After five consecutive sessions of gains, the Paris Bourse is back for a 6th (+0.4% to +0.5%): the CAC40, which broke through 7,500 and then 7,650, is now climbing towards 7,770 and seems to be 'sucked' towards 7,800 (the big peak tested on September 27).800 (the big zenith tested on September 27).
The CAC40 is once again benefiting from the good form of the luxury goods sector, with LVMH and Hermès up 2.5%, and the index is already posting annual growth of over +5% since January 1.
Thanks to luxury goods, the CAC is clearly outperforming the Euro-Stoxx50, which remains stalled (-0.1% at 5,155/5,160pts).

The session proved livelier than the previous day on the equity markets, with the reopening of New York (closed yesterday due to the three-day Martin Luther King Day weekend): the US indices reopened moderately higher, with +0.7% for the Dow Jones and +0.5% for the S&P500, but only +0.1% for the Nasdaq (Netflix will publish its results this evening).
In his inaugural speech, Donald Trump unsurprisingly promised to put America first, but remained vague about the introduction of new tariffs (25% applied against Canada and Mexico on February 1?).

'Equity investors are filling up, as promised tax cuts and deregulation policies should boost corporate earnings', says Bruno Lamoral, portfolio manager at DPAM.

Investors have remembered that his first presidency was marked by high volatility in financial assets, but above all by a 68% rise in the S&P 500", points out Christopher Dembik, investment strategy advisor at Pictet AM.

On the macro front, the first US statistics were released on Tuesday: the Philly-FED manufacturing activity index fell to -9.1 from -3.4 in December.
In Europe, the 'economic sentiment' of financial market experts for Germany deteriorated in January, according to the ZEW outlook index, which fell by -5.4 points to +10.3.

"This could be explained, among other things, by the negative GDP growth figures recently published and by increasing inflationary pressures", explains ZEW Institute President Achim Wambach.

However, financial market experts' assessment of the current economic situation in Germany changes only slightly, with the corresponding index rising by 2.7 points to -90.4.

With the reopening of the US markets, the bond market regained momentum: the day was positive and T-Bonds 2034 erased -5.7pts to 4.547%, allowing the yield on the ten-year German Bund to ease by -2pts to 2.47%, while the yield on the OAT of the same maturity fell by -3pts to 3.269%, as did Italian BTPs to 3.600%.

On the oil market, Brent crude oil is suffering from profit-taking and is trading at around $794 (-0.85%).
The euro is down -0.2% to 1.0380 against the dollar.

In French company news, Thales Alenia Space and Hispasat announce the launch of the development, manufacturing, verification and validation phase for the prototype of QKD-GEO, the Spanish quantum key distribution system from geostationary orbit.

Lacroix announces the sale of its City-Mobility segment to Swarco, a transaction which should be effective by the end of the first quarter of 2025 at the latest.

Finally, Renault Group announces the appointment of Duncan Minto as its new Chief Financial Officer, effective March 1. He will succeed Thierry Piéton, who chose to leave the Group on February 28 to 'take up a new professional challenge, to be announced shortly'.


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