The day after a "3 witches" session that saw the CAC40 set new all-time highs, the index is holding firm: after several hours marked by a modest decline of -0.2% to -0.3%, in almost non-existent volumes (0.5 billion euros at 1pm, 0.9 billion euros at 4.45pm), the index is back to equilibrium, well helped by the rise in banking stocks, notably Crédit Agricole and BNP-Paribas.
However, the automotive equipment sector was down 12% on Forvia and 6% on Valéo.
European markets also returned to equilibrium, but trading was reduced to its simplest expression: this is not
a surprise in the absence of American operators (celebrating President's Day).

French stocks did not react to Bruno Le Maire's remarks on TF1's "20H" on Sunday.
This weekend, the French Finance Minister announced a downward revision of the country's growth forecasts for 2024, from 1.4% to 1% (as did the IMF, but the OECD expects no more than 0.6%, while the economists' consensus is for 0.8%).
As a result, the State will have to make 'ten billion euros in additional savings' (including 800Mn in budget cuts for 'my renovation bonus' and 1MdE in cuts to 'development aid').

After the deluge of results, statistics and monetary decisions of recent weeks, the week ahead promises to be calmer than the previous ones... but watch out for the publication of Nvidia's quarterly results on Wednesday: expectations are stratospheric and behind a gain that has already reached +46% this year.
Any disappointment could result in heavy profit-taking, and would impact the semiconductor sector, which has been driving the S&P500 since autumn 2022.

In terms of US figures considered important by Wall Street, we'll have to wait until Thursday to discover the preliminary results of S&P Global's surveys of private-sector purchasing managers (PMI).

The market will also take stock of the US Federal Reserve's monetary policy with the release, on Wednesday evening, of the 'minutes' of the January meeting, which saw the Fed keep rates unchanged.

Expectations of a rate cut in the US have been sharply revised downwards recently in the wake of good figures on growth, employment and inflation.

Whereas at the beginning of the year, the market was expecting rates to fall by 175 to 200 basis points from March onwards, it is now expected that rates will fall by only 100 basis points, starting in June.

In Europe, the week is still relatively busy, with upcoming announcements from Air Liquide, Carrefour, Nestlé, Mercedes-Benz, AXA, Engie, Deutsche Telekom, Allianz and BASF.

Bond markets are slumbering in the absence of any catalyst, with OATs and Bunds off +1Pt at 2.89% and 2.41% respectively, and UK Gilts tightening +4Pts to 4.15%.
Dollar-Index is also flat at 104.33, with the Euro down -0.05% at $1.0770.
Gold ($2.015) and oil lagged by less than 0.05% respectively.

In French company news, Stef, a group specializing in cold logistics, reported that its Board of Directors had decided to cancel 150,000 treasury shares, representing 1.15% of the share capital, which had been acquired as part of a share buyback program.

Thales announces that its SurfSAT-L solution will provide satellite communication capabilities for the F126 frigates, the largest frigates in the German Navy's fleet, capable of operating at all latitudes.

Air Liquide announces that it is investing over 50 million euros to build an innovative new production unit in Singapore and to transform its current facilities in Malta, New York, in order to supply ultra-pure nitrogen to GlobalFoundries.

Veolia announces that, via its Hungarian subsidiary, it has signed an agreement with Uniper for the acquisition of a 430-megawatt power plant in Gönyu, northwest Hungary.

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