The Paris stock market lost nearly 1% this morning around 7370 points, weighed down by Pernod Ricard (-5.4%), Alstom (-2%) and LVMH (-1.9%).

This last session of the week promises to be the most important since the start of the year, with a particularly full calendar of statistics.

For the moment, investors are wondering about the Fed's monetary easing timetable, doubts which have led to a rebound in US bond yields.

Analysts also point to the emergence of a sector rotation in favor of defensive stocks, which did not perform well on the stock market last year.

'This translates into a preference for banking- and healthcare-related stocks, while cyclicals (technology, consumer, communications) are underperforming due to the rise in bond yields', explain Danske Bank's teams.

At 2.30pm, the highly scrutinized US employment report will be published. Economists are expecting job creation to slow sharply to 140,000 in December, compared with 199,000 in November.

Prior to this report, the week's indicators - weekly jobless claims and the ADP private employment survey - all pointed to an easing of the US labor market.

Investors are also awaiting the ISM services index and industrial orders, which will provide further information on the health of business activity.

In the eurozone, the first estimate of eurozone inflation for December, to be published at 11:00 a.m., should show a temporary rebound in prices, mainly due to technical factors.

On the bond front, the yield on 10-year Treasuries has risen by 3.3pts, above 4%, while that on the German Bund with the same maturity stands at 2.15% (+4.2pts).

The euro is still hovering around $1.092/euro.

Oil prices continue to benefit from geopolitical tensions: Brent crude is up nearly 1% at almost $78.5 a barrel.

In French company news, the Stef group announces the acquisition, effective immediately, of Bakker Logistiek's activities in the Netherlands.

LDC reports cumulative sales for the first nine months of its 2023-24 fiscal year, up 7.7% to 4.55 billion euros (-1.1% in volume). On a like-for-like basis, sales rose by 4.8%, despite a 1.4% drop in volumes.

Finally, while confirming its 'hold' recommendation on Pernod Ricard, Stifel has lowered its target price by 8% to 170 euros, in the wake of a reduction of around 6% in its earnings forecasts for the French spirits group.

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