The Paris stock market was stable this morning, at around 7455 points, despite Teleperformance (up 4%) and Safran (up 1.4%). On the other hand, the automotive sector appears to be at half-mast, with -1.9% for Renault, -1.8% for Michelin and -1.4% for Stellantis.

The session is likely to be rather quiet as Wall Street closes for the day of national mourning observed in the United States in honor of President Jimmy Carter, who died on December 29 at the age of 100.

The absence of American investors should limit movements on all markets, prompting investors to adopt a relatively cautious stance.
In fact, the buoyant trend that has dominated Paris since the start of the year ran out of steam yesterday as US equities hesitated amid concerns about a new trade war.

According to CNN, Donald Trump intends to declare a national economic emergency in order to quickly implement his plan for "universal tariffs" to reduce the country's trade deficit.
It should be noted that the euro's recent decline could also stimulate the trend, offering opportunities to position oneself in the most export-oriented stocks.

The general climate remains unfavorable to the single currency, with political uncertainty and sluggish growth, two factors which argue in favor of additional monetary support from the ECB.

On the foreign exchange market, the euro stabilized this morning at around $1.031/E, after hitting a new three-year low against the greenback last week, at 1.0265.

In other news, the publication of the minutes of the Federal Reserve's latest monetary policy meeting had no impact on the session.

According to the minutes, the central bank's decision-makers believe that the risks surrounding a reawakening of inflation have increased, justifying a cautious approach to monetary policy decisions over the coming quarters.

On the statistics front, following a 0.4% decline in October compared with the previous month (revised from an initial estimate of -1%), German industrial production rebounded by 1.5% in November, according to Destatis CVS-CJO data.

Meanwhile, Germany's foreign trade balance posted a surplus of 19.7 billion euros in November, compared with a trade surplus of 13.4 billion recorded the previous month, according to Destatis CVS-CJO data.

Having risen sharply yesterday, benchmark US government bond yields stabilized at the end of the session, with ten-year paper easing slightly to 4.69%.

The same movement was seen on the European market, where the yield on the ten-year German Bund deteriorated to 2.52% while the French OAT for the same maturity tightened to 3.39%, giving a spread of 87 basis points.

Lastly, in London, the price of a barrel of crude oil fell by 0.2% to $76.

In other French company news, Airbus reports that it has received a firm order from Taiwan's Starlux Airlines for five additional A350F freighters, doubling the initial order placed last year for this aircraft under development.

Sanofi announces that the new subcutaneous formulation of its Sarclisa has met the primary endpoints of the Phase III IRAKLIA study in relapsed or refractory multiple myeloma.


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