The Paris stock market (+0.7% to 7,036) climbed to around 7,060pts by 4pm, but lost some of its gains as Wall Street struggled to hold on to its initial gains: the 3 main indices are now down -0.1% (although this remains marginal, of course).

However, the CAC40 remains the undisputed European market leader (ahead of the E-Stoxx50 with +0.6%, the DAX +0.5%), with luxury stocks such as L'Oréal and Hermès in its wake with +2.5% (but in volumes worthy of August 15, with just 1.35 billion euros traded in 8 hours of trading).

Wall Street had begun Wednesday's session with modest gains (+0.2%)... and remains on track for an 8th consecutive session of gains for the S&P500 and Dow Jones, and a 9th for the Nasdaq, which is lining up one of the longest winning streaks of the 21st century and testifies to the return of almost unshakeable confidence in a bright future.

Wall Street's attention is focused on Jerome Powell's speech at the conference celebrating the 100th anniversary of the Fed's Research and Statistics Division, held in Washington.

Investors expect the Fed Chairman to confirm that the risks of a slowdown are now more closely watched (or feared) than the risks of inflation, and to validate the scenario of a pivot within 9 months (end of the first half or beginning of the second half of 2024).

A break with his less offensive statements of November 1 would have a major impact on the markets, which the Fed boss would do his utmost to avoid upsetting (especially after +8.5% in a straight line on the Nasdaq).

US T-Bonds eased -3.1pts to 4.54%, returning to last Friday's levels.

Ditto for Bunds with -4.5pts to 2.623%, for our OATs with -5.3pts to 3.2100%, and -7.2pts on Italian BTPs to 4.485%.

The only false note - one could almost say 'as usual' - is UK Gilts, which are only -1.2Pts at 4.3100%.

The dollar (-0.2%) is back at 1.0715/E, with the $-Index stable at 105.5.

On the oil market, US light crude dropped a further -0.5% to $76.7 a barrel, returning to levels not seen since July 21.



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