The Paris stock market is down nearly 0.5%, with the CAC40 hovering around the 7,230-point mark for several hours (in volumes of less than 950 million euros), penalized in particular by the decline in the luxury goods sector, with Kering down 2.9%, LVMH down 2.6% and Hermès down 2.5%.... but Air Liquide and Safran (+0.8%) set new all-time records.
The SBF-120 - exceptionally - remained positive by +0.1% at 5,520, while the Euro-Stoxx50 fell by -0.4%, also due to the weight of the luxury sector.

Wall Street reopened slightly lower on Tuesday, with the market lacking direction following the recent autumn rally, which has seen the indices rise for four consecutive weeks.

The 3 main New York indices lost between -0.1% (Dow Jones) and -0.3% (Nasdaq), while the S&P 500 (-0.2%) gained nearly 11% since October 27, and +8% over November (best performance in 43 years), a leap that was accompanied by a crushing of volatility.

The VIX index - often dubbed the "fear barometer" - is now trading at around 12.7 points, close to its lowest levels of the year and even since January 15, 2020.

Treasuries have made an excellent start to the week, with yields easing sharply on both sides of the Atlantic, with the yield on 10-year Treasuries at 4.385% (stable on Tuesday) returning to a low of over 2 months.
OATs and Bunds are easing by a further -1.5 to -2 basis points to 3.100% and 3.523% respectively.

Thursday's publication of inflation figures for Europe and the United States is sure to fuel the debate that has been driving the financial markets for months.
In the US, house prices continued to rise in September, albeit at a slower pace than expected, according to the S&P/Case-Shiller index published on Tuesday.

This index, which measures price variations in the country's 20 main urban areas, rose by 0.3% month-on-month, which is less than the 0.7% rate expected by economists.

The Conference Board's closely-watched 'confidence' barometer, to be released this afternoon in the US, is likely to show that US households continue to worry about inflation.

In the meantime, traders were able to take note of an improvement in household confidence in France in November: at 87, its synthetic indicator - calculated by INSEE - rose by three points, but remains well below its long-term average.
48Ha few days ahead of an OPEC+ meeting which, according to specialists, could reveal some dissension within the cartel.

Brent North Sea crude is up 1%, at $80.8 a barrel, as is US light crude (WTI), which is also up 1%, at $75.7.

In a note released yesterday, BofA strategists said they expected oil prices to rebound next year due to the restocking movement affecting commodity markets.

The American investment bank estimates that Brent should reach an average level of $90 in 2024, while WTI is expected to average around $86 over the coming year.

In French company news, Ubisoft Entertainment (-9%) reports that it has successfully completed its placement of OCEANEs (convertible bonds) due 2031 by way of a public offering intended exclusively for qualified investors, for a nominal amount of 494.5 million euros.

Atos (-6.5%) confirmed on Tuesday that it had entered into advanced negotiations with a view to modifying and simplifying certain terms of the proposed sale of its Tech Foundations subsidiary to Daniel Kretinsky.

Nacon reports net income down 61.6% to €3.2 million for the first half of 2023-24, but EBITDA up 20.1% to €29.3 million, representing 43.2% of sales versus 31.4% a year earlier.

Spie announces the signature of an agreement for the acquisition of Munich-based ROBUR Industry Service Group, enabling it to establish a strategic position in the German industrial services market, where Spie had little presence until now.

Copyright (c) 2023 CercleFinance.com. All rights reserved.