* The Stoxx 600 index gains 0.3%, the CAC 40 in Paris 0.63%
    * Tokyo ended in the red, like the Dow Jones and the S&P-500 on Monday
    * Eighth month of recovery for Chinese industrial production
    * The multiplication of new restrictions worries some
investors

    by Marc Angrand
    PARIS, December 15 (Reuters) - The main European stock exchanges
rose in early trading on Tuesday after a series of Chinese indicators
reassuring on the continuation of the recovery but the rise is limited by a
health and economic context dominated by multiple restrictive measures
implemented to try to curb the coronavirus pandemic.
    In Paris, the CAC 40 gained 0.63% to 5,562.77 points around 09:10 GMT. AT
London, the FTSE 100 takes 0.26% and in Frankfurt, the Dax advances
by 0.65%. 
    The EuroStoxx 50 index is up 0.61%, the FTSEurofirst
300 by 0.33% and the Stoxx 600 by 0.3%.
    Investors were reassured by the Chinese figures of the day: the
industrial production increased by 7% year on year in November, its
eighth consecutive month of growth, and retail sales rose 5%.

    But if these data confirm the continuation of the recovery of the second
world economy, the risks of a marked impact of the health crisis on the
situation persist in the West: the United States crossed the threshold on Monday
symbolic of the 300,000 deaths due to the coronavirus and in Europe, the measures of
restriction and confinement accumulate, from the Netherlands to Germany in
passing through London, a list to which could quickly be added
Italy.
    And this climate has tangible consequences: in the United Kingdom, the rate of
unemployment increased more than expected over the August-October period, to 4.9% of the
working population, and job losses have reached an unprecedented level
previous.
    “The Great Financial Crisis pales in comparison to the impact of the
COVID-19 pandemic in the labor market", comments Ayys Ansal, Director
Crimson Black Capital investments. "For employment, the worst is still
future."
    
    VALUES 
    Cyclical sectors remain well oriented: the Stoxx auto index
 increased by 2.05%, that of raw materials by 1.27% and
that of oil and gas by 0.93%.
    The distribution compartment (-0.42%) is however penalized
by the fall of 2.44% of the Spanish Inditex , the owner of Zara,
after the announcement of a 14% drop in sales in the August-October quarter.
    On the rise, Volkswagen takes 4.71% after confirmation
of Herbert Diess at the head of the executive board, which puts an end for the moment to the crisis
of governance.
    In Paris, ArcelorMittal wins 4.78% after raising the
recommendation of Societe Generale, passed to the purchase. 
    
    IN ASIA 
    On the Tokyo Stock Exchange, the Nikkei index ended down 0.17%, the
market having given way to profit-taking before the announcements of the Reserve
US Federal , Wednesday, then the Bank of Japan , Friday. The
suspension by the government of its campaign to promote tourism in
the archipelago has also weighed on the air transport sector and that of
the hotel industry.
    In China, the Shanghai SSE Composite lost 0.06% but the CSI 300
 rose 0.21%, benefiting from the positive surprise in production
industry and the injection into the financial system of 950 billion
yuan (119 billion euros) of liquidity by the central bank.
    
    AT WALL STREET 
    Futures contracts on major US indices suggest for
the moment an increase of about 0.6%. 
    On Monday, the start of the vaccination campaign against COVID-19 in
United States was not enough to support the trend in the long term, especially as the
major indexes are moving at record highs.
    The Dow Jones, which rose at the open, ended down 0.62%
to 29,861.55 points and the S&P-500 lost 0.44% to 3,647.49 points. In
On the other hand, the Nasdaq Composite gained 0.50% to 12,440.04 points, brought
by the rise in Amazon shares (+1.3%) and the surge in the
biotechnology Alexion (+29.2%), after the announcement of its takeover by
AstraZeneca .
    
    RATE 
    The renewed caution affecting most markets is reflected, on the
bonds, by a slight decline in yields, below 0.9% for Treasuries at
American ten years and -0.619% for the German Bund.
    The ten-year yield on Spanish public debt has meanwhile fallen
for the first time in negative territory to fall to -0.005%. 
    Movements in US yields could remain limited in
awaiting decisions from the Federal Reserve.
    
    CHANGES 
    Supported by the general movement of caution, the dollar is up slightly
against other major currencies (+0.04%) but remains close to the low of
more than two and a half affected on Monday. 
    The euro is almost stable around 1.2145 dollars.
    The pound sterling is losing ground against the dollar and the euro
 but retains most of his earnings from the day before.
    
