The Paris stock exchange displayed hesitant behavior for the third consecutive session: after numerous dips into negative territory, the CAC40 managed to edge up by about 0.2%, hovering around 8,090 points. The index was buoyed by Stellantis (+7%, driven by expectations of a US recovery and an upgrade from 'neutral' to 'buy' by UBS), STMicro (+4.3%), and Airbus (+3%).

The Euro-Stoxx50 also gained 0.2% to approach 5,700 points, while the DAX40 and Brussels markets remained flat.

On Wall Street, trading resumed in a mixed fashion, with a prevailing sense of status quo: the Nasdaq rose by 0.25%, the Dow Jones slipped by 0.25%, and the S&P500 was perfectly balanced at 0.00%.

The session was marked by the release of a slew of US statistics, following a drought linked to the government 'shutdown'.

The evolution of the US labor market has become a major focus just a week ahead of the Federal Reserve's final statement. The question is no longer whether the Fed will cut rates on December 10 (near-unanimous consensus), but whether it will continue this path into 2026.

Hopes for ongoing monetary easing were revived by the unexpected loss of 32,000 private sector jobs in the United States in November--a period when hiring is traditionally robust in retail ahead of Thanksgiving.

The monthly survey by ADP stood in stark contrast to expectations (+10,000 jobs) after October's 47,000 job gains (a figure revised from a previously reported loss of 42,000 jobs--a swing of 89,000, raising questions about the methodology and reliability of the data).

Elsewhere, US private sector growth slowed slightly in November, according to S&P Global's final composite PMI, which came in at 54.2 (revised from a flash estimate of 54.8 and down from 54.6 in October).

The ISM services index painted a more positive picture: the tertiary sector accelerated slightly to 52.6 in November from 52.4, with improved employment (contradicting ADP), while the pace of new orders slowed.

The Institute for Supply Management's monthly survey reported that the employment sub-index rose to 48.9 from 48.2, while the new orders sub-index plunged to 52.9 from 56.2. Prices paid by sector firms fell to 65.4 from 70.0 in October.

The trajectory of US economic activity appears to be on a gentle downward slope, supporting bond markets: the yield on 10-year Treasury notes fell further, down 24 basis points to 4.063%, while the two-year yield dropped 1.3 points to 3.428%.

In Europe, the French OAT yield eased symbolically by 0.7 points to 3.487%, the Bund by 0.9 points to 2.743%, and the Italian 10-year by 2.5 points to 3.442% (the spread between BTP and OAT widened to nearly 5 points).

In the eurozone, the HCOB composite PMI for overall activity rose for the sixth consecutive month, from 52.5 in October to 52.8 in November, reaching its highest level since May 2023 and surpassing its historical average (52.4).

In France, the HCOB composite PMI for overall activity climbed above the 50 mark, entering positive territory for the first time since August 2024--rising from 47.7 in October to 50.4 in November.

In London, Brent crude gained 1% to $63, with WTI also at $59. The euro edged up 0.2% against the US dollar to $1.164, while Bitcoin continued its rebound to 92,500.

In French corporate news, Airbus has revised its target for commercial aircraft deliveries this year to about 790, down from a previous goal of 820. The manufacturer faces supplier quality issues affecting the fuselage panels and delivery flow for its A320 family. After losing nearly 7% over the past two sessions, Airbus shares rebounded 3% today.

Eutelsat dropped more than 7% in Paris after Softbank announced yesterday it would sell 36 million of its subscription rights in the European satellite operator. The offer of 36 million rights equates to about 26 million Eutelsat shares, or nearly half of Softbank Group Capital's current stake. Eutelsat shares have now hit their lowest level since mid-June.

Finally, Clariane announced the sale, to Belgian real estate company Care Property Invest, of a portfolio comprising the real estate of nine nursing and care homes developed between 2010 and 2025 and operated by Korian Belgium.