Paris (AFP)

The Paris Stock Exchange ended unchanged (-0.02%) a calm session Monday, opting for a wait-and-see policy before the American banks open the earnings season on Tuesday and the signing of the agreement materializes on Wednesday. trade between the United States and China.

The CAC 40 index lost 0.97 points to 6,036.14 points, in a limited trading volume of 3 billion euros. On Friday, it had finished almost stable (-0.09%).

"The geopolitical risk has nevertheless relaxed well since last week", allowing the market to approach its highest recent, summed up to AFP Andrea Tuéni, an analyst at Saxo Bank.

"Overall, we have a market that shows no signs of weakness, but we do feel that we are on such sustained levels that we really need to have catalysts that justify being able to go higher, (...) especially in coming out of a year with performances of more than 25% ", he added.

If the schedule is respected, China and the United States must ratify Wednesday the first stage of a trade agreement in Washington, an officialization awaited for months against the background of a global economic slowdown. President Donald Trump warned on Thursday that the ratification of a "phase 2" deal could be postponed until after the US presidential election in November.

"The commitments and the capacity of both sides to keep them will certainly be something that we will continue to follow in common throughout 2020," said the expert from Saxo Bank.

Finally, "the microeconomics will perhaps regain its rights a little after having been slightly set aside in 2019", added Mr. Tuéni, the big American banks having to start the results season on Tuesday. "The figures should not be exceptional" but we could have "encouraging prospects".

On the indicators side, British GDP contracted by 0.3% in November over a month, continuing to falter as Brexit approaches, which increases the possibility of the Bank's next rate cut from England.

Renault finished at the bottom of the CAC 40 (-2.82% to 40.66 euros). Nissan is considering a possible separation from Renault after the latest twists in the Carlos Ghosn saga, according to Bloomberg.

Publicis benefited (+ 2.77% to 43.08 euros) from an increase in recommendation to "buy" against "neutral" previously by Goldman Sachs.

PSA fell 0.86% to 20.69 euros. The Peugeot family, which will hold just over 6% of the group's capital formed by the merger of PSA and Fiat Chrysler, said it intends to exercise its option to acquire an additional 2.5% as soon as possible, in an interview with East Republican.

Valeo suffered (-2.70% to 31.66 euros) from the downgrade of its rating by the financial rating agency S&P Global Ratings, which estimated that the French automotive supplier generates a low level of cash while 'it evolves in a difficult context.

Vivendi fell 0.77% to 25.70 euros. The shareholders of the Italian group Mediaset validated Friday the amendments made to its European holding project, despite the opposition of Vivendi with which it has been in conflict for more than three years.

© 2020 AFP