(CercleFinance.com) – The Paris Stock Exchange is slowly increasing its losses (-0.8%) in volumes of barely 1.200 MnsE which do not reflect any real downward pressure.
The CAC40 is not doing so badly since the Euro-Stoxx50 yields nearly -1.1% while Wall Street reopens slightly down (S&P500 -0.4%, Nasdaq unchanged) after the publication of several economic indicators. .. and waiting for the ‘minutes’ from the FED this evening at 8 p.m.
The US economy is still showing signs of resilience: after an increase of 0.3% in April (revised figure compared to +0.4% initially announced), orders to US industry rose again by +0 .3% in May, according to figures released by the Commerce Department.
For their part, industrial deliveries, after three consecutive months of decline, rose slightly, to +0.3%.
Finally, inventories fell for the third time in the space of four months, to -0.2% leading to a slight decline in the inventory-to-shipments ratio, which fell from 1.50 in April to 1.49 in May .
The bad news of the day comes from China, whose PMI index for ‘services’ calculated by Caixin/S&P fell from 57 to 53.9 while stability was expected.
The results of the PMI surveys in the euro zone show once again that our economies have fallen into contraction (from 52.8 to 49.9) and France is not spared with a real shift in global activity from 52.5 around 48 in the private sector.
The pressure exerted by the high level of interest rates from the European Central Bank is starting to be felt hard in the real estate sector (25% drop in construction activity).
Yields on US government bonds rose again and the US 10-year posted +3pts to 3.889%, a four-month high.
Our OATs and Bunds remain unchanged at 3.002% and 2.455%, Italian BTPs ease from 4.20 to 4.13%, British ‘Gilts’ pass the 4.50% mark while the final rate of the BoE is now expected at 5.75% (on the ‘1 year’).
The Dollar recovers slightly to 1.1085/E (+0.1%)
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