The Paris Bourse gained nearly 0.3% this morning, around the 7,650-point mark, helped by Capgemini (+4.7%) and Thales (+2.3%).

Yesterday, the Paris market lost 0.8%, penalized by gloomy US inflation figures.

As a reminder, US consumer prices rose by 0.3% (vs. +0.2% estimated) in January, or 3.1% on an annualized basis (vs. 3.4% the previous month).

For Christopher Dembik, Investment Strategy Consultant at Pictet Asset Management, this publication was a good excuse for investors to catch their breath and take a few profits, after a very solid start to the stock market year so far.

"We doubt, however, that this will call into question the good momentum in equities that has been underway since the start of the year", the analyst moderates.

"We must refrain from over-interpreting yesterday's statistics", he stresses. The disinflation process is still well underway on the other side of the Atlantic", the professional reminds us.

In any case, yesterday's figures caused a real cold shower in the bond compartment, where the deterioration accelerated sharply with a surge in yields.

After breaking through 4.31%, US 10-year T-Bonds are easing very slightly this morning, to around 4.29%, while German Buns of the same maturity are down from 2.4 to 2.36%.

A number of economic indicators expected today will test investors' state of mind.

At 11:00 a.m., a new estimate of fourth-quarter GDP in the eurozone will be published, along with figures for industrial production in the region.

Contrary to the mantra heard for over a year now, investors seem to have been enjoying the good news about the economy for the past few weeks, without paying much attention to its potential effects on monetary policy.

'In the end, whatever the exact meeting, the pivot will be for 2024', explain the teams at Apicil AM.

Operators seem to be opting for the best of both worlds: solid economic momentum and lower inflationary pressures', adds the asset manager.

In French company news, M6 reports that Nicolas de Tavernost has decided to step down as Chairman of the Management Board before August 22, 2025, when he will reach the age limit, and that David Larramendy will be appointed as his successor, following the AGM on April 23, 2024.

For 2023, Capgemini reports an increase of 7% in net income, Group share, to 1.66 billion euros, and of 8% in normalized earnings per share, to 12.44 euros, for an operating margin of 13.3%, up 30 basis points.

In 2023, Air Liquide will set a new record by signing 62 new small gas production units to be installed directly on its customers' sites, in the industrial merchant and electronics sectors.

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