The CAC40 (+0.5% at 7,150) starts the week on a modest rise that exceeds initial expectations, thanks to a more than summer-like tightness in volumes: not even 830MnsE traded after 8 hours of trading, the billion mark is unlikely to be reached by 5:30 pm (then you'll have to add 'arbitrage' at 5:35 pm).

A few purchases of contracts can tip the balance, and on 'off' days, it's almost always the upside that wins out.
The Euro-Stoxx50 is following suit, with +0.5% at 4.256Pts.

Wall Street is slightly in the green (except for the Nasdaq, unchanged), with the S&P500 at +0.1%, and the Dow Jones at +0.4%.
Commentators are invoking caution ahead of a number of highly anticipated macro events in the next 48 hours.
A minor figure was released this afternoon: US wholesale inventories were flat in May on a sequential basis, according to the US Commerce Department, following a 0.3% decline the previous month (revised from the initial announcement of a 0.1% decline in April).

Sales by wholesalers fell by 0.2% between April and May. At the rate of May sales, it took wholesalers 1.41 months to clear their inventories, compared with 1.40 the previous month.

The week will be dominated by the release of several leading US inflation indicators for June, starting with the consumer price index on Wednesday, followed by producer and import prices.

On this side of the Atlantic, the ZEW index of economic sentiment in Germany, German and French inflation figures, and industrial production in the eurozone are expected in the coming days.

The ECB's report on its June meeting (Thursday) will be another interesting publication, given the assumption, reinforced recently, of a key rate hike in September", also points out Deutsche Bank.

Finally, the week will also see the kick-off of the quarterly results season in the USA, with in particular the publications of major financial establishments such as JP Morgan Chase and Citigroup, expected on Friday.

Even before we find out the inflation figures on Wednesday, our bond markets continue to deteriorate, with +2Pts on our OATs at 3.2080%, +1.5Pts on Bunds at 2.651%, +3Pts on Italian BTPs at 4.388%.

US T-Bonds, on the other hand, are unchanged at 4.046/4.0500%, which weakens the dollar a little: the euro is up +0.25% at $1.096.

On the value side, TotalEnergies (+1.2%) and its Azerbaijani partner SOCAR announced the start of production from the first development phase of the Absheron gas condensate field, located in the Caspian Sea, around 100 km southeast of Baku.

TotalEnergies also announced the signature of a series of agreements with Sonatrach to strengthen their cooperation in natural gas production, the delivery of LNG to Europe, and the development of renewable energies in Algeria.

While maintaining its 'hold' recommendation, Stifel is adjusting its target price for Hermès from €1,800 to €1,820, pending the publication of the luxury house's first-half results on July 28.

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