This morning, the Paris stock market lost nearly 0.8% around the 7930-point mark, penalized by declines in TotalEnergies and Renault (-2.5%), as well as by the downturn in the banking sector (-2.3% for Société Générale and BNP Paribas, and -1.5% for Crédit Agricole).

For almost a month now, European stock markets have halted their upward trend, with investors reluctant to push indices to new record highs until they know more about monetary policy developments.

Markets are therefore likely to remain cautious until Thursday's announcement of the ECB's decisions, which will be followed by a much-anticipated press conference by its President Christine Lagarde.

The ECB's two-day meeting is expected to conclude with a 25 basis point cut in key rates, bringing them down to 3.75% for the deposit facility.

But investors will be especially attentive to any hint of the future path of rates, given that inflationary pressures are only gradually receding on the Old Continent.

Nevertheless, some strategists are expecting limited movements in the indices, given the ECB's usually cautious approach to its outlook.

'The market reaction may well prove to be unremarkable, as has been the case following previous Governing Council meetings, and the announcement of a 25-point cut may well be regarded as a non-event by the markets', predict analysts at Danske Bank.

In parallel with the ECB's decisions, market participants will be watching on Friday for the publication of the monthly US employment report, which will provide them with further food for thought on the US economy.

While awaiting the ECB's announcements, benchmark government bond yields in the eurozone are beginning to ease sharply after a particularly complicated end to May.

The German 10-year - which last week hit its highest level since mid-November - is down from 2.58% to 2.54%/.

The yield on French OATs of the same maturity also eased to 3.03%, despite S&P's decision to downgrade France's credit rating, which had been well anticipated by the markets.

In the United States, the yield on 10-year Treasuries fell for the third consecutive session, to 4.38%, in the wake of yesterday's worse-than-expected ISM manufacturing index.

On the economic front, Tuesday will see the release of US industrial orders.

In the meantime, this morning the markets took note of a fall in unemployment in Germany in May, pointing to a possible slow recovery in growth. According to data published on Tuesday by the Federal Labor Office, the number of jobseekers fell last month by 27,000 to around 2.72 million in seasonally-adjusted figures.

On the oil front, Brent North Sea crude oil continued to fall below $80 a barrel for the first time since February, despite the extension by Opep+ of its production limitation agreement. Brent crude is trading at $77.1 a barrel (-1.3%).

In news from French companies, TotalEnergies announces the signature of two new medium- and long-term contracts for the delivery of liquefied natural gas (LNG) in Asia, enabling it to secure medium-term outlets and strengthen its presence in these markets.

Crédit Agricole SA reports that its subsidiary Indosuez Wealth Management, having obtained the necessary authorizations, has finalized the acquisition of Degroof Petercam, in which it becomes the majority shareholder (65% of the capital) alongside CLdN Cobelfret (nearly 20%).

Finally, on the occasion of ASCO, Sanofi reports positive data from the IMROZ phase III study, evaluating its Sarclisa in experimental use in patients with newly diagnosed multiple myeloma not eligible for transplantation.

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