The Paris stock exchange is edging lower this morning, hovering around 8,165 points (-0.5%), weighed down by Legrand (-3.3%), Dassault Systèmes (-3.2%), and Capgemini (-2.9%).
Markets remain calm but cautious following the surprise U.S. intervention in Caracas, which led to the ousting and deportation of the Venezuelan president. This morning, analysts at Mirabaud Bank described the episode as "a structuring strategic signal."
"It is part of a broader reconfiguration of American foreign policy, marked by a geographic refocus, a stricter prioritization of interests, and a willingness to use force when vital interests are at stake."
After the initial shock of the intervention, Europeans are now concerned about Donald Trump's expansionist ambitions in Greenland. Denmark has already warned that if the United States were to target a NATO country, it would effectively spell the end of the Alliance. This is a political cost Washington may find hard to bear... or so Europeans hope.

While awaiting developments on these fronts, investors this morning digested several statistics from across the Old Continent. In France, private sector activity stalled, slipping from 50.4 in November to 50 in December.
Meanwhile, year-on-year consumer prices in France are expected to rise by 0.8% in December 2025, marking a slight slowdown after the annual rate of +0.9% recorded in November, according to preliminary estimates from Insee at the end of the month.

In Germany, the S&P Global Composite Purchasing Managers' Index (PMI), which covers both manufacturing and services, came in at 51.3 in December, down from 52.4 in November and below expectations of 51.5. The services PMI slipped from 53.1 to 52.7, just above the consensus of 52.6.
Across the eurozone, the Composite PMI, which tracks both manufacturing and services sectors, landed at 51.5 in December versus 52.8 in November, missing the expected 51.9. The services PMI dropped from 53.6 to 52.4, against a consensus of 52.6.

On the bond market, the 10-year Bund yield remains steady at 2.85%, as does the French OAT of the same maturity at 3.56%. In London, Brent crude is trading at 61.9 USD (+0.2%). The euro is stable against the greenback, around 1.171 USD.

In French corporate news, Carrefour announced its entry into the Ethiopian market via a franchise agreement with Queens Supermarket PLC, a subsidiary of Midroc Investment Group, thus advancing its international expansion goals.
Airbus announced Tuesday that Taiwanese carrier Starlux has taken delivery of the first of 18 A350-1000 aircraft it has ordered, making it the 11th operator worldwide of the European planemaker's largest long-haul model.
Maurel & Prom has finalized the acquisition of a 61% stake in the Sinu-9 gas permit in Colombia.
Finally, Trigano reported first-quarter 2025-26 revenue of 833.4 million euros, up 8.3% (including +5.3% organic growth), "in a context of ramping up motorhome production."