The week ends on a sour note: all indices reverse course, with weekly scores turning red after holding positive territory as late as 4:30 p.m.
The Paris stock exchange (-0.21%) has hovered around the 8,120-point pivot for nearly seven hours, falling below 8,080 and settling in the middle of the 8,050/8,150 corridor--a range that has capped any movement since November 26. The weekly balance closes in the red at -0.4%.
Overall, the CAC 40 has gained nearly 10% this year--a flattering performance given the political uncertainties that have weighed on the trend in 2025. Still, the Parisian index sits less than 3% from its all-time high, which may deter investors from closing their books too early.
Global equity markets cheered the latest announcements from the Federal Reserve, which refrained from delivering an overly hawkish message despite the current strength of the U.S. economy and the significant divergences within its monetary policy committee.
On Wall Street, a rare reversal is unfolding: the Dow Jones (-0.6%) and the Russell-2000, which had both posted a third consecutive all-time record (after two consecutive "intraday/close" doubles the previous day), slipped into the red.
December 12 will nonetheless be remembered as the day the Dow Jones came closest to 50,000--even if it failed to finish in positive territory--setting a new peak at 48,886.
Since January 1, the Dow Jones has gained 14.5%, while the S&P and Nasdaq posted increases of 17% and 22% respectively by Thursday evening, suggesting that most of the upside has already been achieved.
Post-FOMC trading has not been all euphoria, however, with the S&P500 now down 1.2% and the Nasdaq off 2%. Both indices continue to suffer from disappointment over Oracle's weaker-than-expected quarterly results (-11% yesterday, -5.8% tonight), which reignited fears of massive overinvestment in AI potentially weighing on the balance sheets of America's tech giants.
This Friday, the trend is further dragged down by Broadcom (-11.2%), Micron (-8.7%), Marvell (-5%), and Nvidia (-2%).
Many commentators welcome the end of the "heavy uncertainty linked to the Fed," but Chairman Jerome Powell has not reassured everyone. U.S. T-Bonds continue to weaken (a trend since November 26), with the 10-year yield rising +4 basis points to 4.1840% and the 30-year surging +6.5 basis points to 4.856%.
The contagion has spread to Europe, with the Bund up +1.2 basis points to 2.8560%, French OATs adding +2 basis points to 3.579%, and Italian BTPs up +1.6 basis points to 3.551%.
This tension could persist into next week, as markets await the latest highly anticipated U.S. inflation and employment figures.
Next week will also mark the last full trading week before Christmas and New Year's, featuring the "quadruple witching" session as its highlight, which may also mean lighter trading volumes.
Among today's key indicators are the final French consumer price data. Consumer prices in France rose by 0.9% year-on-year in November 2025, matching October's rate, according to Insee, which confirmed its preliminary estimate for last month.
The euro slips against the dollar (-0.05% to 1.1735) after a 1.1% gain over 48 hours.
Despite the dollar's weakness, oil continues to fall, with Brent crude down -1.1% to about $60.85, and WTI off -1.2% to $57.15, flirting with its annual low.
Notable in today's session: a new all-time high for silver at $64.5 an ounce, and gold rebounding to $4,350... before falling back to $61.7 and $4,270, respectively.
