The Paris Bourse is set to open very slightly higher on Wednesday morning, with the Trump effect tending to fade on the markets as investors prepare for a new wave of earnings releases.

At around 8.15 a.m., the future contract on the CAC 40 index - February delivery - climbed 6.5 points to 7,800 points, suggesting a continuation of the favorable trend of recent days.

Reassured by the absence of any spectacular announcements concerning the introduction of new tariffs in the United States - which benefited the luxury goods sector - the Paris market had posted its sixth consecutive session of gains on Tuesday, climbing 0.5% to 7,770 points

The optimism generated by Donald Trump's return to the White House also revitalized Wall Street, which yesterday returned to the records set in December.

By gaining 1.2% on Tuesday, the Dow Jones once again climbed above the 44,000-point mark, while the S&P 500 confirmed its return above the 6,000-point mark by taking nearly 0.9%.

While investors are betting heavily on the tax cuts and deregulation measures promised by the new president, a certain vagueness continues to surround the concrete implementation of his trade policy.

Clarity on this point is still rather difficult to grasp", laments Michael Brown, strategist at Pepperstone, while pointing out that the worst-case scenario, namely the imposition of so-called "universal" customs duties, seems to be out of the question for the time being.

Nevertheless, the "Trumponomics" and the real estate magnate's decisions on trade policy will be decisive for developments in the markets over the coming months.

Should his announcements turn out to be heavier than expected, the ensuing volatility could well create turmoil in the financial markets.

"The new administration does, however, have a vested interest in fuelling the upward trajectory of equity markets, especially as Trump has made the Dow's performance his own yardstick for measuring success", Michael Brown, at Pepperstone.

In this respect, the wave of quarterly corporate results expected in the coming days and weeks should undoubtedly dictate the trend on Wall Street.

While the major US banks published rather encouraging results last week, the markets are waiting for the rest of the schedule to assess the health of S&P 500 companies.

Last night, Netflix reported its best-ever quarter in terms of subscribers and expressed its intention to continue raising prices, which earned it gains of over 14% in pre-market trading.

Among the results expected today, those of other large, more traditional groups, including Johnson & Johnson and Procter & Gamble, will give a clearer picture of the state of the economy.

Above all, investors are counting on the results of technology heavyweights such as Apple, Meta and Microsoft - expected next week - to revive the sector's bullish machine.

Their performances will be carefully scrutinized and will have to be on target to justify valuations currently deemed high.

On the bond front, long yields are easing a little as Donald Trump's inaugural speech contained no specific indications of the imposition of new tariffs.

The yield on the ten-year German Bund eased marginally to 2.49%, while the yield on the OAT with the same maturity fell by 2.5 basis points to 3.27%, pushing the France/Germany spread back below 80 points.

Donald Trump's uncertainty on trade issues also eased the bond market, with the yield on 10-year Treasuries dropping four basis points to 4.57%.

After its recent rebound back above $1.04, the euro stabilized this morning in the 1.0415 zone against the greenback.

On the oil front, prices are back on a downward trend, with the "state of energy emergency" decreed by the US President on Monday synonymous with more oil production and therefore potential pressure on prices in the future.

Brent crude (-0.3% to $79) continues to suffer from profit-taking after its recent peak of over $80, while US light crude (West Texas Intermediate, WTI) is down 0.5% to $75.5.

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