In a somewhat unexpected turn of events, following a -1.5% drop (on average) in the S&P500 and Nasdaq, the Paris Bourse gained 0.7% to 7,265, driven in particular by Stellantis (+1.3%) and Hermès (+1%).
What's striking is that the week's rise (+1.4%, with 4 out of 5 sessions up) is taking place against a backdrop of collapsing volumes on this weekend eve, with less than 750MnsE traded in 7 hours (compared with 900 in previous sessions).
It's hard to describe such a desertion when the entire volume of a Paris session is equivalent to 1/5th of the daily trade in Apple shares alone.

The Euro-Stoxx50 is also doing well, with +0.65%, but it is being held back by the DAX, which is gaining just 0.4%.

This may be due to a deliberate abstention on the part of market participants, who are awaiting at 4:00 pm the start of Fed Chairman Jerome Powell's speech at the Jackson Hole symposium, the annual meeting of the world's leading central bankers.

Market participants are hoping for indications that the Fed is ready to end its rate hike cycle, but fear disappointment.

For Deutsche Bank economists, Powell should refrain from giving too obvious signals as to how monetary policy will evolve in the short term.

The data-dependent message that characterized the last FOMC was clear enough, and it is probably still too early to abandon this approach", says the German bank.

Wall Street, which had fallen heavily the previous day, recovered 0.4 to 0.5%, while the bond market was amorphous, with T-Bonds unchanged at 4.242%, a 2-year at 5.05% and a 30-year at 4.30%.
The dollar gained a few more fractions to 1.0810/E (+0.1%).


In French company news, JCDecaux was the biggest riser on the SBF 120 on Friday's Paris Bourse (+3.6%), Deutsche Bank having switched to buy on the stock, believing that the current price offers an attractive opportunity.

Olympique Lyonnais (OL Groupe) announced on Thursday evening the transfer of Karl Toko-Ekambi to Saudi Pro League club Abha FC, for a fee of 1.5 million euros, to which may be added 500,000 euros in bonuses.

Nacon presented its eagerly-awaited new game 'Robocop: Rogue City' on Friday, in the hope of boosting sales until the holiday season.


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