The Paris Bourse is down 0.3% this morning, around 7575 points, penalized by the luxury sector (LVMH -1.7%, Hermès and Kering -1.3%).

As is often the case in the final weeks of the year, trading volumes are likely to be limited, especially as the markets seem to be longing for a breather after the straight-line rebound seen since the end of October.

'After setting a new record close at 7,596.9 points, logic would dictate that the CAC 40 should experience some profit-taking this week', says Christopher Dembik, Investment Strategy Advisor at Pictet AM.

The context is propitious: there are no meetings of the major central banks, few statistics apart from inflation figures in the eurozone and the UK, and lower volumes due to the approach of the festive season", explains the analyst.

While the week could provide investors with an opportunity to make their final portfolio adjustments before the end of the financial year, they should also be keen to preserve the exceptional gains made in recent weeks, and over the course of 2023 in general.

Since January 1, the CAC 40 has posted a gain of around 17%, its fourth best annual performance in ten years.

Wall Street is not to be outdone, with gains of over 12% for the Dow Jones, almost 13% for the S&P 500 and some 41% for the Nasdaq Composite.

The recent turbulent weeks on the markets may well have paved the way for the famous 'end-of-year rally', especially now that the Fed has made its change of strategy ('pivot') official.

This phenomenon is nevertheless tending to materialize in the last five sessions of the year just ending and the first two of the one just beginning.

On the economic front, Thursday's US household income and spending figures - which include the Fed's closely watched 'PCE' inflation index - will be the highlight of the week.

In French company news, Renault Group announces the finalization of the transaction announced on June 26, consisting of Otro Capital's investment of 200 million euros in Alpine Racing Ltd, in the form of a 24% stake.

Eiffage announces that it has won, in a consortium with eight architectural firms, the contract awarded by Société du Grand Paris to design and build a section of line 15 East of the Grand Paris Express. The total value of the section between the Bobigny-Pablo Picasso and Champigny Centre stations is 2.54 billion euros.

Airbus reports that Qantas has taken delivery of its first new-generation A220, making the Australian airline the 20th operator to receive the new aircraft. It will leave the Mirabel assembly line in the next few days for Sydney.


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