The CAC40 ended the session down 0.96% at 7,200 points, penalized in particular by the decline in luxury goods, with -2% for LVMH and Hermès, and -1% for Kering.

This trend testifies to the persistent uncertainties surrounding growth, and shows that the relief linked to the agreement on US debt and the easing of inflation in Europe is not enough.

On the statistics front, the day was marked by the publication of numerous PMI indices. Growth in the US services sector accelerated in May, according to S&P Global.

The PMI index compiled by the economic research firm rose to 54.9 last month, compared with 53.6 in April and 55.1 in the preliminary 'flash' version previously announced.


Sectors such as travel, tourism, entertainment and leisure are benefiting from a mini post-pandemic 'boom', with demand shifting from goods to services", explains Chris Williamson, chief economist at S&P Global Market Intelligence.

The HCOB composite PMI index of overall activity in the eurozone fell from 54.1 in April to 52.8 in May, signalling a three-month low in private sector activity in the region.

Meanwhile, growth in services activity in France slowed significantly in May, show the final results of the monthly PMI survey from S&P Global and Hamburg Commercial Bank published this Monday.

The PMI HCOB index of activity in the sector stood at 52.5 last month, down on its April level of 54.6 and slightly below its first estimate of 52.8, published on May 23.

Meanwhile, US industrial orders rose by 0.4% in April, according to figures released by the Commerce Department (following a 0.6% rise in March, revised from the +0.9% initially announced).

Meanwhile, industrial shipments recorded a further decline, the fifth in the space of six months, to -0.4%.

As on Friday, investors' return to risky assets is having a slight adverse effect on bond markets, with T-Bond yields remaining unchanged, and German Bunds and our OATs recovering by +5pts to 2.358% and 2.904% respectively.
The dollar remains virtually unchanged (+0.2% to $1.0704/E).

On the energy front, oil prices are back on the rise after OPEC and its allies, united under the name OPEC+, announced on Sunday their intention to cut production by -1 million barrels/day following the recent downturn in crude prices; since January 1, no less than 4% of production has been withdrawn from the physical market, without stopping the downward spiral.
The obvious conclusion is that demand will be weaker than anticipated in the 1st half of 2023.

In the wake of this decision, Brent crude rose by more than 1.3% to $77.4 a barrel, while US light crude (WTI, West Texas Intermediate) rebounded by 0.9% to $72.6.

In French company news, AXA IM Alts, AXA's alternative investment subsidiary, announced on Monday that it had acquired the Bry-sur-Marne studios, one of France's largest film and TV shooting complexes.

GlobalFoundries and STMicroelectronics today announced the conclusion of the agreement announced on July 11, 2022 concerning the creation of a new 300 mm high-volume semiconductor production facility to be jointly operated in Crolles, near Grenoble.

Teleperformance announced on Friday evening that its US subsidiary had reached an agreement with investment bank Goldman Sachs to implement a long-term incentive plan to be launched in 2020.

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