After gaining 0.5% yesterday, the Paris Bourse has lost 0.2% on average since the opening, to 7,265 points... in insignificant volumes, with only 800MnsE traded in 7 hours of trading.
Investors are cautious, in every sense of the word, two days ahead of the ECB's major meeting scheduled for Thursday.

Even without significant participation from buyers, the CAC40 is moving away from its bearish warning zone (7,150), climbing back above 7,250 points.
From Kiplink's point of view, the Paris index can now target the 7,294/7,339 point zone.
The European stock markets were mixed on Tuesday: +0.3% in London, but -0.6% in Frankfurt, which suffered from an -8.1 point drop in the 'ZEW' index of the 'current situation' to -79.4.
Wall Street has just reopened on a decline identical to that of Paris, with -0.2% on both the Dow Jones and the S&P500.

But the outlook sub-index has recovered by 0.9 points to -11.4.
More and more respondents are anticipating stable interest rates in the eurozone and the USA. In addition, experts are expecting a further easing of monetary policy in China", explained Achim Wambach, President of the ZEW.

In parallel with the ECB's decisions, the markets are awaiting a series of US statistics in the coming days, which will provide further information on the state of inflation and the labor market in the USA.

On the oil market, production cuts by several OPEC+ countries, in particular Saudi Arabia and Russia, outweighed fears of a slowdown in the week, resulting in firm prices.
Brent crude rose by 1.45% to test $92 (at $91.9/barrel), while US light crude (West Texas Intermediate, WTI) soared by 1.6% to $88.7, a new annual record.

In the space of three months, oil prices have soared by over 30%, a surge which specialists believe is unlikely to abate in the short term.

A barrel at $100 is now a credible scenario before the end of the year", explains DeftHedge, a specialist in currency and commodity risk management for companies, citing both cyclical and structural factors.

The bond markets are trying to digest the inflationary impact of the barrel price: OATs and Bunds are managing to stabilize at 3.175% and 2.635% respectively, while T-Bonds are tightening by a margin of +0.4pts to 4.298%, which is rather reassuring.

In the news from French companies, Interparfums reported a 43% increase in net income (group share) to 77.6 million euros for the first half of 2023, and a 3.3-point improvement in operating margin to 25.8%, on sales up 24% to 396.1 million.

Fnac Darty announced on Tuesday the launch of a senior bond offering maturing in 2029 for a total amount of 300 million euros in order to refinance itself.

Voltalia announced the signature, by its subsidiary Helexia, of a contract with Prime Energy, one of Brazil's largest electricity traders, for the supply of 46 megawatts of photovoltaic energy over a 20-year period.
TotalEnergies announced that the €1.99/liter cap at all its service stations in France will be extended beyond the end of 2023, 'as long as prices remain high'.

SES-imagotag jumps 9% in Paris, the day after the publication of first-half 2023 results which 'reflect a very strong operating performance' according to Stifel, which remains 'buy' on the stock.


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