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CAC40: timid weekly rebound, very negative quarterly results

( - This session of the "4 witches" remains grayish (-0.
5% in Paris, with the CAC hovering around 7,635), in surprisingly low volumes for the end of a quarter (1.75 billion euros in 7.5 hours of trading), and the Euro-Stoxx50 is no better off, with a -1% decline bringing it back into contact with the 4,900Pts mark (a bearish scenario would emerge below this technical threshold).900Pts (a bearish scenario is likely to emerge below this technical threshold).

The Paris Bourse was penalized by STMicro (-1.8%), Renault and Saint-Gobain (-3.2% on average).

For the week as a whole, the leading index is currently up between 1.7% and 2%: scant consolation, given that it fell by over 6% last week.
For the quarter ending tonight, the decline is close to -7%, while the Nasdaq is up +8% and the S&P +4.5%
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.

On Wall Street, the bullish momentum of June 8-18 seems to be running out of steam, with the US indices moving in mixed order, with the S&P500 and Nasdaq at -0.2%, while the Dow Jones is making symmetrical progress towards 39.200, a resistance threshold that has held the index since May 23.
The PMIs published in the afternoon do not seem to have had any notable impact.

Growth in the US private sector accelerated very slightly in June, according to S&P Global's composite PMI index, which came in at 54.6 in flash estimates, compared with 54.5 in final data for the previous month.

S&P Global points out that production has now risen continuously for 17 months in a row, with a marked improvement in the pace of expansion between May and June, while price pressures have eased.

It was also PMI day in Europe: the morning was punctuated by the publication of the flash PMI HCOB composite index of overall activity in the eurozone. The index 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 HCOB flash composite PMI index for 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, business sentiment remained stable in June compared with May (for the third consecutive month), according to Insee's synthetic indicator, which stood at 99, just below its long-term average (100).
The yield on the ten-year German Bund, the benchmark for the eurozone, eased to 2.394% (-3 pts), while the OAT stagnated at 3.154%: the spread widened again to over 75 pts.

US bond yields stabilized after yesterday's sharp deterioration.
Ten-year Treasuries stand at 4.250/4.2550%, while 2-years remain just as immobile at 4.7300%.

The euro erases its morning gains and falls back to $1.0690, while Brent crude oil grabs 0.3% in London, at $86 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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