The Paris Bourse lost 0.92% on Tuesday to 8057 points, wiping out all the gains of the previous day (+0.5%) despite the rise of Renault (+2.6%) and Michelin (+1.3%).

The reopening of New York could have boosted investor morale, with indices still likely to set new all-time highs this evening (as they did on Friday), such as the Nasdaq Composite, which gained +0.5% to break the 17,000-point barrier (the S&P500 gained 0.1%... but that's "green").

But once again, Nvidia accounts for 100% of the rise in the 2 US indices, with a +5.5% increase to over $1,120 (+$135 billion in additional 'capi', the equivalent of a Sanofi in just a few minutes).
Nvidia ($2,800 billion) is now hot on the heels of Apple ($2.935Bn) and 'weighs' as much as all German stocks + Belgian stocks!

US consumer confidence improved against all expectations in May: the Conference Board reports a score of 102 versus 97.5 in April, while the consensus was for a dip to 96.

More important dates will mark the end of the week, starting with Friday's release of inflation figures, which will be closely watched in both the US and Europe.

These data will provide further information on future interest rate trends, particularly from the Fed, in a climate of growing skepticism about the possibility of further rate cuts.

The recent episode of consolidation on the world's financial markets suggests that investors are waiting for a clear signal before deciding which direction to take.

While the markets are affected by greater 'anxiety' about Fed policy, they can also draw on the confirmed resilience of the US economy, which is now accompanied by a recovery in activity in Europe.

Clément Inbona, fund manager at LFDE, points out: "The good macroeconomic figures in the USA and the rebound in European growth, after five quarters in a row of sluggishness, are translating into upward revisions to earnings forecasts for fiscal 2024 on both sides of the Atlantic.

While the overall climate appears rather favourable for risky assets, valuations remain tight, particularly in the USA, with stock market indices close to record highs.

In terms of interest rates, the yield on the ten-year German Bund, the benchmark for the eurozone, fell by 3.5Pt to 2.581%, our OATs were up 3.4Pts to 3.062%, and the reopening of the US bond market failed to provide any support, with T-Bonds down 1,7Pt to 4.4900%

In the oil market, crude oil prices recovered slightly (+1% to $83.9 in London) on the back of a weaker dollar: The euro gained +0.2% to $1.0870.)

The ounce of gold is also strengthening towards $2.360/Oz (+1.1%), while silver gained 1% and flirted once again with the $32/Oz mark.

In French company news, Vinci reported that the town of Milton Keynes, in the UK county of Buckinghamshire, had renewed the contract for the maintenance and improvement of its road infrastructure with Ringway, a local subsidiary of Vinci Construction.

TotalEnergies announced on Tuesday that its joint venture TE H2 had signed a memorandum of understanding with Austrian utility Verbund to implement a large-scale green hydrogen project in Tunisia.

Airbus reports that its subsidiary Airbus Protect has signed a cooperation agreement with Aura Aéro for the certification of ERA, the next 19-seat hybrid-electric regional transport aircraft developed by Aura Aéro.

Finally, Alstom will supply 6 additional SkyTrain Mark V trains (30 cars) to TransLink in Vancouver, British Columbia, under a contract worth around 86 million euros (123 million Canadian dollars).

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