(News Bulletin 247) – The Paris Stock Exchange should open lower on Thursday morning, continuing its consolidation of the last few days in a market that seems again worried about the economy and monetary policy.

Around 8:15 a.m., the ‘future’ contract on the CAC 40 index – due July – dropped 47 points to 7275.5 points, suggesting a fourth consecutive session of decline.

On Wednesday evening, the Federal Reserve emphasized the need to continue a ‘restrictive’ monetary policy until inflation returned to around its 2% target.

According to the ‘minutes’ of the Fed, the American economy – under the effect of the rise in interest rates – could be heading towards a recession by the end of the year.

In a market still up 15% since the beginning of the year, the comments of the US central bank served as a pretext for further consolidation yesterday on Wall Street.

At the final bell, the Dow Jones yielded 0.4% and the Nasdaq almost 0.2%.

Before faltering this week, the CAC 40 index had managed to regain the threshold of 7400 points last Friday to climb not far from its all-time highs.

Given the renewed concern surrounding central banks and the health of the economy, the market clearly feels the need to breathe before moving forward.

‘The lights are red on growth in Western economies (US and Europe),’ said Joseph Little, global strategist at HSBC Asset Management.

‘However, the markets (…) continue to evolve favorably by being visibly out of sync with this alert,’ said the analyst.

Many economic indicators are expected during the day in the United States, including the ADP survey on private employment, registrations for unemployment benefits and the ISM services.

But beyond the publications of the day, it is above all the employment figures, expected tomorrow, which will play on the trend.

The previous Labor Department report was rather ambiguous, showing both an increase in unemployment and an acceleration in job creation.

In view of the numerous layoff announcements and the recovery in jobless claims in recent weeks, the number of new jobs created should have slowed markedly in June.

On the bond market, government bond yields continue to climb on fears of monetary tightening, fueled by the latest statements from the Fed.

In the United States, the yield on 10-year US Treasury bonds, whose decline had supported the good performance of the equity markets in the first half of the year, is moving, at nearly 3.95%, to a four-month high. .

In Europe too, bond markets have started a slide that is pushing yields higher, with Bunds returning to around 2.52%.

The dollar recovered slightly to 1.1085 euro, while oil prices fell pending the publication in the afternoon of weekly oil inventories in the United States.

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