European bond markets are still unable to recover, but it's ending better than it started on Wednesday, with yields stretching to new highs since early December 2023.

In the end, yields stagnated at their lowest point of the year, with yields symmetrically at their zenith: German 10-years take +0.5Pts to 2.4600%, Italian BTPs ease symmetrically by -0.5Pt to 3.891%, our OATs freeze at 2.9200% while T-Bonds of the same maturity end up easing by -2.5Pts to 4.2900%

The release, at 2.30pm, of the second estimate of US growth for the fourth quarter of 2023 comes out slightly down, at 3.2% annualized, according to the Commerce Department.

With no discernible reaction, the markets froze while awaiting tomorrow's announcement of the PCE index of consumer spending excluding food and energy, the Fed's preferred indicator for gauging inflation, which will act as a test.

In Europe, some indicators seem to be showing the beginnings of improvement - such as the PMIs published last week - but the overall picture remains gloomy.

The Eurozone business climate index, expected in the morning, could show that economic sentiment has passed its low point, without however sending the signal of a clear rebound in growth.

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