The Paris stock exchange (+0.1%) may end the day in positive territory, but it will be a close call: the CAC40 continues to display a hesitant pattern for the third session in a row.

After multiple dips into the red, the CAC40 is inching up by around 0.1%, hovering near 8,080 points, buoyed by Stellantis (+7.7%, driven by expectations of a US recovery and an upgrade from 'neutral' to 'buy' by UBS), STMicro (+3%), and Airbus (+4%).

The Euro-Stoxx50 is also up by +0.1% around 5,593 points, the DAX40 is flat, Brussels slips by 0.4%, while Amsterdam gains.

Wall Street reopened in mixed fashion, with a general sense of stasis: -0.2% on the Nasdaq (despite a +7.3% surge for On.Semi and Microchip), +0.45% for the Dow Jones, and a perfectly balanced S&P500 at +0.10%.

The session was marked by the release of numerous US statistics, following a lean period caused by 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 policy statement: the question is no longer whether the Fed will cut rates on December 10 (near-unanimous expectation), but whether it will continue this trend into 2026.

Hopes for a continued monetary easing cycle were revived by a surprise loss of 32,000 private sector jobs in the US in November--a period when hiring is typically strong in retail ahead of Thanksgiving.

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

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

The ISM services index paints a somewhat brighter picture: the tertiary sector accelerated slightly in November to 52.6 from 52.4, with an improvement in employment (contradicting the ADP data), while the pace of new orders slowed.

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

The trajectory of US economic activity is on a slight downward path, which is supporting the bond markets: the 10-year Treasury yield fell further, dropping 1.4 basis points to 4.074%, while the 2-year yield declined 1.6 basis points to 3.500%.

In Europe, the French OAT eased slightly by -0.2 points to 3.491%, the Bund by -0.4 points to 2.748%, and the Italian 10-year by -2 points to 3.446% (the spread between the BTP and the OAT has 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 threshold, 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 is up 1% at $63, with WTI also at $59. The euro is gaining 0.2% against the greenback at $1.164, while Bitcoin continues its rebound at 92,500.

In French corporate news, Airbus is now targeting around 790 commercial aircraft deliveries for the current year, compared to a previous goal of 820. The aircraft manufacturer is facing supplier quality issues with fuselage panels, affecting the delivery flow of its A320 family. After dropping nearly 7% over the past two sessions, the stock is rebounding 3% today.

Eutelsat is down 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 around 26 million Eutelsat shares, nearly half of Softbank Group Capital's current stake. Eutelsat shares have now hit their lowest level since mid-June.

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