    OIL 
    The oil market hesitates between the good Chinese indicators and the
fears of seeing demand suffer from containment measures, illustrated by
the downward revision of the OPEC forecast for 2021, reduced by 350,000
barrels per day (bpd) to 95.89 million bpd.
    Brent drops 0.08% to $50.25 a barrel and light crude
American (West Texas Intermediate, WTI) 0.02% to 47.00 dollars.
    
    MAIN ECONOMIC INDICATORS ON THE DECEMBER 15 AGENDA:
 COUNTRY GMT INDICATOR PERIOD PREVIOUS CONSENSUS
 USA 2:15 p.m. Industrial production November +0.3% +1.1%
            
    THE MARKET SITUATION:
    (Some data may show a slight shift)
    
  MARKETS                                                             
 EUROPEANS                                                   
                                                                      
 Indices Last Var. Var. %YTD                 
                            Points                           
 Eurofirst 300 1518.57 +5.34 +0.35% -6.49%              
                                                             
 Eurostoxx 50 3523.72 +19.76 +0.56% -5.91%              
                                                             
 CAC 40 5,560.11 +32.27 +0.58% -6.99%              
 Dax 30 13,305.11 +81.95 +0.62% +0.42%              
                                                             
 FTSE 6552.13 +20.30 +0.31% -13.13%             
 SMI 10386.34 +13.31 +0.13% -2.17%              
  The values to follow in Paris and in                                  
 Europe:                                                    
                                                                      
  SCHOLARSHIPS                                                             
 ASIAN                                                  
 Closing Indices Var. Var. %YTD                 
                            Points                           
 Nikkei-225 26687.84 -44.60 -0.17% +12.81%             
                                                             
 Topix 1782.05 -8.47 -0.47% +3.53%              
 Hong Kong 26207.29 -182.23 -0.69% -7.03%              
                                                             
 Taiwan 14068.52 -142.53 -1.00% +17.27%             
 Seoul 2756.82 -5.38 -0.19% +25.44%             
 Singapore 2855.93 -2.21 -0.08% -11.38%             
                                                             
 Shanghai 3367.23 -1.89 -0.06% +10.40%             
                                                             
 Sydney 6631.30 -28.90 -0.43% -0.79%              
 The closing in Tokyo:                                                 
                                                             
                                                                      
  WALL STREET                                                         
  The session                                                           
 former :                                                
 Indices Last Var. Var. %YTD                 
                            Points                           
 Dow Jones 29861.55 -184.82 -0.62% +4.64%              
                                                             
 S&P 500 3647.49 -15.97 -0.44% +12.90%             
                                                             
 Nasdaq 12440.04 +62.17 +0.50% +38.64%             
 Nasdaq 100 12462.21 +86.80 +0.70% +42.70%             
                                                             
                                                                      
  Minutes of the session on Wall                                    
 Street:                                                    
 "The Day Ahead" - Update on the next session on Wall            
 street                                                      
                                                                      
  CHANGES                                                             
                 Standby Price Var.% YTD                 
 Euro/Dlr 1.2142 1.2143 -0.01% +8.31%              
                                                             
 DLR/Yen 104.08 104.03 +0.05% -4.39%              
 Euro/Yen 126.39 126.33 +0.05% +3.64%              
                                                             
 Dlr/CHF 0.8860 0.8863 -0.03% -8.45%              
 Euro/CHF 1.0760 1.0769 -0.08% -0.85%              
                                                             
 Stg/Dlr 1.3304 1.3322 -0.14% +0.34%              
 Index $ 90.7360 90.7110 +0.03% -5.65%              
                                                             
                                                                      
 GOLD                                                                   
                 Standby Price Var.% YTD                 
 Gold Spot 1843.50 1827.17 +0.89% +21.52%             
                                                                      
  RATE                                                                
                                                                      
                            Last Var. Spread/Bund
                                                     (pts)
 Future Bunds 178.40 -0.02                          
                                                             
 10-year Bund -0.62 -0.00                          
                                                             
 2-year Bund -0.76 +0.00                          
                                                             
 10-year OATs -0.37 -0.00 +24.53              
                                                             
 10-year Treasury 0.90 +0.01                          
                                                             
 Treasury 2 years 0.12 +0.00                          
                                                                      
  OIL                                                             
 (in dollars) Previous Price Var Var.% YTD
 US light crude 46.90 46.99 -0.09 -0.19% -23.38%
                                                             
 Brent 50.16 50.29 -0.13 -0.26% -24.03%