The CAC40 continued its downward trend this Thursday morning towards 7,230Pts (-0.3%), after the Parisian index had fallen by 1.7% to 7,253 points the previous day, against a backdrop of growing anxiety over negotiations on the US debt ceiling.

The latest news was not particularly promising, with House Speaker McCarthy telling reporters that there were a number of issues on which negotiators were still far apart," notes Deutsche Bank.

The German bank also points out that, after the US markets closed, credit rating agency Fitch placed the US rating on negative watch, even though its baseline scenario remains that an agreement would be reached.

We remain constructive on an agreement reached in time to avoid a default on US debt, even if we expect the soap opera to continue in the very short term", also judged Libby Cantrill, Head of Public Policy at PIMCO.

In addition to the French business climate index, which was published before the opening, we also took note of the new first-quarter GDP estimates for Germany.

The business climate in France darkened in May, for the third consecutive month, according to the Insee indicator, which lost two points and returned to its long-term average at 100. This is its lowest level since April 2021.

Germany's GDP fell by 0.3% in the first quarter of 2023 compared with the final quarter of 2022, according to new volume and CVS-CJO data from Destatis, whereas stability had initially been announced.

In stock news, environmental services group Derichebourg reported net income down 39.1% for its first half of 2022-23, on sales that contracted by 12.7%.

For its part, Pierre & Vacances reported a 28% year-on-year improvement in half-year adjusted EBITDA, enabling it to confirm the increase in its financial forecasts for the 2022-23 financial year, announced in April.

Eurazeo, accompanied by Trocadero Capital Partners and Bpifrance, has announced a recent investment in Eowin, to pursue and accelerate the development of this document management services company for industry.

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