The upward momentum continues in Paris, with the CAC40 recording its 7th consecutive rise, with a gain of 0.8% (to 7,835), after +1.3% to 7,873 at midday.

The index was buoyed by Schneider Electric (+2.7%), Dassault Systèmes (+2.5%) and l'Oréal, which suddenly accelerated by +3% between 12:55 and 1:05pm (the CAC40 then went from +0.7% to +1.2%).
The Euro-Stoxx50 also gained between +0.7% and +0.8%, reflecting - on average - Wall Street's rise with +0.2% on the Dow Jones, +0.6% on the S&P500 and +1% on the Nasdaq, boosted by Netflix's +15% to... 999 (for $430 billion in 'capi').

The optimism generated by Donald Trump's return to the White House is helping to revitalize Wall Street, which is closing in on its December highs.

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 days and weeks to come should undoubtedly dictate the trend on Wall Street.

While the major US banks released rather encouraging results last week, the markets are awaiting the rest of the schedule in order to assess the health of S&P 500 companies.


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

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

On the bond front, the yield on the ten-year German Bund fell by 1.3 basis points to 2.493%, while the yield on the OAT with the same maturity fell by 1.5 basis points to 3.258%, pushing the France/Germany spread back below 76 basis points.

Donald Trump's lack of clarity on trade issues has left the bond market perplexed, with the yield on ten-year Treasuries stagnating at 4.582%.

After its recent rebound back above $1.04, the euro is stabilizing in the 1.043 zone against the greenback (no change at 3:45pm).

In oil, Brent crude remains under pressure, down 0.4% at $49.
In French company news, Sanofi reports that the European Commission has approved its Sarclisa in combination with the VRd reference regimen, for the treatment of newly diagnosed multiple myeloma (MMND) in adults ineligible for autologous stem cell transplantation.

AXA IM Prime, via its GP Stake strategy, and Patria Investments, via its Global Private Market Solutions (Patria GMPS) strategy, announce an agreement to each acquire a stake of around 15% in Latour Capital.

Finally, Accor announces that it has joined the technological alliance sealed two years ago between Pernod Ricard and JCDecaux for data management. The three companies will continue to develop the Data Portal, initially developed by Pernod Ricard since 2015.


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