The Paris Bourse ended the session down just 0.15% at 7,409 points, penalized by Vivendi (-2.8%) and Sanofi (-1.7%).
On a weekly basis, the Paris index limited its decline to just over 0.2%.

Investors welcomed François Bayrou's appointment to the French Prime Minister's office without any particular emotion, the climate of political uncertainty in France having already been "predicted".

On the bond front, OATs are trading at around 3.03%, while Bunds are at 2.24%, with the spread remaining below 80 points.

As a reminder, the ECB decided yesterday to lower its key rates for the fourth consecutive time this year. The institution's monetary policy statement and the press conference given by its President, Christine Lagarde, also reinforced expectations of further monetary easing in 2025.

While this prospect is generally favorable for equity markets, some observers were disappointed by the tone of the ECB's speech and its lack of willingness to further support growth with a much more accommodating monetary policy.

Ann-Katrin Petersen, strategist at the BlackRock Investment Institute, notes that the central bank did not really give the markets a "Christmas present" by ruling out the implementation of more substantial support measures.

Across the Atlantic, movements were limited, with the Nasdaq down 0.2%, the S&P500 down 0.1% and the Dow Jones virtually stable.

On the statistics front, US import prices rose by 0.1% in November compared with the previous month (stable excluding fuel), according to the Labor Department, while export prices stagnated (+0.1% excluding agricultural commodities).

On a rolling 12-month basis, US import and export prices rose by 1.3% (+2.3% excluding fuel) and 0.8% (+1.2% excluding agricultural commodities) respectively last month.

In Europe, investors took note of a number of data this morning.
CVS industrial production remained stable in the eurozone and rose by 0.3% in the EU, according to Eurostat's first estimates.

In the eurozone, it rose by 1.7% for capital goods, remained stable for intermediate goods and fell by 1.9% for energy, by 1.8% for durable consumer goods and by 2.3% for non-durable consumer goods.

In September 2024, compared with August, industrial production was down by 1.5% in the eurozone and by 1.4% in the EU. Compared with the same month in 2023, it fell by 1.2% in the eurozone and 0.8% in the EU last October.

Over a year, consumer prices in France rose by 1.3% in November 2024, a slight acceleration after +1.2% in October, according to Insee, which therefore confirms its provisional estimate for last month.

In Germany, the trade surplus fell in October, according to official data published on Friday, confirming the current difficulties of Europe's leading economy.

The trade surplus came to 13.4 billion euros in seasonally and calendar-adjusted figures, after reaching 16.9 billion in September, announced Destatis, the Federal Statistical Office.

Note that on Forex, the euro, supported by rising yields in the wake of the ECB meeting, advanced by +0.2% against the British pound, to $1.049/EUR.

In French company news, Smulders (Eiffage Métal's Belgian subsidiary) has won the EPC (Engineering, Procurement and Construction) contract awarded by Chantiers de l'Atlantique, acting on behalf of RTE, for the jackets foundations of the two electrical substations of the future Centre Manche 1 and Centre Manche 2 offshore wind farms.

Teleperformance reports that its Board of Directors has decided to cancel 864.458 treasury shares, representing 1.42% of the share capital, in accordance with the authorization given by the AGM of April 13, 2023.

Finally, Sanofi announces that its tolebrutinib has received Breakthrough Therapy designation from the US FDA, for the treatment of relapse-free secondary progressive multiple sclerosis (SPMS) in adults.


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