alstom (+2.6%), Stellantis (+1.5%) and Michelin (+1.5%) in relatively limited volumes, with less than 2.4 billion euros traded since the opening.

On the statistics front, figures from the U.S. Department of Labor showed a 28,000 jump in jobless claims in the week to May 29, to 261,000 from 233,000 the previous week (revised from 232,000).

The report points out that this is the highest number of new weekly registrations since the week of October 30, 2021, when 264,000 new claims were registered.

Furthermore, the four-week moving average - considered a better indicator of the underlying trend in the job market - shows a week-on-week increase of 7,500 registrations to 237,250.

Investors also took note of a slight contraction in the Eurozone economy in the first quarter, with seasonally-adjusted GDP falling by 0.1%, according to an estimate by the European Union's statistical office.
By way of comparison, analysts were expecting GDP to remain stable (0%).

Bearing in mind that GDP had already fallen by 0.1% in Q4 22, the region is therefore in a situation of 'technical recession', characterized by two consecutive negative quarters

Furthermore, while the markets had to contend yesterday with rising government bond yields, 10-year US Treasuries fell back slightly, from 3.783% to 3.75%.

The trend was similar in Europe, where the German 10-year fell by -3pts to 2.413%, while the French OAT for the same maturity fell by 3.5pts to 2.9640%.

On the currency markets, the euro continued its recovery (+0.7%) against the dollar, to around $1.0778, with traders expecting the ECB's aggressive policy to continue to support the European currency.

On the energy front, oil prices are stalling, with Saudi Arabia's decision to cut production from July onwards having done little to stem the fall in barrel prices.

The price of a barrel of US light crude (West Texas Intermediate, WTI) is down 1.8%, at $71; and Brent crude is down almost 2%, at $75.3.

"This phenomenon of falling oil prices, while production continues to fall, could at some point raise fears about global demand and therefore about the strength of the economy", says Vincent Boy, market analyst at IG France, in his latest weekly update.

In French company news, Société Générale announces that it has signed agreements to sell its subsidiaries in Congo and Equatorial Guinea to Groupe Vista, and its subsidiaries in Mauritania and Chad to Groupe Coris.

Aelis Farma announces the publication of a series of studies on AEF0117, its first drug candidate for the treatment of cannabis abuse disorders (addiction and psychosis). In the trial, AEF0117 resulted in a statistically significant reduction in the subjective and reinforcing positive effects of cannabis, the laboratory points out.

Today, the French State implemented the squeeze-out procedure for EDF's shares. The French government now holds the entire share capital and voting rights of EDF, confirming the fully sovereign nature of the company's nuclear power generation activities.

Finally, Worldline announces that it has built and operated 'the first positive toll solution in France for the Lille European Metropolis (MEL)'. The idea is to be able to 'significantly reduce road traffic' by paying motorists a premium for each car journey avoided.


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