The "3 Witches" session is living up to all its promises on Wall Street, where US indices are moving into record territory (S&P500 up 0.1% at 5,300pts, new closing record possible for the Dow Jones at 40,000, Nasdaq rising to 16,700pts at the opening), while European markets are looking grim, with the CAC40 down -0.3% for a negative weekly score of -0.8%.
The underperformance of the Paris stock market (which has stalled below the 8250-point resistance level) contrasts this week - but also this month - with the surge in US indices: May could end with less than a 2% gain in Paris, while the Nasdaq is flirting with +10% and the S&P500 with +7%.

Profit-taking has multiplied since yesterday, as a week marked by relief over US inflation draws to a close.

After May's sharp rise, investors are all the more tempted to play it safe, as next week will be marked by Nvidia's quarterly results.

Analysts are expecting better-than-expected performances from the processor manufacturer and an increase in its annual targets, as is the Californian group's wont.

Good news would undeniably confirm the positive direction of technology stocks, particularly those focused on artificial intelligence.

One of the most striking effects of this week's worse-than-expected inflation figures was the fall in US Treasury yields on Wednesday, in anticipation of increasingly likely monetary easing in the US.

But the trend is reversing in Europe this Friday: the 10-year Treasuries yield is back above 4.40%, having fallen yesterday to 4.32%, its lowest level for over a month; our OATs are +6pts at 3.005%; Bunds are no better off, at +6.2pts at 2.5060; and Italian BTPs are also +6pts at 3.8060%.
The final eurozone inflation figures for April, published at 11:00 a.m., clearly disappointed.
Investors received confirmation that, in the first quarter of 2024, the number of unemployed in France (excluding Mayotte) as defined by the International Labor Office (ILO) rose very slightly, by 6,
,000 on the previous quarter, to 2.3 million people, according to Insee.
In terms of US indicators, investors will be watching this afternoon for the publication of the Conference Board's index of leading indicators, expected to fall by 0.3% in April.

One of Friday's highlights was the confirmed breakout of silver above $29.3 (+3% to $30.50, a ten-year record) and the return of the ounce of gold above $2,400, despite the downgrading of rates and the strengthening of the dollar towards 1.0850/E (+0.15%).

In French company news, Eiffage and Entech announce an agreement to create a joint venture dedicated to the design and integration of storage systems, the construction of the substation for connection to the high-voltage grid, control tools and battery security.

Vinci announces that traffic on its motorway concessions fell by 1.5% in April 2024 year-on-year, a 2.8% drop for light vehicles having been partly offset by a 6.7% increase for heavy goods vehicles.

Lastly, Clariane has announced that it will be carrying out capital increases for a total maximum amount of around 328 million euros, welcoming the HLD Europe Group as a new reference shareholder alongside Crédit Agricole Assurances.

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