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CAC40: mediocre '4 Witches' session, weak economic situation

( - This session of the "4 witches" will not leave a lasting impression, with a grayish mood (-0.
7% in Paris), surprisingly low volumes for the end of a quarter (1.35 billion euros in 6 hours and a half), and the Euro-Stoxx50 in no better shape, with a -0.9% decline bringing it back into contact with the 4.900Pts (a bearish scenario is emerging below this technical threshold).

The Paris stock market was penalized by STMicro, Renault and Saint-Gobain (-2.5% on average).
But more generally, it is the economic situation that is weighing on investor morale.

The morning was punctuated by the publication of the HCOB flash composite PMI index of global activity in the euro zone. This fell from 52.2 in May to 50.8 in June, showing only a slight increase in private-sector activity levels over the month.

In France, the PMI flash composite HCOB index of overall activity fell from 48.9 in May to 48.2 in June, signalling a moderate decline in French private sector activity in June, with the rate of contraction increasing month-on-month.

Also in France, the business climate remained stable in June compared with May (for the third month running), according to Insee's synthetic indicator, which stood at 99, just below its long-term average (100).

It should also be noted that the consequences of the political uncertainty linked to the dissolution have been felt less since the start of the week, with the CAC closing yesterday's session up 1.3% at 7671 points.

Some traders attribute this upward movement to the success of the latest French debt auction, which was met with strong demand despite the uncertainty surrounding the outcome of the forthcoming legislative elections.

For the week as a whole, the leading index is currently up between 1.7% and 2%, after having fallen by more than 6% last week. For the quarter ending tonight, the decline is almost -7%.

US bond yields are easing after their sharp decline the previous day. Ten-year Treasuries are back to around 4.23% this morning, compared with 4.27% last night.

The yield on the ten-year German Bund, the benchmark for the eurozone, is easing to 2.37% (-5.1pts), while the OAT is only down -2.2pts to 3.134%.

The euro is making a timid recovery to around $1.0720.

Brent crude oil is down 0.3% in London, to $85.5 a barrel.

In French company news, Wendel announces that Scalian has finalized the acquisition of Mannarino Systems & Software, a Canadian engineering company specializing in advanced R&D technologies for aviation, with expertise in safety-critical embedded systems and software.

bioMérieux announces that its Vitek Reveal antibiotic susceptibility testing system, providing results directly from positive blood cultures, has received 510(k) clearance from the US Food and Drug Administration (FDA).

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