The Paris Bourse halved its losses (from -1.1% to -0.55%), enabling the CAC40 to narrowly return to the green over the week (+0.05% at 7,064).
The Euro-Stoxx50 also lost -0.5%, as did Tokyo this morning, and the Shanghai Composite (-0.6%).
Wall Street surprised with an initial rise of +0.3% for the S&P500 and +0.7% for the Dow Jones (i.e. 4 rises in 5 sessions), while oil jumped +4% in London, touching $90 a barrel (+6.2% over the week), while the weekend promises to be a high-risk one on the geopolitical front in the Middle East.

Bond markets do not seem to be reflecting any risk-off with regard to the risk of conflagration: our OATs are down -5 basis points at 3.300%, but US T-Bonds are down +2 basis points at 4.615%, while the Labor Department has announced that US import prices rose by 0.1% in September.
A reassuring figure after the +0.6% jump in August... Export prices rose by 0.7% last month, after climbing by 1.1% the previous month.

Overall, over the last 12 months, US import prices fell by 1.7% in unadjusted figures (-0.8% excluding petroleum products), while export prices contracted by 4.1% (-3.8% excluding agricultural products) in September.

In France, inflation remained stable in September (at 4.9% annualized) despite the sharp rise in fuel prices, tempered somewhat by Total Energies' '1.99E' deal.
According to Eurostat, industrial production (seasonally adjusted) contracted by 5.1% in the eurozone and by 4.4% in the EU (between August 2022 and August 2023).

In July 2023, industrial production had fallen by 1.3% in both the eurozone and the EU compared with the previous month.

The quarterly ball got underway in the USA with the publication of 'better-than-expected' results by Wells Fargo, a major specialist in mortgage lending, a sector currently in crisis... but rising interest rates boosted margins: net income came to $5.767 billion, or $1.48/share, up by almost 60% on Q3 2022).
Citigroup, on the other hand, saw its earnings stagnate (+2%), and results were positive only thanks to a +12% rise in profits in its 'Institutional Clients Group' division (capital markets activities + investment banking).

In Paris stock news, Alstom reports that Moody's rating agency decided on October 12 to confirm its long-term issuer rating at 'Baa3', but to lower its credit outlook from 'stable' to 'negative'.

In a preliminary nine-month release, pharmaceutical supplier Sartorius Stedim Biotech reduced its guidance for 2023, both in terms of sales and current EBITDA margin.

On the occasion of this week's state visit to France by Mongolian President Ukhnaagiin Khürelsükh, Thales Alenia Space announced the signing of an agreement to build Mongolia's national satellite telecommunications system.

The group will be responsible for building a high-performance Ku-band satellite, named Chinggis Sat, which will provide broadband Internet connectivity throughout the country, including in rural white zones and for nomadic populations.


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