Following his phone call with Indian Prime Minister Narendra Modi, Donald Trump announced yesterday on Truth Social the conclusion of a trade agreement between the United States and India. New Delhi has pledged to halt its imports of Russian oil in favor of American and Venezuelan exports. This move is explicitly aimed at weakening Moscow's revenues and accelerating the resolution of the conflict in Ukraine.

"This will help put an end to the war in Ukraine, which claims thousands of lives every week!" wrote the White House occupant. "Out of friendship and respect for Prime Minister Modi, and at his request, a trade agreement between the United States and India, effective immediately, has been concluded," declared the White House occupant.

On the commodities market, gold and silver are regaining ground. The yellow precious metal rebounded by 5% around 10 a.m., climbing back toward USD 4,895 per ounce. Silver soared nearly 9% to USD 86 per ounce.

This sharp rebound follows Friday's steep drop and Donald Trump's announcement of Kevin Warsh as the new Fed chair, who is seen as a longtime advocate of a strong dollar and high interest rates. The American head of state had then triggered a massive sell-off in safe-haven assets.

Meanwhile, John Plassard, Head of Investment Strategy at Cité Gestion, cited several factors explaining the metals' rise before this correction. According to him, "central banks, especially those in emerging countries, have continued their gold purchases at a historically high pace, seeking to diversify their reserves in the face of a monetary system perceived as increasingly fragile."

"Persistent geopolitical tensions, from the Middle East to Ukraine and Asia, have sustained steady demand for tangible assets," he added.

Publicis Brings Up the Rear on the CAC 40

On the equities front, an hour and a half after markets opened, investors punished Publicis. The French communications multinational posted the biggest drop on the CAC 40, losing nearly 7%. Its outlook was met with a chilly reception. The group is forecasting organic growth between 4% and 5% for this year, after an increase of 5.6% in 2025.

For the past fiscal year, Publicis achieved an operating margin up 5.1% to EUR 2.65 billion, a record margin rate of 18.2%, surpassing the 18% recorded in 2024. Revenues rose 8.5% to EUR 17.4 billion.

Additionally, Sartorius Stedim Biotech fell 4.73%, ranking among the biggest losers on the SBF 120, despite solid results for 2025. Its preliminary net current profit rose 26.7% to EUR 428 million, and current EBITDA increased 17.3% to EUR 914 million, with an improved margin of 2.8 points to 30.8%.

Conversely, Amundi (up more than 5%) posted one of the strongest gains on the SBF 120. The asset manager recorded a net inflow of more than EUR 88 billion in 2025 and a record total of EUR 2,380 billion in assets under management at the end of December, a 6% year-on-year increase.

Around 10:30 a.m., the euro was up 0.11% at USD 1.1805, ahead of the European Central Bank's (ECB) first decision of 2026, scheduled for Thursday.