Stock market indices have cooled and bonds have taken a beating, with US job creation figures twice as high as expected (353,000 vs. 175 to 180,0000) and a sharp upward revision of December's figures (+117.000 to 333,000).

The Paris Bourse is down to 0.3% from nearly 0.6% this morning, around 7,640 points: the CAC remains supported by Alstom (+1.7%), as well as Stellantis (+2.4%), Renault (+2%) and Hermès, which is back to within 1% of its record, at 2.030E.
Same scenario for the Euro-Stoxx50, which set a new all-time record at 4,677 and fell back to 4,630 (+0.25%).

The anticipated slowdown in the pace of job creation has been totally thwarted by the January NFP, pushing back the soft landing scenario evoked this week by the Federal Reserve.
This caused yields to tighten sharply across the curve, wiping out half the gains made at the start of the week in a matter of seconds: the US 10-yr rebounded from 3.87% to 3.96%, the 30-yr from 4.103% to 4.1500% and the 2-yr jumped +11.5pts from 4.25 to 4.366%.
The non-recession of the cost of money in March is becoming a certainty, and a fall in May is losing supporters.
The dollar climbs +0.45% against the euro (down to $1.0830) and +0.9% against the yen.
Wall Street lost 0.5% in pre-opening trading, the Dow Jones could give up 0.4%, but the S&P500 (+0.3% to 4.920) will be boosted by Meta's +17% and Amazon's +7%... on the other hand, Apple is expected to be down -3.5% (the Nasdaq-100 is still up +0.5% vs. +1% this morning).

On the statistics front, in France, manufacturing output rose between November and December (+1.2% after +0.2%) and in industry as a whole (+1.1% after +0.5%), according to Insee's seasonally and working-day adjusted data.
Our OATs have rallied from 2.66% to 2.735%, Bunds from 2.138% to 2.225%.

In the next few hours, the markets will take note of the figures for industrial orders and the Michigan consumer confidence index.
In the meantime, a barrel of oil is down by a further -0.5% to $78.5, despite the strong US employment figures.

The performance of US oil giants ExxonMobil and Chevron is hailed, with earnings boosted by higher production and refining activity... but Exxon dropped -1.5% in pre-opening trading, while Chevron gained +1%.


In company news, Bonduelle reported last night sales of €1,213m for the 1st half of 2023/24 (July-December 23), up +4.5% on a like-for-like basis (constant exchange rates and scope of consolidation) and down -2.4% on a reported basis.

Vinci announces that Swedish energy group Vattenfall has awarded its subsidiary Nuvia a major six-year contract to dismantle units 1 and 2 of the Ringhals nuclear power plant in Sweden.

Finally, Publicis announced that an agreement had been reached between the US Attorneys General concerning the work carried out by the former Rosetta advertising agency on behalf of opioid manufacturers, bringing to a close three years of discussions.


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