The Paris stock market ended the first session of the week with a limited decline of 0.18%, to 7332 points, penalized in particular by Teleperformance (-3.3%), Alstom (-3.2%) and Thales (-1.8%), despite several attempts to return to equilibrium.

While December is traditionally a good month for equity markets, the start of the month is marked by the approach of US job creation figures for November, expected on Friday.

After the better-than-expected inflation indicators published in recent weeks, this statistic promises to be decisive for the evolution of the Federal Reserve's monetary policy.

As in previous months, investors are hoping for a half-and-half figure that would give the Fed additional arguments for cutting rates.

Fed boss Jerome Powell said on Friday that it was premature to talk about a rate cut and assured investors that a rate hike remained on the table, but the markets seem to have decoded another message that said 'we will cut rates sooner rather than later'.

Friday's statistics will be preceded on Tuesday by the ISM Services PMI, then on Wednesday by the ADP private sector job creation survey, before the Michigan consumer confidence index on Friday.

Other indicators on the week's menu include European services PMIs, eurozone Q3 retail sales and GDP, and Germany's final inflation figures.

The easing of the past 5 weeks has come to a halt on the US bond front: the 'ten-year' has recovered +2pts to 4.242%, but is still trading at its lowest level since the end of August.

On the other hand, yields continue to ease in Europe, where the German Bund has erased a further -2pts to 2.3430%, confirming the prospect of a recession in the second half of 2023.
The OAT 2033 followed suit with -2Pts at 2.908%.

Given the inverse trajectory of yields on Monday, the Euro continued to weaken (-0.6%) to $1.082/euro, while the oil market confirmed its bout of weakness, as the production cut announced by Opep+ on Thursday failed to offset signs of a slowdown in demand.

Brent thus lost 1.3% to $78.3, as did US light crude (West Texas Intermediate, WTI), down 1.3% to $73.5.

In French company news, TotalEnergies (-1.5%) announced that it had signed the investment agreement for Mirny, a $1.4 billion project involving the construction of a 1 GW onshore wind farm and 160 wind turbines.

Société Générale announced on Monday that it had launched its first digital green bond, a further illustration of the services developed by the French bank in the digital securities segment.

On the occasion of COP 28 in Dubai, Veolia reaffirmed its commitment to invest 1.6 billion euros by 2030 to move away from coal in Europe. By the end of 2023, it will have already invested 500 million euros in this area.

ADP announces that its subsidiary ADP Ingénierie has agreed with the French National Financial Prosecutor's Office to put an end to the investigations into certain contracts concluded in Libya in 2007 and 2008, and in the Emirate of Fujaïrah in 2011.

Finally, Airbus announces the signature of a contract for the final phase of the European Space Agency's (ESA) TRUTHS mission, as part of ESA's Earth Watch program for the study of climate change.


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