After opening slightly higher, the Paris Bourse saw the trend reverse at mid-session. At the final gong, the Paris index was down 0.16% at 7530 points, helped by Société Générale (+2.4%) and TotalEnergies (+1.8%), but penalized by Pernod Ricard (-2.6%) and Dassault Systèmes (-2.3%).

At the start of this year, the markets are still fuelled by hopes of rate cuts by the major central banks, in the face of a steady decline in inflation and sluggish economic growth.

"Weak economic conditions should help bring inflation down to around 2% by the end of 2024 in the eurozone and Switzerland, a figure that falls within the central banks' 'comfort zone'", as SwissLife AM predicted last week.

This first week of 2024 promises to be a busy one on the statistics front, with PMI indices (starting with those for the manufacturing sector this morning), inflation figures for the eurozone and unemployment figures for the USA.

The HCOB PMI index for the French manufacturing industry, produced by S&P Global, fell from 42.9 in November to 42.1 in December 2023, its lowest level since May 2020, signalling a sharp deterioration in the sector's economic situation.

The year 2023 ended with another sharp drop in activity in the eurozone manufacturing sector: the HCOB PMI index recovered only marginally in December, falling from 44.2 in November to 44.4.

The US manufacturing sector also saw an acceleration in the contraction of its activity in December, according to S&P Global, whose PMI index for the sector came in at 47.9 for the month, down from 48.2 in the flash estimate and 49.4 in November.

In other stock news, Danone announced that it had signed an agreement to sell its organic dairy products business in the United States to the US investment firm Platinum Equity, as part of its asset rotation.

TotalEnergies announces the start of production from the second development phase of the Mero field, located on the Libra block, more than 180 kilometers offshore Rio de Janeiro, Brazil, in the pre-salt Santos basin.

HSBC Continental Europe (HBCE), a subsidiary of HSBC Holdings, announces that it has completed the sale of its retail banking activities in France to CCF, a subsidiary of Promontoria MMB SAS (My Money Group), on January 1, 2024. As part of the transaction, HBCE also sold its 100% stake in HSBC SFH (France), which is now fully owned by CCF and changed its name to CCF SFH as of January 1.

Airbus confirms that an A350-900 operated by Japan Airlines was involved in an accident on the tarmac of Haneda International Airport (Tokyo) shortly after 5:47 pm (local time) on January 2, 2024. The 367 passengers and 12 crew members on board were able to evacuate the aircraft.

Valneva indicates that the 90 to 110 million euros of revenue linked to the potential sale of the priority review voucher for its CHIKV vaccine, previously expected by the end of 2023, are now expected in early 2024.

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