The S&P500 may have beaten - as expected - a new all-time record (thanks to Meta and Amazon), but the CAC40 (+0.1%) failed to keep pace, as bonds took a beating with US job creation figures twice as high as expected (353.000 vs. 175 to 180,0000) and a sharp upward revision of December's figures (+117,000 to 333,000).

The Paris Bourse tries to keep in touch with the 7.600, while the Euro-Stoxx50, which set a new all-time record at 4,677, is holding steady at 4,660 (+0.45%).
Note the Dow Jones' -0.1% decline, which was hit by Apple's -1.5% drop.

The expected slowdown in job creation was completely thwarted by January's NFP, pushing back the scenario of a soft landing evoked this week by the Federal Reserve.

And that's not all: lU.S. consumer sentiment rose sharply in January to 79, reaching its highest level since July 2021, show the final figures from the University of Michigan survey released on Friday (compared with 69.7 in December).

This month-on-month increase of over 13% has only been surpassed five times since 1978, says Joanne Hsu, the report's author, who points to an improvement in confidence not only linked to consumers' personal financial situation, but also to the economic situation in general.
The current conditions component rose to 81.9 from 73.3 the previous month, while the expectations component climbed to 77.1 from 67.4 in December.
As in the preliminary version, one-year inflation expectations have been confirmed at +2.9%, the lowest since the end of 2020.
This has caused yields to tighten sharply across the curve: the 30-year has risen from 4.103% to 4.23800%, and the 2-year has lurched +19pts to 4.383%.
The fact that the cost of money will not fall in March is becoming a certainty, and a fall in May is losing supporters.
Supported by a sharp rise in its yield, the dollar climbed +0.6% against the euro (which fell back to $1.0800) and +1.1% against the yen.

On the statistics front, in France, manufacturing output rose between November and December (+1.2% after +0.2%) and in industry as a whole (+1.1% after +0.5%), according to Insee data adjusted for seasonal and working-day variations.
Our OATs have rallied from 2.66% to 2.742%, and Bunds from 2.138% to 2.242%.

In the next few hours, the markets will take note of the figures for industrial orders and the Michigan consumer confidence index.
In the meantime, oil is still down -0.5% to $78.5 a barrel, despite strong US employment figures.

The performance of US oil giants ExxonMobil and Chevron is being hailed, with profits boosted by rising production and refining activity.... but Exxon loses -1.5% in pre-opening trading, Chevron gains +1%.


In company news, Bonduelle reported last night sales of 1213 ME for the 1st half of 2023/24 (i.e. the period from July to December 23), up +4.5% on a like-for-like basis (constant exchange rates and scope of consolidation) and down -2.4% on a reported basis.

Vinci announces that Swedish energy group Vattenfall has awarded its subsidiary Nuvia a major six-year contract to dismantle units 1 and 2 of the Ringhals nuclear power plant in Sweden.

Finally, Publicis announced that an agreement had been reached between the US Attorneys General concerning the work carried out by the former Rosetta advertising agency on behalf of opioid manufacturers, bringing to a close three years of discussions.




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