Paris (AFP)

The Paris Bourse fell 0.47% after the first exchanges on Tuesday, the day after a sharp drop marked by the return to the foreground of health concerns.

At 9:17, the CAC 40 index lost 22.74 points to 4,793.38 points.

On Monday, it gave up 1.90%.

"We are entering a period of market where risk aversion could be more important and translate at least into an increase in volatility", explain analysts at Saxo Bank.

The calendar is loaded, especially in bad news, for the market, both in health, macroeconomic and microeconomic news.

On the health front, the acceleration of the spread of the virus is pushing governments in the direction of new restrictive measures.

In France, re-containment is now a plausible option for members of the scientific community, such as the president of the Scientific Council, the body that guides the government, Jean-François Delfraissy.

At the macroeconomic level, disappointment dominates among investors who despair of seeing the conclusion of an economic stimulus plan in the United States, for which negotiations between Democrats and Republicans have stalled for more than three months.

The approach of the presidential election also feeds the renewed nervousness which has been observed in recent sessions.

This environment "will significantly increase the pressure on the European Central Bank to send a sufficiently accommodating message" Thursday, failing to announce measures, continue analysts at Saxo Bank.

- Anxiety climate -

This already "anxiety-provoking" climate according to Tangi le Liboux, analyst for broker Aurel BGC, may be worsened by disappointments on the corporate earnings front, such as the one experienced Monday by the German software giant SAP, a heavyweight in Frankfurt which has lost nearly 22% on Monday after the publication of its results.

The big American technology stocks, which support the rebound of the markets since the fall of March unveil their results in the week, and from Tuesday evening for Microsoft.

"Up to now, downturns like yesterday's have been without a future," recalls Mr. Le Liboux.

He notes that "the markets haven't really flinched at this point," despite the bad news.

The French IT services giant Capgemini jumped 5.86% to 105 euros after the presentation of its results.

It confirmed its annual objectives, and presented a turnover increase of more than 15%.

The action had been abused Monday as a consequence of the fall of SAP.

In its wake, Atos took 0.98% to 63.72 euros.

Banks, like Societe Generale (+ 1.68% to 12.81 euros), were moving in the green after the publication of the results of Banco Santander in Spain, which returned to profit in the third quarter.

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