The day after the CAC40 index climbed 1.9% to 7,266 points, the Paris Bourse gave up some of its gains, following in the footsteps of Wall Street yesterday (-0.6% on the Dow Jones, -1% on the Nasdaq) and Tokyo this morning (-0.7%). The CAC40 index began the session down 1% at 7197pts.

While he welcomes the accommodating message sent by the Bank of Japan on Tuesday night and the clear easing in US rates since the end of July, Christopher Dembik warns that "this will certainly not be enough in the short term".

The Pictet AM advisor notes that the market is still debating the possibility of a US recession, a scenario which seems to him to be "far removed from reality", and that European companies are continuing to lower their annual guidance.

As much as we have no doubt that the US equity market will recover this year, we fear that it will be more sluggish in Europe", he warns, advising caution, "even if valuation levels are very attractive".

With little to do on the macroeconomic front (apart from the traditional US jobless claims), this Thursday will again be marked by quarterly results, such as those of Deutsche Telekom in Europe and Eli Lilly in the US.

In Paris news, Sanofi reports that in the Phase III GMMG-HD7 study, its Sarclisa induction therapy significantly improved progression-free survival in patients with multiple myeloma.

Getlink, the parent company of Eurotunnel, announces that its shuttle services saw their traffic increase by 4% for trucks, but fall by 2% for passenger vehicles in July, in year-on-year comparison.

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