There were no major geopolitical developments over the weekend, and some relief is being felt (Iran, in particular, has not yet become involved in the Israel/Hamas conflict).
The Paris stock market is off to a good start this week (+0.75% to 6,842) after suffering a marginal loss last week.

The CAC40 fared much better than the S&P500 or the Nasdaq (weekly decline of -2.5%), which is why Wall Street initially rebounded more vigorously, with +0.9% for the Dow Jones, +1% for the S&P and +1.3% for the Nasdaq (the session began at 2.30 p.m., due to the changeover to winter time in Europe).
The Euro-Stoxx50 posted +0.8% at 4,045: like the CAC and US indices, this was insufficient to regain its former support levels.

While the earnings season entered its most intense phase last week, the week ahead promises to be another busy one in terms of corporate quarterly results, with Apple's results as the highlight.

At this stage, almost half of S&P 500 companies have already published their quarterly results, and 78% of them have exceeded consensus (a classic ratio), according to data published by FactSet.

The week will also be punctuated by the meeting of the US Federal Reserve (verdict Wednesday at 8pm), which is expected to confirm its pause on rates in view of the confirmed slowdown in inflation (despite very high levels of consumption and a very resilient labour market).

Monetary policy decisions by the Bank of Japan (BoJ) tomorrow and the Bank of England (BoE) on Thursday will also be closely watched by the markets.

The macroeconomic agenda for the days ahead also promises to be busy, with the first estimates of economic growth in the eurozone for the third quarter.
Germany posted a -0.1% decline in Q3 GDP (Destatis CVS-CJO data) and the annual inflation rate stood at +3.8% in October 2023, its lowest level since August 2021 (also +3.8%) but down from 4.5% in September, according to the preliminary estimate from the Federal Statistics Office.

Destatis also indicates that consumer prices should remain unchanged on September.
In Spain, inflation came in at +3.5% in October.

But the highlight of the week will be the US non-farm payrolls for October, to be released on Friday.

Economists expect only 190,000 new jobs to have been created last month, a marked slowdown on September's 336,000.000 jobs in September, due to the impact of the UAW strike.

Investors will also be keeping a close eye on bonds, where T-Bonds are trading around 4.895% (+5pts) after breaking through 5% last week, a level not seen since 2007.

The German Bund is hovering around 2.8250% (-1Pt) and the OAT around 3.437% (-2Pts). Italian BTPs eased sharply to 4.728% (-8Pts).

Oil prices extended last week's decline on the back of a less favorable outlook with the expected slowdown in global growth. Brent crude is down 1.5% to $89 a barrel, while WTI is down 1.7%... but the absence of further tensions in the Middle East is also helping to ease investors' minds.

In French company news, Eutelsat announced on Friday evening that it had signed a new agreement with PSSI Global Services to renew and extend its partnership for capacity on board its Eutelsat 113 West A satellite.

ArcelorMittal announced on Saturday that a tragic accident had occurred at its Kostenco coal mine in Kazakhstan, leaving 25 employees confirmed dead and 21 still missing.
The steel group also confirmed that it had entered into discussions with the government of Kazakhstan concerning the future of ArcelorMittal Temirtau, and had recently signed a preliminary agreement for a transaction that will transfer ownership to the state: nationalization should be effective shortly, an agreement having been confirmed this morning.

Finally, Riber posted sales of €16.2 million for the nine months to September 30, 2023, up 33% on the first nine months of 2022, thanks to its reinforcement in the field of MBE systems for production.

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