The Paris Bourse is down to 7220 points (-0.5%), as the minutes of the latest Fed meeting were published last night.

The 'minutes' of the latest meeting, held on July 25 & 26, did not reassure investors as to the central bank's intentions in terms of monetary policy.

The first visible consequence of these concerns is that government bond yields are continuing to rise. On the US Treasuries market, the ten-year yield is up to 4.29%, its highest level for 15 years.

And the movement is almost as clear-cut in the Eurozone, with the ten-year German Bund yield also at multi-year peaks, at 2.68%, while the French OAT is at 3.22%.

On the indicators front, investors learned that manufacturing activity had picked up in the Philadelphia region, as measured by the local Fed's General Conditions Index, which rose from -13.5 last month to +12 this month, its first positive reading since August 2022.

In addition, the number of US jobless claims fell by 11,000 in the week to August 7, to 239,000 according to the Labor Department, compared with 250,000 the previous week.

In French company news, Stellantis announced on Thursday that it would invest over $100 million in the development of a geothermal lithium project led by start-up CTR in California.

Ipsen announces US FDA approval of Sohonos, the first and only treatment for people with fibrodysplasia ossificans progressiva (FOP), an ultra-rare bone disease affecting nearly 400 people in the United States.

Valneva announces an agreement to increase the principal amount of its existing debt financing agreement with US healthcare funds Deerfield Management Company and OrbiMed by $100 million.


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