| JPMorganChase & Co’s annual conference in Paris opened its doors this week, gathering the great and the good to discuss big issues facing financial markets – with this instalment a more somber and politically driven one than usual. Standing alongside President Emmanuel Macron, its CEO Jamie Dimon called on Europe’s leaders (including post-Brexit UK) to come together in a more uncertain world and channel the spirit of the recent anniversary of WW2’s end — and that he would urge America to walk alongside them. While Dimon held back from making gloomy prognostications in the wake of the Trump administration’s on-again off-again tariff policy, he told Bloomberg the risk of a recession was still there and that the US had problems to deal with like its deficit. Macron echoed the call, fresh from an hours-long media push to reassure voters conscious of France’s own economic vulnerabilities. He devoted a chunk of his own speech to seeking deeper ties with the UK — whose summit with EU leaders on Monday is designed to turn the page on years of Brexit acrimony, even if it’s easier said than done. The twin pressures of a US administration to the west undermining continental security commitments and a destabilizing Russia to the east have forced Europeans to break with the past and build new coalitions, as seen in Kyiv recently.  Emmanuel Macron Photographer: Simon Wohlfahrt/Bloomberg The challenge for Macron and his fellow leaders is whether even these unprecedented pressures will be enough to enact real change in Europe. On the sidelines of the JPMorgan event, bankers expressed concern that the region was in danger of losing even more ground if it didn’t start to deliver on promises to integrate its markets. The long-running quest to beef up Europe’s banks via cross-border mergers was also on bankers’ mind – with political reticence still holding it back. From Spain to Italy to Germany, the national preference dies hard, even in times of upheaval. One small indicator that should drive the point home for governments: JPMorgan alone made more profit last year than the top five eurozone banks put together. Macron will be happy that Dimon is planting yet another flag in Paris with a new office rather than pulling back, but there are some downsides to US exceptionalism — in a lot of areas. Christine Lagarde was seen as the natural successor of Klaus Schwab as head of Davos organizer WEF, but his abrupt departure has complicated plans for a seamless succession. France’s economy will only grow slightly in the second quarter as manufacturing companies stay cautious on the impact of US tariffs, the central bank said. Euronext posted record quarterly revenue on the back of politically-induced market volatility. Sanofi’s pledge to invest at least $20 billion in the US through 2030 at a time when the Trump administration is threatening tariffs on pharmaceuticals sends a bad signal, French Finance minister Eric Lombard said.
After being a boon to the Paris equity market for years, LVMH stock is now its biggest drag. France’s benchmark CAC 40 index is trailing the regional Stoxx 600 gauge over the past year. King Charles III will host Macron for his first state visit to the UK in July, Buckingham Palace said.  King Charles III and Emmanuel Macron in Woodstock, on July 18. Photographer: WPA Pool/Getty Images Europe Monday: Macron hosts 8th edition of Choose France summit
Tuesday: Vinci, Peugeot Invest AGM
Wednesday: China's BYD launches Dolphin Surf model in Paris; EDF CEO in panel discussion on power prices in National Assembly
Thursday: French May preliminary PMIs, May business and manufacturing confidence; Safran AGM; French nuclear safety authority presents 2024 report in Senate
Friday: French May consumer confidence; TotalEnergies AGM Parisians don’t realize how good they have it: Bloomberg has penned an ode to the “dazzling little pleasures” of the supermarket chain U, from cheese to charcuterie.
 A saucisson selection and strawberry tartlets at the Monoprix Forum des Halles. Photographer: Matthew Avignone for Bloomberg Businessweek | 
