The Paris Bourse is slowly widening its losses (-0.8%) in volumes of barely 1,200MnsE, which do not reflect any real downward pressure.
The CAC40 is not doing so badly, as the Euro-Stoxx50 is down nearly -1.1%, while Wall Street reopens slightly lower (S&P500 -0.4%, Nasdaq unchanged) after the publication of several economic indicators... and as we await the FED's 'minutes' this evening at 8pm.

The US economy is still showing signs of resilience: following a 0.3% rise in April (revised from the +0.4% initially announced), US industrial orders rose by a further +0.3% in May, according to figures released by the Commerce Department.

Industrial shipments, after three consecutive months of decline, are back on the rise, at +0.3%.

Finally, inventories fell for the 3rd time in four months, by -0.2%, leading to a slight decline in the inventory-to-delivery ratio, from 1.50 in April to 1.49 in May.

The bad news of the day comes from China, where the 'services' PMI calculated by Caixin/S&P fell from 57 to 53.9, whereas stability was expected.

The results of PMI surveys in the eurozone show once again that our economies have fallen into contraction (from 52.8 to 49.9), and France has not been spared, with a real swing in overall activity from 52.5 to 48 in the private sector.
The pressure exerted by the European Central Bank's high interest rates is beginning to be hard felt in the real estate sector (construction activity down 25%).

US government bond yields are back on the rise, with the 10-year US yield up 3pts to 3.889%, a four-month high.
Our OATs and Bunds remained unchanged at 3.002% and 2.455%, Italian BTPs eased from 4.20 to 4.13%, British Gilts passed the 4.50% mark, while the BoE's final 1-year rate is now expected to be 5.75%.
The dollar recovered slightly to 1.1085/E (+0.1%)

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