The Paris Bourse appears to be heading for a slight rise on Wednesday morning, but caution should limit risk-taking ahead of Nvidia's results and the Fed's "minutes", due later this evening.

At around 8:15 a.m., the future contract on the CAC 40 index - March delivery - was up 20 points at 7835.5 points, heralding a rather favorable start to the session.

Buoyed by Air Liquide's good results (+8%), the Paris market had ended Tuesday's session with a 0.3% gain at 7795 points, after briefly crossing the 7800-point threshold in the afternoon, a level never reached before.

However, the optimism of market participants could be challenged today by a number of important events, which could lead them to reassess their positions.

The minutes of the latest US Federal Reserve meeting, to be published this evening after the close, should provide clues as to the future trajectory of rate cuts in the USA.

In view of the resilience of the US economy, which argues in favor of a restrictive approach, investors seem increasingly convinced that the first rate cuts will not take place before June.

Investors will also have to position themselves in view of the publication of the results of chip manufacturer Nvidia, the fifth-largest US capitalization, scheduled for after the close of Wall Street.

Analysts are expecting the semiconductor designer's quarterly results to exceed market expectations, and to raise its annual targets in the process.

Any disappointment could be enough to trigger a correction, given that its share price has gained 40% since the start of the year, and over 230% in the past 12 months.

But it's unlikely," moderates Christopher Dembik, Investment Strategy Consultant at Pictet Asset Management.

"Over the last eight years, Nvidia has exceeded consensus expectations on seven occasions. This will certainly be the case again", he prophesies.

"This is what the options market is waiting for", concludes the analyst.

"Options movements suggest that the stock could fluctuate by around 10.5% in either direction after the results, so be prepared for fireworks after the close", agrees Jim Reid, market analyst at Deutsche Bank.

By way of indication, some $50 billion worth of shares were traded yesterday, almost the equivalent of what was traded on the CAC 40 in the space of a month.

The day will also be marked by the publications of other stock market heavyweights in Europe and the USA, including Rio Tinto, Analog Devices, Glencore, BAE and Etsy.

British banking giant HSBC reported lower-than-expected quarterly results this morning, and its forecasts for 2024 were deemed lacklustre by analysts.

On the fixed-income market, the first signs of stabilization are appearing after six negative weeks, with the yield on 10-year Treasuries hovering around 4.27%.

Yields are also easing in Europe, with 10-year German Bunds back at 2.37%.

The dollar is also consolidating, with the euro rising towards 1.0810 against the greenback following the disappointing leading indicators published the previous day.

On the oil front, prices continue to move within tight limits, torn between the current crisis in the Middle East on the one hand, and the prospects of OPEC+ support and improved risk appetite as the US rate-cutting cycle approaches on the other.

Brent thus recovered 0.3% to $82.6, while US light crude (WTI) gained 0.2% to $77.2.

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