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CAC40: negative but SBF-120 at +0.4%, W-Street back in positive territory

( - The Paris stock market lost nearly 0.
3%, with the CAC40 hovering for several hours around 7,230/7,240 points (in volumes of less than 1.1 million euros), penalized in particular by the decline in the luxury goods sector, with Kering, Hermès and Pernod-Ricard all down 2.5%, and LVMH down 2.3%.... but Air Liquide (+0.8%) and Safran (+1.1%) set new all-time records.
The SBF-120 - exceptionally - remained positive by +0.4% at 5,535, while the Euro-Stoxx50 fell by -0.3%, also due to the weight of the decline in luxury goods.

Wall Street has reversed course and is attempting to erase its small losses of the previous day (-0.2%): the autumn "rally" is still "alive" and after 4 consecutive weeks of gains, a 5th could materialize as rates continue to ease.

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

The VIX index - often dubbed the "fear barometer" - eased by -0.5% to around 12.6 points, in contact with its lowest levels of the year and even since January 15, 2020.

Treasury bonds made an excellent start to the week, with yields easing sharply on both sides of the Atlantic, with the yield on 10-year Treasuries falling by -3.5pts to 4.357% (stable on Tuesday), at a low of over 2 months.
OATs and Bunds eased a further -6 basis points to 3.055% and 3.493% respectively.

Thursday's publication of inflation figures for Europe and the United States is sure to fuel the debate that has been driving 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 rebounded by +3pts in November (after 3 months of decline) on the back of a small brightening in household expectations.

According to the monthly survey of the Conference Board employers' organization, the confidence index reached 102 this month, compared with 99.1 (revised from 102.6) in October.

The expectations sub-index improved to 77.8 from 72.7 last month, while the current situation sub-index eased to 138.2 from 138.6

The expectations sub-index fell below the 80-point threshold for the 3rd consecutive month, a level generally associated with the onset of a recession within a year, warns ConfBoard.

According to the association, two out of three consumers now consider a recession to be 'very likely' or 'somewhat likely' over the next 12 months.

This morning, 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.
With 48 hours to go before an OPEC+ meeting which, according to specialists, could reveal some dissension within the cartel, North Sea Brent gained 1% to $80.8 a barrel, as did US light crude (WTI), which also gained 1% to $75.7.

In a note released yesterday, BofA strategists said they expected oil prices to rise again 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 reach 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.

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