The day after another 0.5% rise to 7,370 points, the Paris Bourse posted a slight increase (+0.4%), bringing the CAC40 back into contact with the 7,400 mark (the ex-zenith of June 30).
It's a 5/5 rise, and the cumulative gain of +4% wipes out the -3.9% of the previous week.
It's even the 6th consecutive session of gains, and the best bullish run since January 11 to 18.

The surprise is that volumes are not only comparable to the previous day's, but slightly higher than the average for the previous 4 sessions on this July 14 semi-holiday: buyers seem to be on board.

The Euro-Stoxx50, which gains just over 0.4%, rises towards 4.410 and looks set to set an all-time closing record (all it needs to do is 'freeze the score' at the current level).

Maintaining gains should not be too complicated with Wall Street firm at the opening, with +0.2% for the Dow Jones and +0.3% for the S&P500.
US export stocks are supported by a still-weak dollar, which is giving up a few more fractions (the euro is testing 1.1230, and the $-Index is sinking below the 100 threshold, with a new annual low of 99.60).
On the bond front, it's business as usual, with OATs unchanged at 3.02%, Bunds stable at 2.46%, and US T-Bonds rallying +4pts to 3.80% despite a -0.2% drop in US import prices, following a 0.4% fall in May, while export prices fell by 0.9% last month, after a 1.9% drop the previous month.
The Labor Department reports that, over the last 12 months, US import prices fell by 6.1% on a reported basis (-1.4% excluding petroleum products), while export prices contracted by 12% (-12.4% excluding agricultural products) in June.

The main "fact of the day" was the publication of quarterly reports by several US stock market heavyweights, including banks JPMorgan Chase, Citi and Wells Fargo.
A bad surprise for Citigroup: second-quarter earnings down -36% (to $2.6 bn vs. $4.55 bn in Q2 2022), trading revenues down -13% and investment banking revenues down -24%.
The US bank's net profit fell to $2.92 billion (€2.60 billion), or $1.33 per share, in the period from March to June, compared with $4.55 billion

On the other hand, the world's no. 1, JP-Morgan, heavily involved in the FED bailout of regional banks, posted a +67% rise in net income to $14.4 billion ($8.64 billion in Q2 2022), despite a 27% increase in provisions for credit losses to $2.9 billion.
Revenues increased by 8% to $41.3 billion compared with Q1 2023.
Blackrock reported a 25% rise in earnings (to $9.28 per share), boosted by gains in its investment funds and growing ETF activity.

Note that food group PepsiCo and Delta Airlines both raised their annual targets on Thursday, on the occasion of their second-quarter releases.

The Labor Department reports that US import prices fell by 0.2% in June, following a 0.4% drop in May, while export prices fell by 0.9% last month, after a 1.9% drop the previous month.

Nevertheless, over the last 12 months, US import prices fell by 6.1% on a reported basis (-1.4% excluding petroleum products), while export prices contracted by 12% (-12.4% excluding agricultural products) in June.

'The weakness of the June US CPI seems to have given investors renewed hope that inflation could return to normal levels without the economy slowing down too much, if at all', Capital Economics also pointed out.

We continue to believe that the possibility of a further economic slowdown is underestimated, which we believe could reverse the recent strength in equities", warned the London office.

The UMich US Consumer Confidence Index remains to be seen.

On the value front in Paris, Vallourec (+3.6%) announced that it expects gross operating income and overall cash generation for the second quarter of 2023 to be higher than its previous forecasts, as well as a significant reduction in net debt.

Air France-KLM reports that it has signed a definitive agreement with Apollo Global Management for a €500 million quasi-equity financing of Air France's engineering and maintenance components (MRO) business.

Delta Air Lines has announced an order for a further 12 A220-300s, bringing the airline's total firm A220 order to 131 aircraft - 45 A220-100s and 86 A220-300s. Delta has ordered the A220 five times, and is now the world's largest A220 customer and operator.

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