The Paris Bourse rebounds laboriously (0.2% to 7085/7,090 points), in unconvincing volumes (920Mns traded in 6 hours and a half), and the day's slight rise doesn't even allow the 7,100 mark to be regained.

Not enough to conclude that the bearish sequence begun ten days ago has been invalidated, while bond yields are tending to stabilize below their recent highs.
The Euro-Stoxx50 also failed to sparkle, with +0.25% at 4,140pts, down -8% since the July 28 high and -4% since September 15.
Wall Street's opening gains were of a similar order (+0.05% on the Dow Jones, +0.3% on the S&P500 and Nasdaq).... and we'll have to keep an eye on the oil sector, with WTI reaching its zenith at $92.4 a barrel.
The other driver to keep an eye on is the VIX, which broke through its annual high of 18.8 on Tuesday evening.

The world's stock markets have been in the grip of a correction for the past few days, with many of them breaking through major technical supports in a general climate dominated by risk aversion.

Investor sentiment had largely deteriorated last week with the prospect of high rates for an extended period, a scenario reinforced by the Fed's latest statements.

The situation worsened yesterday, as the Paris market posted its fourth consecutive session of declines, briefly breaching the decisive 7050-point threshold.

While the CAC40 had gone as far as posting a 17% annual rise in April, its gain since the start of the year has been severely eroded to just 9% today.

On the European bond market, yields are easing by -1.5 basis points after rising sharply in recent weeks, with the German ten-year holding steady at around 2.785%, its highest level since 2011, while our OATs are down from 3.3600 to 3.3450%.

In the United States, the yield on the 10-year Treasury bond briefly exceeded the crucial level of 4.56% yesterday, a level not seen since 2007, before falling back to 4.515% (-4.5pts), with the 30-year still hovering above 4.65% (compared with 4.70% on Tuesday).

The gloomy climate was exacerbated yesterday by indicators reinforcing the scenario of a coming recession in the United States, also fuelled by the threat of a possible shutdown at the end of the week.

The Commerce Department announced on Wednesday a timid 0.2% rise in US durable goods orders last month, following a 5.6% fall in July (revised from an initial estimate of -5.2%).

Excluding transportation equipment, US durable goods orders rose by 0.4% in August compared with the previous month, but excluding defense equipment, they contracted by 0.7%.

According to a recent Goldman Sachs survey, 77% of investors now expect a recession across the Atlantic over the next two years, with 23% believing it will occur in 2023 and 53% in 2024.

In terms of currencies, the dollar continues to benefit from the fact that the yield on Treasuries is still much higher than that on European paper, pushing the euro down by -0.4% to 1.0532 against the greenback (which hit a new high since March 8).

In France, household confidence in the economic situation is deteriorating, with the Insee synthetic indicator dropping two points to 83 in September, well below its long-term average (100 between January 1987 and December 2022).

Investors will also be watching for the release of US oil inventories, while fears of a slowdown in global growth have so far had little impact on crude prices.

Both Arabia and Russia intend to maintain their quota cuts until the end of 2023, and Brent crude is up +1.6% to $95.6 in London (its highest level since early November 2022), while US light crude is currently up over 2% to almost $92.4 a barrel, its highest since October 2022.

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