The Paris stock market climbed 0.1% this morning to around 8,115 points, helped by STMicro (+5.6%), Dassault Systèmes (+1.2%) and Airbus (+1%). By contrast, Kering plunged by 8%, closely followed by Eurofins Scientific (-6%).

After a tricky start to April, investors seem to have forgotten for a while the worries surrounding the reawakening of inflation in the United States and the uncertainty surrounding future rate cuts.

In Europe, as on Wall Street, the quarterly corporate accounts season has so far been well received, even if the major US technology groups have yet to publish.

In the meantime, investors this morning took note of the Ifo business climate index for Germany. This rose from 87.9 in March to 89.4 in April, slightly above the 89 expected by Capital Economics, with increases in both the expectations and current conditions sub-indices.

On the bond front, the yield on 10-year US Treasuries, which is closely watched by the markets, rose to 4.63% (+3.3 pts), while the German Bund, the benchmark on the Old Continent, reached 2.53% (+2.3 pts).

Some strategists are still cautious: in a study published at the beginning of the week, JPMorgan warns against a "tipping over" of the equity markets, which they consider to be too "complacent" with regard to current valuation levels.

The American investment bank says it is particularly concerned about the markets' lack of ability to identify potential bearish catalysts, low volatility, persistent inflation, tightening credit conditions and geopolitical tensions.

Today's session, which can be seen as a transition day ahead of Microsoft and Alphabet results and key economic indicators later in the week, will be driven by US durable goods orders, among other things.

In news from French companies, Orange reports EBITDAaL at March 31, 2024 at 2.41 billion euros, up 2.3% on a comparable basis, in line with its objective of slight growth over 2024, on sales of 9.85 billion, up 2.1% on a comparable basis.

Eurofins Scientific reports sales of 1.65 billion euros for the first three months of 2024, up 5% on a reported basis, despite negative currency and calendar effects.

Air Liquide reports sales of 6.65 billion euros for its first quarter of 2024, down 7.3% due to lower energy prices and currency effects, but up 2.1% on a comparable basis.

TotalEnergies announced on Wednesday that it would partner with Vanguard Renewables, a portfolio company belonging to BlackRock's infrastructure business, to develop biomethane in the United States.

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