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In early trading on Friday, the Paris Bourse maintained its positive momentum, posting a gain of 0.56%<\/strong>. This marks the fifth consecutive week of gains, with the flagship CAC 40<\/strong> index up 42.60 points to 7,618.45<\/strong> at around 1pm.<\/p>\n <\/p>\n On Thursday, it closed up 0.59%,<\/strong> closing in on its record set on April 21, 2023<\/strong>, but gave up most of its lead after ECB President Christine Lagarde’s<\/strong> press conference. Over the week as a whole, the CAC 40 was up around 1%<\/strong>, reflecting a positive trend on the financial markets.<\/p>\n <\/p>\n Investors are keeping a close eye on the first indications for the month of December to assess the dynamism of economic activity. In France, the PMI Flash index<\/strong> indicates that the contraction in activity “strengthened” this month. This situation could influence central bankers’ decisions, prompting them to ease monetary policy to mitigate the risks of a deeper economic crisis.<\/p>\n <\/p>\n In addition, the definitive publication of inflation in France reveals a rise to 3.5% year-on-year in November<\/strong>, according to Insee.<\/p>\n <\/p>\n On the bond market, interest rates on French government bonds, which had been at an eight-month low, rose slightly: the 10-year yield was around 2.65%, compared with 2.64% at the close on Thursday.<\/strong><\/p>\n <\/p>\n <\/p>\n Central banks were the focus of investor attention this week. On Wednesday, the US Federal Reserve (Fed)<\/strong> declared an extension of its interest rate moratorium. By keeping rates unchanged in line with expectations, the Fed hinted at the possibility of three rate cuts next year, a prospect that excited the markets.<\/p>\n <\/p>\n But after this “wave of euphoria”, “neither the European Central Bank nor the Central Bank of England showed the same accommodative posture in their own decisions”<\/em> on Thursday, summarized Deutsche Bank<\/strong> analysts. This “led the markets to back off somewhat on the chances of a sharp rate cut next year”<\/em> on Thursday, they point out.<\/p>\n <\/p>\n The ECB tempered this enthusiasm by stating that, in its view, “the time for discussions on rate cuts has not yet come”.<\/em> President Christine Lagarde even announced her intention to reduce the size of its balance sheet from mid-2024, six months earlier than planned, a move unlikely to stimulate economic activity.<\/p>\n <\/p>\n <\/p>\n In the US, expected economic data includes the release of the New York Fed manufacturing index today at 2:30pm,<\/strong> as well as the October industrial production and capacity utilization rate scheduled for 3:15pm.<\/strong><\/p>\n <\/p>\n In addition, the U.S. December Composite Purchasing Managers’ Index will be released at 3:45pm<\/strong>.<\/p>\n <\/p>\n In New York, the main indices closed higher on Thursday, with the Dow Jones setting its second consecutive closing record. At around 1 p.m. on Friday, it was still up 0.43% at 37,248.35 points.<\/strong><\/p>\n <\/p>\n As for exchange rates, at around 12 noon, the euro was down 0.25% at $1.0968.<\/strong><\/p>\n <\/p>\nCentral banks react<\/h2>\n
A wait-and-see attitude in the United States<\/h2>\n
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