The Paris Bourse consolidated by -0.4% to 7,180 points, penalized in particular by the luxury goods sector, with Kering and LVMH at -2.3%.

After ten sessions of gains out of 13 - thanks to renewed optimism about inflation and the US economy - investors seem keen to take some profits.
It should be noted that since November 27, the CAC has recovered more than 6% in a straight line, consecutively re-crossing the 6800, 6900, 7000, 7100 and 7200 point thresholds.
And this is nothing compared to the Nasdaq's +12.5% in 13 out of 15 up sessions.
Wall Street has just reopened lower, with modest gaps ranging from -0.1% to -0.25% (Nasdaq).
After such an impressive run, it's perfectly normal for markets to take a short pause to digest this particularly powerful move, which has enabled them to reactivate their short-term uptrend.

'Such a technical rebound was conceivable after three consecutive months of declines in global equities, which had led to extreme configurations on a number of indicators (oversold markets, investor positioning)', recalls BNP Paribas Asset Management.

The markets' enthusiasm is explained by the recent readjustment of rate hike prospects in the USA, with the probability of tightening now estimated at 0% at the end of the next Fed meeting.
While investors anticipate the end of the monetary tightening cycle of the major central banks, the persistence of high inflation could call market optimism into question, point out the teams at BFT Investment Managers.
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On the bond front, our OATs and Bunds are erasing -4Pts respectively, and the yield on 10-year US Treasuries is easing back to 4.463%, while the decline in inflation is becoming increasingly visible due to the fall in energy prices.

Meanwhile, manufacturing activity is weakening: the 'Philly Fed' index, calculated by the Philadelphia Fed, rose by three points, but remained negative at -5.9 this month.
This is the 16th negative reading for the index in the last 18 months.

Overall, then, manufacturing activity in the Philadelphia region continued to decline. The shipments indicator has turned negative, while the new orders indicator is positive but weak.

The employment index indicates overall stability in employment, and both price indices point to overall price increases. Future indicators suggest that corporate growth expectations for the next six months remain moderate.
On the energy front, oil prices fell from -1.9% to -2% (Brent crude back towards a low of $79.5) following yesterday's announcement of a weekly rise in crude oil inventories (US WTI down 2.1% at $76.6).

In French company news, ADP announced last night that passenger traffic at its two Paris airports rose by 8.3% in October compared with the same month last year, to 8.9 million people carried.

On the occasion of its quarterly publication, Vallourec now expects EBITDA (gross operating profit) of between €1,075 and €1,175 million for 2023 (previously expected to be between €950 million and €1.1 billion).

Finally, TotalEnergies EP Gabon, owned 58.28% by TotalEnergies and 25% by the Gabonese state, reports net income of $18 million for the third quarter of 2023, a slight 6% improvement on the second quarter.

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