The Paris Bourse remains in the red after yesterday's 1.9% advance to 7266 points. By mid-afternoon, the CAC40 index was down 0.2% at 7248Pts.

US indices began the session higher (Dow Jones +0.3%, S&P500 +0.5%, Nasdaq +1.8%), while investors seem to prefer the hypothesis of a temporary correction in equity markets.

While he welcomes the accommodative message sent out by the Bank of Japan on Tuesday night and the clear easing in US interest rates since the end of July, Christopher Dembik warns that "this will certainly not be enough in the short term".

The Pictet AM advisor notes that the market is still debating the possibility of a US recession, a scenario which seems to him to be "far removed from reality", and that European companies are continuing to lower their annual guidance.

As much as we have no doubt that the US equity market will recover this year, we fear that it will be more sluggish in Europe", he warns, advising caution, "even if valuation levels are very attractive".

With little to do on the macroeconomic front (apart from the traditional US jobless claims), this Thursday will again be marked by quarterly results in Europe and the USA.

The Labor Department reports 233,000 new jobless claims in the US for the week ending July 29, down 17,000 on the previous week.

In Paris news, Sanofi reports that, according to the GMMG-HD7 Phase III study, its Sarclisa induction therapy significantly improved progression-free survival in patients with multiple myeloma.

Getlink, Eurotunnel's parent company, reports that its shuttle services saw traffic increase by 4% for trucks, but fall by 2% for passenger vehicles in July, year-on-year.

UBS reaffirms its 'buy' recommendation on Crédit Agricole SA, with a price target raised from 15.6 to 15.9 euros, a new target that offers 20% upside potential for the French bank's shares.

CASA's performance in the second quarter of 2024 exceeded market expectations", notes the broker, who also points to a "mix of results well adapted to lower rates" and an "attractive valuation (at six times 2025 excluding Amundi)".

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