The Paris stock market ended the day almost perfectly balanced, at 7573 points (-0.04%), with investors adopting a cautious stance ahead of what promises to be an indicator-rich week.

Earnings season is set to accelerate sharply in the US this week, with almost a third of S&P 500 companies due to publish their quarterly accounts, including heavyweights such as Microsoft, Boeing, Meta, Amazon and ExxonMobil.

In Europe, a number of leading companies such as GSK, Santander, RB, Unilever, Sanofi and TotalEnergies are also due to unveil their financial performances in the coming days.

Investors are also counting on a series of economic indicators expected in the coming days to fuel the optimism that has kept stock markets buoyant in recent weeks.

Against a backdrop of worries about a looming recession, they are hoping that the first US growth figures for the first quarter, due on Thursday, will provide a few pleasant surprises.

The consensus is for the world's leading economy to grow at an annualized rate of 2% in the first three months of 2023, compared with +2.6% in the fourth quarter of 2022.

The following day, investors' attention will turn to the first estimate of the eurozone's gross domestic product (GDP) for the first quarter, followed by German inflation in April.

The approach of the Federal Reserve's May 2-3 meeting, which is expected to result in a final rate hike, could also prompt caution.

For some strategists, the currently prevailing positive market sentiment could rapidly deteriorate.

'We expect a marked slowdown in growth momentum due to the effects of aggressive monetary tightening, leading us to take a negative view on equities', writes BofA in a recent study.

Against this backdrop, the US bank recommends that investors focus on defensive stocks in the pharmaceuticals and consumer staples sectors.

On the interest rate front, Europe remains perfectly stable, with OATs stuck at 3.0550% and Bunds unchanged at 3.4860%.

Slight easing in T-Bonds (-4pts to 3.532%), resulting in a further bout of weakness in the dollar, which shed -0.6% to $1.1024/euro.

In French company news, the Group announces the inauguration of a sustainable asphalt production plant on the Bogotá-Girardot highway concession project, operated by Vinci Highways (Vinci Concessions).

Orpea (-11.2%) reports that its Board of Directors has examined a request from a group of shareholders to convene a General Meeting and has decided not to act on it, considering that the request 'has no legitimate basis'.

Bolloré reports that its sales fell by 11% to 4433 million euros in the first quarter of 2023 on a like-for-like basis. On a reported basis, sales were down 10% on first-quarter 2022 sales.

Finally, Sanofi announced on Monday the UK launch of Avaxim Junior, its pediatric vaccine against infection caused by the hepatitis A virus. The laboratory also reported that Canada had approved the use of its respiratory syncytial virus (RSV) vaccine developed with AstraZeneca.

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