The Paris Bourse quickly erased the previous day's gains (+0.5%) in an abysmal volume vacuum, and doubled its losses (-1%) despite a stable opening on Wall Street after a 3-day weekend (Memorial Day on Monday).
The CAC40 retreated to 8.050 points, the Euro-Stoxx50 gave up -0.5% and the DAX40 -0.4%.

The re-opening of New York could have boosted investor morale, with indices still likely to set new all-time highs tonight (as on Friday), such as the Nasdaq Composite, which gained +0.3 to +0.4% to close at 17,000Pts.000Pts (the S&P500 grabs 0.1%... but it's 'green').
Only US house prices and the Conference Board's consumer confidence index are on the agenda this afternoon.

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 consolidation episode that has just begun 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 heightened 'anxiety' about Fed policy, they can also draw on the confirmed resilience of the US economy, which is now accompanied by an upturn in activity in Europe.

Clément Inbona, fund manager at LFDE, points out that "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 favorable for risky assets, valuations remain stretched, particularly in the US, with stock market indices close to their record highs.

In terms of interest rates, the yield on the 10-year German Bund, the benchmark for the eurozone, fell by 2pts to 2.565%, our OATs were up 2.4pts to 3.053%, and the reopening of the US bond market failed to provide any support, with T-Bonds remaining stable at 4.475%.

In the oil market, crude oil prices recovered slightly (+0.7% to $83.6 in London) under the impact of a weakening dollar: the Euro gained +0.1% to $1.0870).
US light crude (West Texas Intermediate, WTI) gained almost +1% to $79.45.
The ounce of gold also strengthened to $2.350/Oz, silver gains 1% and flirts again with $32/Oz.

In French company news, Vinci reports that the town of Milton Keynes, located in the UK county of Buckinghamshire, has 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 the Austrian electricity company Verbund for the implementation of a large-scale green hydrogen project in Tunisia.

Airbus announced that its subsidiary Airbus Protect had 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.

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