(News Bulletin 247) – The Paris Stock Exchange opts for a decline this Monday at mid-session, after the publication of a degraded activity index in the euro zone.

The Paris Stock Exchange is taking a breath after recording its best week since the end of March (+3.7%).

Its main index, the CAC 40, lost 0.38% to 7,020.87 points this Monday at midday. The markets have little appreciation of the latest European statistics confirming a deterioration in activity in the euro zone.

The only statistic on the program for this Monday, the composite HCOB PMI index for the month of October which is therefore confirmed at a low for November 2022, at 46.5 points after 47.2 points in September. The index is therefore still below the 50 zone marking the border between expansion and contraction of economic activity.

Remember that the market mood was fueled last week by the monetary policy meeting of the American Federal Reserve (Fed) which, as expected, kept its rates unchanged.

Peak rates in the United States

And the latest American employment figures published on Friday lend credibility to the thesis that the American institution’s rates have reached their peak. The United States created half as many jobs as expected last month (150,000 compared to 297,000 in September), again far from the target, close to 175,000. The unemployment rate increased slightly to 3.9% of the active population.

A publication which should therefore reassure the Fed in its message, without formally excluding the option of a final increase in key rates. The CME Group’s FedWatch tool also assigns a probability – low but not negligible – of 10% to this scenario.

On the bond market, the yield on the 10-year American debt is moving below 4.60%, far from its 16-year records of more than 5% observed in the latter part of October.

Orpea postpones its medium-term financial objectives by one year

On the business side, it’s dead calm after two busy weeks of publications.

Air France-KLM grew by 2.2%, benefiting from the excellent publication of its Irish comparable Ryanair, which published a sharp increase in half-year profit on Monday, driven in particular by record traffic this summer and rising prices.

On the other hand, Orpea fell by 3.2%, the operator of retirement homes having indicated that it had postponed its medium-term financial objectives by one year.

On the foreign exchange market, the euro is appreciating against a dollar weakened by the latest statistics published across the Atlantic. The single currency rose 0.2% to $1.0753.

“The convergence of American indicators this week suggests the end of the dollar’s overperformance” on the foreign exchange market, wrote Wells Fargo analysts cited by AFP in a note published Friday.

On the oil side, it opts for the rebound supported by the latest announcements from Saudi Arabia and Russia on a continued reduction in their production. The January contract on North Sea Brent gained 1.5% to 86.14 dollars per barrel, while that of December on WTI listed in New York appreciated by 1.6% to 81.79 dollars per barrel. barrel.