The Paris Bourse gained between 0.4 and 0.5%, exactly the same as before the announcement of a -0.25Pts rate cut and the ECB press conference.
The CAC40 climbed to 8,045 points (the SBF-120 tested 6,100Pts), well helped by Edenred (+4.7%), Thalès, LVMH and ST-Micro with +1.5 to +1.8%.

After the Nasdaq's +2% surge the previous day (in the wake of Nvidia and the semiconductor sector at +4%), the "technos" are holding firm: the Nasdaq and S&P500 are perfectly unchanged after 90 minutes of trading... it's a horizontal consolidation.
Nvidia (-0.9%), with a market value of $3,010 billion, yesterday overtook Apple ($3,005 billion) for second place worldwide in terms of capitalization, and could soon overtake Microsoft ($3,145 billion).

The ECB cuts its key rate by -0.25% as planned, but this could be a "one shot": Christine Lagarde rules out the start of a "cycle" of rate cuts.
Everything will depend on macro-economic data, and in particular inflation, which 'is likely to remain close to current levels until the end of the year' (+2.5% in 2024 and +2.2% in 2025), as wage growth remains strong and the job market continues to expand.
The ECB will pass its turn in July, and will re-examine macro-economic data in September.
All the answers given by Ch.Lagarde at the press conference were unsurprising and market expectations (2 or 3 rate cuts in 2024) remain unchanged, with the ECB maintaining its growth forecast at +0.9% in 2024 and +1.4% in 2025.
OAT and Bund yields are up +6pts on the 'fait accompli', at 3.05% and 2.557% respectively.
Little volatility on currencies, with the Euro gaining 0.1% against the dollar at 1.0880.
US T-Bonds are down +1.5 basis points at 4.301%, and across the curve.

The US "number of the day" remains unchanged: the Labor Department announced that 229,000 new jobless claims were registered in the US in the week to May 27, up by 8,000 on the previous week, which was revised upwards from 219,000 to 221,000.

The four-week moving average - more representative of the underlying trend - came out at 222,250, down an anecdotal 750 on the previous week.

In Europe, investors took note of retail sales figures for the eurozone in the morning.
According to Eurostat, the 'CVS' volume fell by 0.5% and 0.6% in the EU, following rises of 0.7% and 0.6% respectively in March.

In the eurozone, retail sales fell in April by 0.5% for food, beverages and tobacco, by 0.1% for non-food products (excluding fuels) and by 2.2% for fuels in specialist stores.
In the EU, the biggest monthly falls were recorded in Latvia (-3.3%), Cyprus (-3.1%) and Denmark (-2.7%), and the biggest rises in Slovakia (+2.4%), Bulgaria and Austria (+1.9% each) and Portugal (+1.7%).

On the oil market, Brent North Sea crude rebounded by 0.2% to $78.8, with gold rising to $2,365 despite tense interest rates in Europe.

In French company news, Atos reports that the deadline for selecting a preferred financial restructuring proposal has been extended to the beginning of the week of June 10, while its objective of reaching a final agreement by July remains unchanged.

TotalEnergies announces that at the close of the subscription period, 63,662 employees and former employees, representing 55.3% of eligible persons, had subscribed to its reserved capital increase, for an amount of 480.8 million euros.

As part of the planned acquisition of Collins Aerospace's actuation and flight control activities, Safran announced that the Italian government had approved the sale to Safran of Microtecnica Srl, the company that holds the relevant assets in Italy.

Finally, Technip Energies announced on Thursday that, as part of a consortium with American Turner Industries, it had won a contract from ExxonMobil for a carbon capture and sequestration project in Louisiana.


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