The CAC40 (+0.6% to 7,160) started the week on a modest rise, which has been largely fleshed out over the hours, thanks to more than summer-like low volumes: not even 620MnsE traded after 6 and a half hours of trading.
A few purchases of contracts are helping to tip the balance, and on "off" days, it's almost always the upside that wins out.
The Euro-Stoxx50 is in the same vein, up 0.6% at 4,260pts.

Wall Street has just reopened slightly in the green, with the Nasdaq and S&P500 up 0.1%, and the Dow Jones up 0.3%.
Commentators are urging caution ahead of a number of eagerly-awaited macro events in the next 48 hours.

The week will be dominated by the release of several inflation indicators in the USA for June, starting with the consumer price index on Wednesday, followed by the producer and import price indices.

On this side of the Atlantic, the ZEW index of economic sentiment in Germany, German and French inflation figures, and industrial production in the euro zone are expected in the next few days.

Deutsche Bank also points out that "the ECB's minutes from its June meeting (on Thursday) will be another interesting publication, given the assumption, reinforced recently, of a key rate hike in September".

Finally, the week will also see the kick-off of the quarterly earnings season in the USA, with in particular the publications of major financial institutions such as JP Morgan Chase and Citigroup, expected on Friday.

Even before we find out the inflation figures on Wednesday, our bond markets continue to deteriorate, with +2Pts on our OATs at 3.2080%, +1.5Pts on Bunds at 2.651%, +3Pts on Italian BTPs at 4.388%.

US T-Bonds, on the other hand, are unchanged at 4.046/4.055%, which weakens the dollar a little: the euro is up +0.25% at $1.096.

On the value side, TotalEnergies (+1.2%) and its Azerbaijani partner SOCAR announced the start-up of production from the first development phase of the Absheron gas condensate field, located in the Caspian Sea, around 100 km southeast of Baku.

TotalEnergies also announced the signature of a series of agreements with Sonatrach to strengthen their cooperation in natural gas production, the delivery of LNG to Europe, and the development of renewable energies in Algeria.

While maintaining its 'hold' recommendation, Stifel is adjusting its target price for Hermès from €1,800 to €1,820, pending the publication of the luxury house's first-half results on July 28.

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