The Paris stock market was stable this morning at around 7,630 points, despite performances from Thales (+2.1%) and TotalEnergies (+1.5%).

Investors are gearing up for another busy week, with an avalanche of quarterly results in the technology sector, interspersed with leading indicators and Fed decisions.

The US central bank has made it clear that it plans to cut interest rates in 2024, and the question now is to determine when, by how much and at what pace.

The Federal Reserve will announce its decisions on Wednesday evening, ahead of a press conference by Chairman Jerome Powell.

While no major announcements are expected, market participants will be on the lookout for indications as to how monetary policy will evolve, especially as recent economic figures have been surprisingly strong.

Powell should leave the door open to the possibility of a rate cut in March, while avoiding reinforcing the probability of such a scenario for the time being", says Jim Reid, market analyst at Deutsche Bank.

According to the FedWatch tool, only 48.6% of traders now anticipate a rate cut in March, with 50.4% expecting a further "status quo".

The week will also be marked by the releases of heavyweights Microsoft, Apple, Alphabet, Amazon and Meta, which will be particularly closely scrutinized as the Nasdaq moves to record levels.

Given that these five stocks account for over 24% of the S&P 500's total weighting, investors could start to clear out if the news isn't good.

This week promises to be one of the busiest of the US earnings season, with a total of 106 S&P components due to present their fourth-quarter accounts.

Of the companies that have already reported, 69% have posted earnings ahead of analysts' expectations, compared with an average of 77% over the last five years.

Investors are also likely to be cautious ahead of a week packed with indicators, both in the USA and Europe.

In this respect, the most eagerly awaited data will certainly be the US employment report for January, which will shed light on the evolution of the labor market, much watched by the Fed.

But the Eurozone's GDP figures for the fourth quarter, on Tuesday, followed by consumer prices in the region, expected on Thursday, will also be closely watched.

In French company news, SMCP (Sandro, Maje, Claudie Pierlot) now expects a slightly weaker annual performance than previously forecast. It now anticipates sales of around 1.23 billion euros for 2023, i.e. +3.8% growth at constant exchange rates (instead of 'mid-single-digit' growth), and an adjusted EBIT margin of between 6.4% and 6.6% of sales (instead of 7-9%).

Eutelsat announces a revision of its financial targets for the 2023-24 financial year, now expecting sales in the range of 1.25 to 1.3 billion euros (previously 1.32 to 1.42 billion).

Finally, Renault Group announces the effective arrival, on January 29, of Valérie Gillot as Director of Group and Business External Communications, a position to which she will report directly to Stéphanie Cau, Director of Communications.

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