The last session of the week is a session for nothing, with the CAC40 unchanged at 7,260: a break in the decline after falling by over 3% in the space of three sessions. But the CAC only survived thanks to Crédit Agricole, which took 5.6% after announcing its results (see below).

In recent days, stock markets have been penalized by a sudden resurgence of nervousness on the bond market, reflected in a rise in yields making equities less attractive, particularly in the technology sector.

The yield on 10-year Treasuries, the main benchmark on the government bond markets, is now flirting with the 4.20% threshold, the highest since October 2022.

This new surge in tension has not spared Europe, where the yield on the 10-year German Bund has now reached 2.60%.

The highlight of the week was the publication at 2.30 p.m. of the employment report expected this afternoon in the United States.
It was a "non-event", with no reaction from the indices or bonds, with T-Bonds remaining frozen at 4.18%.

Contrary to the figures published by ADP the previous day, which showed 325,000 new jobs, according to the NFP, the US economy generated just 187,000 non-farm jobs in July, according to the Department of Labor (DoL), a number below market expectations, such as those of Jefferies, which was expecting 235,000.

The unemployment rate eased by 0.1 points to 3.5% of the labor force, the labor force participation rate held steady at 62.6% for the fifth month in a row, and average hourly earnings rose at an annual rate of 4.4%.

In addition, job creations for the previous two months were revised downwards, from 306,000 to 281,000 for May and from 209,000 to 185,000 for June, for a total revision balance of -49,000 for these two months.000 for these two months.

Economists are expecting a slowdown in job creation in July, to 200,000 compared with 209,000 in April, but the ADP survey published on Wednesday proved to be much better than expected, supporting the monetary tightening scenario.

The trend will therefore not be driven by the NFP but by the leap of e-commerce giant Amazon, which is expected to rise by 11% at the Wall Street opening after beating analysts' expectations for its second quarter.

In contrast, Apple is expected to start the session down (-2%), affected by iPhone sales deemed somewhat disappointing for the quarter ended June.

In Europe, Crédit Agricole reported higher quarterly results this morning, buoyed by its universal banking model, which enabled it to absorb the consequences of an environment deemed "less buoyant".

Underlying EPS (pro-forma IFRS 17) was up 18.5% to 0.58 euros, and underlying EBITDA for the second quarter of 2023 was up 30.3% to 3.13 billion euros.

TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) announce that they have signed an agreement to sell a 15% interest each in the Absheron gas field in Azerbaijan to ADNOC (Abu Dhabi National Oil Company).

For the first half of 2023, Antin Infrastructure Partners announces a near doubling of underlying EPS (+98.2%) to 0.35 euros, as well as a 72.5% increase in underlying EBITDA to 82.8 million euros, on revenues up 43.8% to 138.1 million.

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