What better way to start a new calendar month than by setting new all-time records (DAX40, Euro-Stoxx50, S&P500, Nasdaq Comp.., Nasdaq-100, Nikkei, etc.)?
March gets off to an even better start with the week ending on a 5/5 rise for the E-Stoxx50 (+0.1%, but it broke through 4,900 this morning), and a +0.3% gain for the Nasdaq... the US indices are on course for an 18th week of gains (an all-time record).
The Paris Bourse is moving in the opposite direction to Wall Street, falling by 0.15/0.20% to 7915 points, i.e. -50pts from the opening: this changes everything, as the CAC40 will be one of the only indices to end the week in negative territory (-0.6%), while the Nikkei is soaring by +2.1% on the weekly, and is close to 40,000Pts.000Pts.

This morning, investors took note of various statistics, such as the HCOB PMI index for eurozone manufacturing industry, produced by S&P Global, which stood at 46.5 in February, relatively stable compared with the ten-month high recorded in January (46.6).

In France, the PMI HCOB index for the manufacturing industry, produced by S&P Global, recovered from 43.1 in January to 47.1 in February, its highest level since March 2023, thus highlighting a sharp slowdown in the sector's contraction.

On the bond market, Thursday's and early morning's attempt at a rebound came to nothing, with OATs rallying +3pts to 2.9030% and Bunds posting +1.5pts to 2.4200%.

T-Bonds, on the other hand, eased -3pts to 4.22%, marking a good week with a spread of -5pts.
Still to be digested are the poor ISM manufacturing results and the fall in the University of Michigan's consumer confidence index.

Activity in the US manufacturing sector contracted for the 16th month in a row in February, according to the monthly survey published Friday by the Institute for Supply Management (ISM).

The ISM manufacturing index fell to 47.8 last month, from 49.1 in January (and 49.5 expected).

The new orders sub-index fell by 3.3 points back below the critical 50-point threshold, to 49.2 from 52.5 the previous month.

The component measuring production also sank into the contraction zone, to 48.4 in February from 50.4, while that measuring prices paid remained high, at 52.5 compared with 52.9 in January.

U.S. consumer confidence deteriorated sharply in February, according to the University of Michigan's final reading of 76.9, compared with a preliminary estimate of 79.6 and 79 for the previous month.

The dollar lost 0.2% and the euro climbed to 1.0835.

In French company news, at the close of the 2024 Heli-Expo in Anaheim, California, Airbus Helicopters claims 155 commitments, including 40 firm orders, from customers worldwide for a variety of its multi-mission helicopters.

Maurel & Prom reports a 3% increase in net income to $210 million, despite a 19% decline in EBITDA to $359 million, on virtually stable sales (+1%) of $682 million.

Vallourec reports EPS of 2.07 euros for 2023, compared with -1.60 euro the previous year, and EBITDA up 67% to nearly 1.2 billion euros, above the upper limit of its previously communicated range.

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