While Wall Street reopens lower (-0.5% on the S&P500 and -1.1% on the Nasdaq at 12,995pts), the Paris Bourse is holding up well (zero score at 6,893).
The CAC40 has been wavering between green and red since 1 p.m., after a morning marked by the heaviness and collapse of historic proportions of Worldline, which collapsed by almost -58% (to 9.70E) after the earnings warning published this morning.
The 40% drop in its competitor Adyen's profit warning on August 17 is almost a 'peripatetic' event: Worldline's capitalization has been almost divided by 5 since October 25, 2022 (the share was worth 45.5E at the opening on that day, corresponding to a decline of -78% in 1 year to the day).

The Group announced significantly lower targets reflecting market conditions, now expecting organic sales growth of 6% to 7% and an EBITDA margin down by around 150 basis points.

Despite a few major "accidents" linked to disappointing publications (Clariane -16%, Nexity -10%), the major indices are holding firm.
The stagnation of the Euro-Stoxx50 (at 4,065) and Frankfurt leaves room to focus on the market's "extras".

In Germany, for example, the Ifo business climate index came in better than expected at 86.9 this month, compared with 85.8 in September, when economists were expecting it to remain virtually stable.
The German economy can look forward to a ray of sunshine," says Ifo President Clemens Fuest.

According to London-based analyst firm Capital Economic, German GDP is likely to fall in the fourth quarter, after probably contracting in the third. We expect GDP to contract by 0.4% over 2023 as a whole, then stagnate in 2024", it adds.

Otherwise, financial news continues to be dominated by the publication of numerous quarterly results.

Last night, Microsoft reported an acceleration in third-quarter earnings growth, boosted by the strong performance of its cloud business.

The stock gained +3.5% in after-hours trading following this publication.

But the most spectacular reaction came from Alphabet, Google's parent company, whose shares dropped -6% in electronic trading following a disappointing performance in the cloud.

At this stage of the earnings season, of the 17% of S&P 500 companies that have published their results, 73% have announced better-than-expected earnings, a very classic ratio that does not yet reflect a real upturn in corporate activity.

The upturn that began on the bond markets on Monday is having trouble finding a second wind: what was gained the previous day in Europe is being lost today. Our OATs are down +3pts to 3.465%, Bunds are up +2.6pts to 2.831%, Italian BTPs +6pts to 4.9030 (5.00% is approaching again, and the spread with the Bund is back above the +200 mark).

In the United States, the yield on 10-year Treasuries deteriorated by +5pts to 4.89%, a dozenpts from the 16-year record reached at the start of the week, above the 5% threshold.

In French company news, TotalEnergies announced on Wednesday that it had won a 25-year contract to supply renewable electricity in New York State.

Air Liquide reported sales of 6.81 billion euros for the third quarter of 2023, down 17.4% on a reported basis due to lower energy prices and a negative currency effect, but up 1.5% on a like-for-like basis.

Dassault Systèmes reported non-IFRS EPS for the third quarter of 2023 up 7% to 0.28 euro on a reported basis, and up 20% at constant exchange rates (CER), exceeding its targets.

Lastly, yesterday Kering (-4.5%, with the 403E floor broken) reported Group sales of 4.5 billion euros for the third quarter of 2023, down -13% on a reported basis and -9% on a comparable basis, taking into account a negative currency effect of -6% and a scope effect of +2% linked to the acquisition of Maui Jim.

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