After last week's downturn, the Paris Bourse should try to get back on track on Monday morning, even if volumes are likely to be relatively limited on this public holiday commemorating the Armistice of November 11, 1918.

At around 8:15 a.m., the future contract on the November CAC 40 index was up 32.5 points at 7,373, heralding a positive start to the session.

Over the past week, the Paris market had posted a decline of close to 1%, a third consecutive week in the red, bringing its losses since January 1 to some 2.7%, while the Nasdaq has climbed 28% in the meantime, a record differential of over 30%.

The Euro STOXX 50 - which lost 1% last week for the second week in a row - is up by just 6.2% this year, compared with a 25% gain for the S&P 500, again a gap unprecedented in 25 years.

The underperformance of European stock markets worsened last week, against the backdrop of the Trump trade, which saw all US equities soar and the dollar rise on expectations of tax cuts promised by the next US president.

Last week thus ended on a high note on Wall Street, with another record-breaking week that saw the Dow Jones briefly break back above the 44,000-point threshold.

The S&P 500 - the benchmark index for American stock market managers - broke through the symbolic 6,000-point barrier for the first time in its history.

Against this backdrop, investors may continue to be cautious about equities on the Old Continent, which they see as more vulnerable to the economic slowdown.

'US equities have more to offer', summarized Pictet AM's teams on Friday, judging that less favorable conditions in Europe should push the ECB to cut rates more sharply than the Fed.

Given the forthcoming cuts in public spending in the region's two major economies, France and Germany, as well as disappointing growth in Europe more generally, it is likely that the ECB will have to cut rates below the neutral rate of 2%", the asset manager predicted.

While there are no economic indicators or company results on today's agenda, due in particular to the closure of US public administrations for "Veterans Day", the next few days should be richer in publications.

In Germany, tomorrow's ZEW investor sentiment index could reflect the impact of the political crisis caused by last week's break-up of the tripartite coalition.

In the United States, tomorrow's consumer price figures should confirm inflation's return to the Fed's 2% target.

Retail sales, expected on Friday, could be affected by hurricane-related disruptions and pre-election uncertainty, which may have dampened household spending.

On the earnings front, several US majors will be unveiling their quarterly accounts in the coming days, including Walt Disney, Cisco, Home Depot, Applied Materials and Spotify.

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