The Paris stock market is down 0.4% this morning, around 7660 points, penalized by STMicro (-2.2%) and Alstom (-2.1%) despite Michelin's jump (+6.9%) following its results published yesterday evening (see below).

Investors are now turning their attention across the Atlantic, where the eagerly awaited US inflation figures will be published early this afternoon, at 2:30pm.

Helped by a favorable base effect, the consumer price index (CPI) is expected to come in just below the 3% year-on-year threshold in January, the lowest since early 2021.

For some weeks now, inflation trends have been less of a concern for investors, who are more focused on the strength of activity and good corporate results.

But the strength of macroeconomic data could also point to more persistent inflation than anticipated, leading investors to push back the horizon for the Federal Reserve's first rate cut.

'It certainly won't be in March, and it looks less and less likely in May', stresses Christopher Dembik, investment strategy advisor at Pictet Asset Management.

'The market will have to wait to see the pivot', warns the analyst.

Against this backdrop, the markets have adopted a slightly more cautious stance regarding the timing of the first rate cuts by the central banks, now scheduled for June for both the Fed and the ECB.

Later this morning, investors will also be watching the release of the ZEW business climate index for Germany, which will give an indication of whether Europe's leading economy is on the way out of the doldrums.

In France, the unemployment rate in France (excluding Mayotte), as defined by the ILO (International Labour Office), came out at 7.5% of the working population in the last quarter of 2023, stable compared with the third quarter, whose estimate was raised by 0.1 points to 7.5%.

In French company news, Fnac Darty announced that the Supreme Court in London had definitively closed the litigation linked to the disposal of Comet Group Limited in 2012.

Wendel denied on Tuesday that it had acquired a stake in the insurance brokerage group Diot-Siaci, saying it had not concluded any transaction involving the company's capital.

The Airwell Group has announced that it is taking a 13% stake in Synerpod, a French start-up that aims to massify the energy renovation of collective and individual housing.

Lastly, Believe shares gained nearly 19% this morning, approaching the level corresponding to the price proposed by a consortium with a view to taking control of the group.

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