The Paris stock market gained a modest 0.1% this morning, around 7,275 points, driven by STMicro (+1.9%) and TotalEnergies (+1.8%), but weighed down by a further downturn in Alstom, which lost more than 2.5%.

Investors have just taken note of the preliminary figures for consumer prices in the eurozone for November: estimated at 2.4%, this marks a clear slowdown after 2.9% in October, according to the flash estimate published by Eurostat, the European Union's statistical office.

Among the main components, food, alcohol and tobacco is expected to post the highest annual rate in November (6.9%), followed by services (4.0%), industrial goods excluding energy (2.9%) and energy (-11.5%).

In the US, the 'PCE' index - the Fed's preferred measure of inflation - is also expected to slow slightly in October, to 3.5% for the underlying ('core') index, compared with 3.7% the previous month.

The easing of inflationary pressures in both Europe and the US has largely contributed to the upturn seen on equity markets this autumn, by allaying fears linked to the evolution of interest rates.

All this should fuel the bullish rally on the stock markets, and also reinforce speculation that the European Central Bank may cut rates as early as the second quarter of 2024", predicts Christopher Dembik, Investment Strategy Advisor at Pictet AM.

From our point of view, it would not be improbable for the eurozone to begin its easing cycle before the United States, whereas the opposite is usually the case", says the analyst.

Crude oil is advancing timidly, with investors reluctant to take overly decisive positions while awaiting the conclusions of the OPEC meeting, which could result in new measures to support prices later today.

Brent crude is currently up 1.2% at $83.9 a barrel, while US light crude (West Texas Intermediate, WTI) is up nearly 1% at $78.6.

In French company news, Airbus announces that, following recent parliamentary approval by the German budget committee, it will equip 15 German Eurofighters for electronic combat, officially giving birth to the Eurofighter EK (Electronic Combat).

Technip Energies and John Cockerill, a leader in pressurized alkaline electrolyzers, announce the effective creation of Rely, to 'respond to the urgent need to scale up solutions' playing a key role in reducing industrial CO2 emissions.

Finally, Orpea announces the results of its clearance capital increase for a gross amount of 3.88 billion euros, through the issue of 64,629,157,149 new shares at a unit price of 0.0601 euros, guaranteed by its unsecured creditors.


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