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 yet cautious following the United States' surprise intervention in Caracas, which resulted in the ousting and deportation of the Venezuelan president. This morning, analysts at Mirabaud Bank described the episode as "a structuring strategic signal."
"It marks part of a broader reconfiguration of American foreign policy, characterized by a geographic refocusing, a stricter prioritization of interests, and a willingness to use power plays when vital interests are perceived to be at stake."
After the initial shock of the intervention, Europeans are now concerned about Donald Trump’s expansionist ambitions regarding Greenland. Denmark has already warned that if the United States were to target a NATO country, it would simultaneously signal the end of the Alliance. This is a political cost that Washington may find hard to bear... or so Europeans hope.

While awaiting developments on these fronts, investors had several new statistics from the Old Continent to digest this morning. Private sector activity in France has stalled, slipping from 50.4 in November to 50 in December.
Meanwhile, over one year, consumer prices in France are expected to rise by 0.8% in December 2025, marking a slight slowdown after the +0.9% annual rate recorded in November, according to a provisional estimate by 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. The consensus had been for 51.5. The services PMI slipped from 53.1 to 52.7, compared to a consensus of 52.6.
Across the eurozone, the Composite PMI, which includes both manufacturing and services sectors, was 51.5 in December, down from 52.8 in November and below the expected 51.9. The services PMI dropped from 53.6 to 52.4, versus a consensus of 52.6.

On the bond market, the 10-year Bund yield is steady at 2.85%, with the French OAT of the same maturity also unchanged 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 corporate news, Carrefour has announced its entry into the Ethiopian market through a franchise agreement with Queens Supermarket PLC, a subsidiary of Midroc Investment Group, thus advancing its international expansion goals.
Airbus announced Tuesday that Taiwanese airline Starlux has taken delivery of the first of 18 A350-1000 aircraft it has ordered, making it the 11th operator worldwide of the European manufacturer'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 posted first-quarter 2025-26 sales of 833.4 million euros, up 8.3% (including +5.3% organic growth), "in a context of ramping up camper van production."