The Paris Bourse (+0.3%) stalled near 7,300 (intraday high at 7,296, i.e. +0.65%) and fell back to 7,270 despite a thunderous start to the session on Wall Street, with +0.7% on the S&P500 (4,588) and +1% on the Nasdaq (14,420).
These 2 indices have now risen 18 times out of a series of 22, i.e. a ratio of over 75% (and close to 80% if the rise continues on Thursday 30th), driven by semiconductors, which were the driving force throughout November.

The CAC40 was supported by the automotive sector, with Stellantis up 4.5% (all-time high at 19.60E) and Renault up 2.3%.

Investors were reassured by the first estimate of consumer prices in Germany for November: the 'CPI' fell by 0.6 points to +3.2%, its lowest level since June 2021 (+2.4%), according to Destatis' preliminary estimate.

The 4.5% year-on-year fall in energy prices is said to have had a particularly moderating effect.
Excluding food and energy, underlying inflation is expected to come in at +3.8% for the month just ended, compared with +4.3% in October.

'This reinforces the possibility that inflation in the eurozone will fall further, having already fallen more than expected in September and October', points out Christopher Dembik, strategist at Pictet Asset Management.

Of course, the fall in inflation is likely to reinforce expectations of rate cuts by the ECB, which are one of the main factors driving up financial markets at the moment", he adds.

Another important date is the publication, at 2.30pm, of the second estimate of US gross domestic product (GDP) for the third quarter: at +5.2%, it reflects much stronger growth than the 4.9% initially announced for economic activity over the period from July to September.
Consumption and investment (revised upwards) are the 2 main drivers of the most spectacular growth recorded since the 4th quarter of 2020.

On the currency markets, the euro weakens slightly, down 0.1% to around $1.0984.

On the government bond front, bond yields confirm their positive start to the week, with the yield on the ten-year Bund down 9pts to 2.413%, and the yield on our OATs down 8.5pts to 2.973%, falling below 3% for the first time since August 31 or July 25.

The yield on T-Bonds is also down -8Pts to 4.253%, the lowest since September 14.

Oil prices are rising slightly ahead of the release of US oil inventories this afternoon, and on the eve of a much-anticipated OPEC meeting.

Brent crude is currently up 0.2% at $81.8 a barrel.

In French company news, TotalEnergies reports that it is investing £20 million to acquire a minority stake in Xlinks First Limited, a UK-based company to be founded in 2019, joining investors Octopus Energy and Abu Dhabi National Energy Company.

RIVE Private Investment announces that it has signed an exclusive partnership with Safran Helicopter Engines, which has developed a decarbonization consulting offer with a CO2 emissions tracking model.

EDF announces the success of its first green bond issue dedicated to financing the existing nuclear fleet, for a nominal amount of one billion euros, with a maturity of 3.5 years and a fixed coupon of 3.75%.

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