The Paris stock market continued the contraction it began the previous day, losing 0.6% around 8090 points, penalized in particular by the downturn in the luxury goods sector, with Hermès down -3%, Kering -1.6% and LVMH -1.1%.

After its spectacular recovery at the beginning of May, the Paris market has tended to stall over the past week, with the absence of major economic indicators and company results prompting investors to adopt a wait-and-see attitude.

With the positive effect of reassuring US inflation figures and the prospect of further Fed rate cuts having faded significantly, market participants opted for some profit-taking.

In a market without any real conviction, where traders are waiting for a sign indicating the direction to take, Nvidia's results - due later this evening - will be the big event of the week.

If Nvidia beats expectations, which is likely since it has done so eight times out of the last nine quarterly results, this could give the market a little bullish impetus", predicts Christopher Dembik, Investment Strategy Advisor at Pictet AM.

Investors are also eagerly awaiting the minutes of the Federal Reserve's latest monetary meeting, which will also be published this evening.

These 'minutes' could provide valuable clues as to the timing of future interest rate cuts in the USA.

'Recent comments from FOMC members show no rush to put rate cuts back on the table', say Oddo BHF's economists.

The Fed can probably wait until the end of the summer to see more clearly," add the private bank's analysts.

According to the CME Group's FedWatch barometer, the probability of a rate hike in the autumn is now estimated at 50.8%, compared with 45.6% a month ago.

Investors' indecision is also reflected in the stability of the yield on ten-year Treasury bonds, which is hovering around 4.44%, while its German equivalent is at 2.53%.

Currency trading is also flat, with the euro stable against the greenback at $1.085/E.

The oil market continues to show weakness as it awaits the release of weekly US crude inventories in the afternoon.

Brent crude is currently down 1% at $81.6.

In French company news, Schneider Electric announces the completion of its preliminary discussions with Bentley Systems for a potential strategic transaction, the two groups having mutually agreed not to proceed with such a transaction.

LVMH announces the expansion of its partnership with Alibaba to 'push the boundaries of the luxury experience in China, leveraging Alibaba's cloud technologies, through AI-powered retail innovations and the Tmall e-commerce site'.

Bouygues Construction announces that its Moroccan subsidiary Bymaro will build the Mohammed VI International University Hospital in Rabat, scheduled for delivery in September 2025, at a cost of nearly 450 million euros.

Finally, Renault announced on Wednesday the opening of orders in France for its new Symbioz, a compact vehicle positioned at the entry level of the C segment.


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