CAC40: attempts to erase the previous day's decline, Tesla up +17

(CercleFinance.com) - The Paris Bourse advanced +0.
7% (to 7,545) and is poised to retrace its mid-morning highs (+0.8% to 7555), helped by a +0.3% rise in the S&P500 and +0.6% in the Nasdaq, which in reality owes almost everything to Tesla's +17%.
Eurozone indices reached their best level of the day after the publication of preliminary PMI activity indices in Europe... then eased back a little, until the US markets reopened.

'In Europe as in the United States, PMI surveys show a divide between industry and services. Industrial weakness is more marked in Europe, but in services too, Europe is lagging behind', pointed out Oddo BHF at the beginning of the week.

Down to 47.3 this month after 48.6 in September, the HCOB composite flash PMI index of overall activity in France settled below the 50 mark unchanged for a second consecutive month in October.

The HCOB composite PMI flash index for overall activity in the eurozone stood at 49.7 in October, very close to the level recorded in September (49.6), suggesting a very slight decline in overall activity in the region for a second consecutive month.

Business sentiment in France also fell in October, according to the synthetic indicator calculated by Insee, which dropped one point to 97. This is the result of a significant drop in sentiment in industry, not quite offset by an improvement in services.

In the USA, it's also "PMI day": growth in the US private sector accelerated slightly this month, according to S&P Global's composite PMI, which came in at 54.3 in flash estimate for October, after 54 for the previous month.
The October PMI level thus reflects a robust expansion in private sector activity, driven however solely by services, while manufacturing output contracted for a 3rd consecutive month.
The Labor Department reports a -15.000, to 227,000, in new US jobless claims in the week to October 14.

The four-week moving average - more representative of the underlying trend - came in at 238,500, up by 2,000 week-on-week.
Bonds showed a slight improvement, with -5pts yields on Bunds and OATs at 2.264% and 3.995%, while T-Bonds showed a more modest -1pt yield on the 30-year and -1.5pt yield on the 2034 at 4.228%.
The euro rebounded against the dollar, gaining 0.2% to 1.0805, while gold eased to 2.730

'Jobless claims had risen recently due to the hurricanes ('Milton') and the strike at Boeing, which is disrupting its suppliers and subcontractors', noted Oddo BHF.

In addition to the various macroeconomic indicators, the stock market news is also marked by numerous quarterly publications, such as those of Kering (heavy downturn in Gucci sales, but the share rebounds by +2.5%), Carrefour and Michelin (poorly received with -7.5%) or Renault, Dassault Systèmes, Orange, Danone and Sodexo on Thursday.

Outside the CAC40, corporate publications were also plentiful, with Bic (+11%) and Bureau Veritas, for example, raising their full-year margin and growth targets respectively.

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