The Paris Bourse (+0.5%) slowed slightly with half an hour to go before the close, but continued its record-breaking run, with the CAC40 leaping above 7,520 and the CAC 'GR' above 22,100.

The CAC40 has now risen 4 sessions in a row for a weekly gain of +2.5%, with the index driven by banking stocks on Friday (Sté Générale +4%, BNP-Paribas +3.3%, Crédit Agricole +2.2%).
The Euro-Stoxx50 gained 0.6% (4,390), returning to its annual highs (4,400) and not far from its all-time record of January 5, 2022.

On Wall Street, the Dow Jones fell -6% to below 34,000, weighed down by Boeing (Boeing).000, weighed down by Boeing (-6%), which is experiencing a new "quality" problem with its 737-Max models.
The S&P500 is down 0.3%, while the Nasdaq is stable.
Note the latest US figures: US consumer confidence improved more than expected in April, according to the preliminary results of the University of Michigan's monthly survey published this Friday.

The confidence index rose to 63.5 this month, up from 62 in March, while analysts were expecting it to be around 62.7.

Joanne Hsu, the report's author, attributes this upturn to the rise in morale among low-income households, which more than offset the decline in that of wealthier households.

Consumers' assessment of their current situation rose to 68.6 from 66.3 in March, while the sub-index measuring their expectations also improved, to 60.3 from 59.2 last month, despite a deterioration in inflation expectations over a one-year horizon to 4.6% from 3.6% the previous month, as consumers expect inflationary pressures to persist for some time to come.
US retail sales fell more than economists expected in March, dropping 1% sequentially after a 0.2% decline the previous month (revised from an initial estimate of -0.4%), according to the Commerce Department.

Excluding the automotive sector (vehicles and equipment), US retail sales contracted by 0.8% last month compared with February, where the market consensus was expecting a more limited decline.

US industrial production rose by 0.4% last month, following a 0.2% increase in February, according to the Federal Reserve, a development roughly in line with economists' expectations.

In detail, manufacturing and mining output contracted by 0.5%, while utilities output surged by 8.4% as more usual weather conditions boosted heating demand.
Production was 0.5% above its level of a year earlier. The industrial capacity utilization rate improved by 0.2 points to 79.8%, a level 0.1 points above its long-term average (1972-2022).
On the other side of the Atlantic, the yield on 10-year Treasuries climbed +6pts to 3.5110%.

This morning, investors were able to take note of the trend in consumer prices in France. Over one year, they rose by 5.7% in March 2023, marking a slowdown after +6.3% in February, according to Insee, which revised upwards its provisional estimate for March by 0.1 points.

This fall in the inflation rate was due to a slowdown in energy prices (+4.9%). Prices for manufactured goods (+4.8%) and services (+2.9%) rose at a similar pace to February. Food (+15.9%) and tobacco (+7.8%) prices are accelerating.

Investors' current attraction to equity markets is limiting demand for Treasury bonds, as illustrated by the rise in German Bund and French OAT yields (+4 to 5pts today, to 2.933% and 2.424% respectively).
The dollar is recovering from its annual low of the previous day: +0.4% to 1.100E.

The prospect of an imminent pause in the monetary tightening cycle, both in the USA and Europe, is fuelling investors' risk appetite and directing them towards the equity markets

The markets are now awaiting the start of the corporate earnings season, and any good news that might sustain the upward trajectory underway in recent weeks.

According to FactSet data, the financial companies making up the S&P 500 should see their earnings climb by 9.1% in the first quarter, the best sector performance of the entire index.

In French company news, Fleury Michon reports net income of 2.4 million euros for 2022, compared with 4 million the previous year, and operating income before non-recurring items of 15 million euros, or 1.9% of sales, a margin that is virtually stable (-0.1 points).

Hermès International reports sales of 3.38 billion euros for the first quarter of 2023, up 22% (+23% at constant exchange rates), with 'dynamic activity in all geographic zones and all business lines'.

Kaufman & Broad reports net income attributable to equity holders of the parent (RNPG) of 31.6 million euros for the first quarter of 2023, compared with 11.8 million euros for the same period in 2022, as well as an improvement of 0.9 points in the operating income recurring rate to 8.4%.

Genfit reported a net loss of 23.7 million euros and an operating loss of 27.3 million euros for 2022, compared with profits of 67.3 and 31.8 million euros respectively for the previous year.

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