After a long period of stagnation (around +0.3/+0.4%, i.e. 7,345/7,360 from 10:25 a.m. to 3:25 p.m.), the Paris Bourse doubled its gains (+0.75%) after the opening of Wall Street, and the CAC40 has since held on to the 7,380 mark.
Most interesting of all is the CAC40 'GR', which is climbing towards 22,265, i.e. 0.4% of its all-time high of 22,360 points.265, i.e. 0.4% from its all-time high of 22,360 points: it could go for this target tomorrow, thanks to technical buying linked to the '3 Witches' session.
The Euro-Stoxx50 is clawing back just 0.2%, held back by the giant ASML's -5% fall.
Wall Street has just reopened on an indecisive note, but the Dow Jones (+0.5%) is on course for its 9th straight session of gains, and the S&P500 (stable) is on the brink of achieving the same feat.
The Nasdaq, on the other hand, weighed down by Netflix (-7.5%) and Tesla (-5%), is down -0.4% at 14.300.
Netflix reported better-than-expected earnings per share (EPS), but its sales missed the consensus.

Tesla reacted just as unfavorably to the presentation of its quarterly results, which were nevertheless better than expected.

Quarterly earnings releases have now entered their most intense phase: among the big names on the European stock exchange to have unveiled their accounts before the opening are Swiss-Swedish engineering group ABB (+3%), Finnish network equipment supplier Nokia (stable) and French communications specialist Publicis (+2.7%).

A new series of results is also expected this afternoon in the United States, where investors will notably take note of the figures for healthcare giant Johnson & Johnson.

Beyond microeconomic news, a number of economic statistics were on today's menu, including the Philadelphia Fed's Philly Fed Index, which fell from -13.7 last month to -13.5 in July, its 11th consecutive negative reading, and at a time when the consensus was hoping for a slightly sharper recovery.

The survey's indicators of general activity and new orders remained negative. In addition, the shipments index declined and turned negative. The employment index suggests an overall stable workforce.
Registrations for unemployment benefits (+9,000) still show no weakness in the labor market.

The picture is a little less rosy for the index of leading indicators, which is supposed to foreshadow the general trend in the US economy over the coming months: it fell again in June (-0.7% to 106.1), mainly due to the deterioration in consumer sentiment.

Given the high level of inflation, the tightening of monetary policy and credit conditions, and the reduction in government spending, ConfBoard predicts a recession in the US between the third quarter of 2023 and the first quarter of 2024.

Finally, sales of older homes in the USA fell by 3.3% last month compared with May, to 4.16 million annualized and seasonally adjusted (SA), according to the National Association of Realtors (NAR).

The median sales price reached 410.200, its second-highest level since January 1999, and the stock of unsold existing homes stood at 1.08 million at the end of June, or 3.1 months at the current rate.
After all these figures, US T-Bonds are down +11pts to 3.85%, our OATs are down +5pts to 3.01% and Bunds are no better, at +5.3pts to 2.4500%.
The return on T-Bonds supports the Dollar, which gains 0.5% against all currencies, while the Euro falls by the same amount to $1.1147.

In French company news, Getlink reports net income of 159 million euros for the first half of 2023, more than tripling (+218%) year-on-year, and EBITDA of 496 million (+63%) after a 112 million provision for interconnection profit-sharing.

Publicis Groupe announced an upward revision of its forecasts for 2023, now targeting organic growth of around +5%, an operating margin close to 18% and a Free Cash Flow (FCF) of at least 1.6 billion euros.

On the occasion of its half-year results, real estate group Gecina revises upwards its 2023 net recurring income (NRI) growth target, now expected to be between 5.9 and six euros per share (instead of 5.8 to 5.9 euros), representing growth of +6 to +8%.

Voltalia announces that it has been chosen by ESB and Bord na Móna, two of Ireland's leading energy suppliers, to provide engineering, procurement and construction (EPC) services for their solar power plant at Timahoe North, County Kildare.

Thales announces that it has been notified by the European Space Agency (ESA) and the European Commission of 'two major contracts for the cybersecurity of the Galileo Second Generation (G2G) program'.

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