The CAC40 began the session sharply lower at 7,120Pts (-1.7%), after closing down 1.6% at just under 7,252 points last Friday for the Paris Bourse's flagship index.

In Tokyo, the Nikkei index fell by 12.4% (after -13% during the session), the biggest drop in its history, but also over 48 hours, with a fall of 18.2%. In 48 hours, the index wiped out all its gains since January 1, and plunged -6% into the red.

As a reminder, the markets suffered on Friday from the release of a "worrying" US employment report, according to Commerzbank, with only 114.000 new non-agricultural jobs created in July, and the unemployment rate up 0.2 points to 4.3%.

"At the same time, wages rose more slowly", pointed out the German bank, for whom this supported the scenario of a first rate cut by the Federal Reserve in September.

On Monday, investors took note of the various composite PMI indices in final data for July, notably that for the eurozone, which was down to 50.1 in flash estimates, signalling a virtual stagnation in the region's private sector.

After a promising start to the year, marked by a return to growth and a one-year expansion peak in May, the eurozone economy lost momentum again in July. The HCOB PMI composite index of overall activity in the eurozone fell from 50.9 in June to 50.2 in July, a five-month low.

In France, the HCOB PMI composite index recovered slightly from 48.8 in June to 49.1 in July, signalling a further marginal contraction in overall activity, but remained below the 50 mark unchanged for a third consecutive month.

Other data due in the next few days include retail sales in the eurozone, followed by German industrial production for June, and France's unemployment rate for the second quarter.

On the corporate front, this week's releases include those of Novo Nordisk, Commerzbank, Ahold Delhaize and Deutsche Telekom in Europe, and Amgen, Caterpillar and Walt Disney in the US.

Société Générale has signed agreements with Union Bancaire Privée (UBP), a Swiss bank specializing in wealth and asset management, to sell it SG Kleinwort Hambros and Société Générale Private Banking Suisse.

Societe Generale also announced that it had signed an agreement with BRED Banque Populaire for the sale of the Group's entire 70% stake in Societe Generale Madagasikara in Madagascar, the financial terms of which were not specified.

L'Oréal announces the acquisition of a 10% stake in Galderma Group from Sunshine SwissCo (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA) and Auba Investment, for an undisclosed amount.

Lastly, oil company Maurel & Prom reported an almost doubling of net income (Group share) (+91%) for the first half of 2024, boosted by a 35% increase in production (M&P share).


Copyright (c) 2024 CercleFinance.com. All rights reserved.