The Paris Bourse is holding firm as the December trading term gets underway: the CAC continues to rise in this "3 Witches" session, which concludes one of the best November trading months in the last 20 years.

The CAC closed up 0.91% at 7,234 points, gaining 2.7% over the week (in sustained volume of 6.7 billion euros), and more than 6% since October 20.

The euro-Stoxx50 was also up, with +0.8% at 4,340 points and +3.3% over the week.

On Wall Street, US equity markets are currently directionless (the S&P500 and Dow Jones are stable). They, too, are heading for an almost 100% positive week, with the Dow Jones and Nasdaq both up around 2% for the week, and aiming for their 14th out of 16 up sessions (a ratio of 7 rises to just one symbolic fall).

While investors are now clearly betting on the end of the monetary tightening cycle by the major central banks, the slowdown in inflationary pressures has not totally reassured them.

It's clear that the central banks' battle against inflation is far from over", says Thomas Hempell, economist at Generali Investments.

"Rates will probably remain at their current levels during an extended pause - with the first rate cuts unlikely before the second half of 2024", stresses the analyst.

US T-Bonds are marginally down; the '10-yr' is back at 4.462%, but has erased nearly 20 basis points over the week.

Little movement in Europe, where Bunds are -0.5Pts (2.5830%); Italian OATs and BTPs are totally frozen at 3.418% and 4.348% respectively (the week ends with an average easing of -15Pts).

Economic data released this week were mixed, but traders focused on the moderation in inflation.

The Commerce Department reported a 1.9% rise in US housing starts in October, to an annualized rate of 1,372,000, a level rather above economists' expectations.

Similarly, U.S. housing permits - thought to foreshadow future starts - rose by 1.1% to an annualized rate of 1,487,000 last month, also exceeding consensus.

The oil market is attempting to halt its correction due to the increasingly serious prospect of a slowdown in the global economy, but is also heading for heavy losses for the week.

Brent crude oil nibbles 1% to $78.25 a barrel, while US light crude (West Texas Intermediate, WTI) recovers to $73.5.

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