The Paris Bourse ended the session with a gain of 0.37%, at 7330 points, driven by Accor (+4.7%), Société Générale (+4.3%) and Stellantis (+3.7%).

The adoption of the motion of censure aimed at toppling the Barnier government was an archetypal example of a 'non-event'.

While the overthrow of the government has opened up a new period of political uncertainty, analysts point out that the Paris index is weathering the political turbulence rather well.

As a sign that the 'censure' is not worrying currency traders, the euro is back up by more than 0.5% against the greenback, to $1.057/E.

Across the Atlantic, movements are limited, with the Nasdaq up by 0.1%, the S&P500 at equilibrium and the Dow Jones down by 0.2%.

On the statistics front, the US trade deficit fell sharply to $73.8 billion in October, compared with the previous month's $83.8 billion (which was revised from an initial estimate of $84.4 billion), according to the Commerce Department.

This 11.9% month-on-month decline in the deficit was the result of a 4% contraction in US imports of goods and services, to $339.6 billion, thus outstripping a 1.6% drop in exports, to $265.7 billion.

On the eve of the publication of the NFP, the Labor Department announced that 224,000 new US jobless claims were registered last week, up 9,000 on the previous week.000 higher than the previous week.

On the bond front, 10-year US T-Bonds are down +2.5pts to 4.2060%, the yield on French OATs is at 2.878/2.882% (-1.5pts in 24H), and the German Bund is at 2.108% (+5pts), which means that the interest-rate spread between Germany and France has fallen back below 80 basis points (almost -10pts in 1 week).

We're a long way from a financial crisis scenario", says Christopher Dembik.

A sign of traders' appetite for all assets with strong upward potential, bitcoin overnight broke through the symbolic $100,000 barrier for the first time in its history (record raised to $104.000 'tout rond'), buoyed by hopes of deregulation of the crypto-currency sector with Trump's forthcoming return to the White House.

In France, manufacturing output was stable in October (after 0.7% in September), and virtually unchanged for industry as a whole (0.1% after 0.8%), according to Insee's CVS-CJO data.

Note that in Germany, new orders in volume in the manufacturing industry fell by 1.5% in October 2024 compared with the previous month, according to Destatis CVS-CJO data, following a 7.2% jump in September.

In French company news, Safran (-7.3%) has forecast sales growth of around 10% for 2025, operating income before non-recurring items of between 4.7 and 4.8 billion euros, and free cash flow of between 2.8 and 3 billion.

Spie has announced the signature of an agreement for the acquisition of 100% of Corporate Software, a Swiss company founded in 2011, which 'has established itself as a benchmark provider of IT services and consulting'.

Finally, Unibail-Rodamco-Westfield (URW) reports that it has acquired a 38.9% stake in URW Germany GmbH and related entities (URWG) from its joint venture partner Canada Pension Plan Investment Board (CPP Investments).


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