The Paris stock market is consolidating horizontally and within narrow limits (-0.25%/-0.3%), following a 1.3% gain in two sessions and the registration of its best mark at 7,450 since early August.
The Parisian index is penalized by Teleperformance (-4.3%) and Unibail (-2.3%).
From a technical point of view, chartists are pointing out that the CAC 40 looks set to break out of the congestion zone in which the index has been consolidating for several months.

'A breach of this pivotal level would relaunch the upward movement towards the 7.537 and then the upper part of the horizontal channel at 7592 points', say Kiplink's teams.

'A breach of this major resistance would reactivate the long-term uptrend, with 8015 points as the target', the brokerage even predicts in its latest market update.

Meanwhile, the euro-Stoxx50 is also down -0.3%, as is the E-Stoxx600, while Wall Street is expected to be stable to very slightly positive after the publication of weekly jobless claims: they show a slightly unexpected drop of -2,000 to 220,000 in the last week of November, when there is usually a lot of hiring in the retail sector after the "Thanksgiving" weekend.

On the other hand, "durable" jobless claims are down sharply, with a drop of -64,000 to 1.86 million, proof that hiring was strong last month... an interesting indicator on the eve of the release of the 'NFP'.
Reminder: ADP had published the day before a sharp drop in job creation in the private sector in November (to 103,000).
T-Bonds are down 4.5 basis points to 4.17%, after having shed 87 basis points in 6 weeks.

With 24 hours to go before the publication of the monthly US employment figures, investors are more cautious and wait-and-see, knowing that a weak figure could prompt the Federal Reserve to cut rates.

Conversely, better-than-expected indicators could complicate the Federal Reserve's task of recalibrating its monetary policy.

'There is a risk that if the US employment figures (...) or the central bank speeches scheduled for next week do not go in the direction of a rapid start to the easing cycle, this will lead to high volatility in long rates, which will inevitably be reflected in equities', warns Christopher Dembik, Investment Strategy Advisor at Pictet AM. We need to be vigilant", warns the analyst.

To such an extent that some strategists are wondering whether the stock market's rise this autumn has gone too far too fast.

The markets have tipped into a mild euphoria in recent weeks, taking for granted the advent of a "goldilocks" scenario in the coming months (an economy that is neither too hot nor too cold).

This morning, investors took note of a slight reduction in France's trade deficit in October, thanks to an easing of the energy bill, which led to a fall in imports.

The balance of trade showed a deficit of 8.5 billion euros, an improvement of 200 million euros according to the seasonally and working-day adjusted figures unveiled this Thursday by the French customs authorities.

Across the Rhine, following a 1.3% decline in September, German industrial production fell by 0.4% in October compared with the previous month, according to seasonally and calendar adjusted data from Destatis.
Eurostat confirms a 0.1% contraction in GDP in the Eurozone in Q3, and stagnation in the EU as a whole.
This has resulted in a further easing of European yields, with -2Pts on Bunds and OATs, and -1.5Pts on Italian BTPs.

Oil halted its debacle and recovered 1.2% to $75.3, after bottoming out at $74.4 this morning in London (Prince Bin Salmane is receiving V.Putin today on a state visit to Saudi Arabia: the world's 2 biggest producers of black gold, on a par with the United States).

In other French news, Saint-Gobain announced that it had reached an agreement with Soprema to sell a majority stake in its polyisocyanurate (PIR) foam insulation business operating in the UK under the Celotex brand.

Saint-Gobain also announced the acquisition of Menkol Industries Private Limited, an operation that 'strengthens its positioning in high value-added specialty building materials in a very dynamic Indian market'.

Societe Generale has signed two agreements with the Vista Group to sell its entire stake in its African subsidiaries Societe Generale Burkina Faso and Banco Societe Generale Mozambique, currently held at 52.6% and 65% respectively.

Finally, Sanofi announces that its Sarclisa Phase III trial has met its primary endpoint of progression-free survival in newly diagnosed multiple myeloma patients not eligible for transplantation.

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