The Paris stock market gained nearly 0.5% this morning to 7,425 points, driven by URW (+3.3%), Kering (+1.9%) and St-Gobain (+1.8%).

The morning is punctuated by the publication of the European flash PMI indices.

The HCOB composite PMI flash index for overall activity in the eurozone came in at 47.9 in January, highlighting an eighth consecutive month of falling activity among the region's private companies.

The index was up on December 2023 (47.6), marking the smallest decline in overall activity since July.

In France, the HCOB composite PMI index fell from 44.8 in December to 44.2 in January ('flash' estimate), posting a four-month low and underlining the sharp contraction in overall activity in the country.

Also to be followed this afternoon, the US PMI index, which, according to consensus, should confirm the recent slowdown in the world's leading economy.

Corporate news could also liven up the session, as the earnings season is now in full swing.

Last night, Netflix reported solid fourth-quarter results, boosted by higher-than-expected subscriber numbers, which saw it jump over 8% in after-market trading.

On the Old Continent, Dutch semiconductor equipment specialist ASML announced this morning that its order intake had tripled thanks to sustained demand for its products.

On the bond front, the yield on 10-year Treasuries is hovering around 4.1%, while the 10-year German Bund, the benchmark for the region, is at around 2.31%, on the eve of the ECB's eagerly-awaited announcements.

On the oil markets, Brent crude oil is up 0.4% at $80 a barrel.

In French company news, Pierre & Vacances last night reported sales of 368.6 million euros under IFRS for the 1st quarter of the 2023/2024 financial year, compared with 351.8 million euros a year earlier.

Interparfums reports sales growth of 13% to 798.5 million euros (+14.6% at constant exchange rates) for 2023, achieving 'another record year, in a dynamic market, particularly in the first part of the year'.

For the third quarter of 2023-24, Alstom reports sales up 2.6% to 4.33 billion euros (+4.6% organic), and orders up 5.8% to 5.45 billion (+6.4% organic).

Finally, Solvay has announced an increase in hydrogen peroxide production capacity at its Shandong Huatai Interox Chemical site in China, to meet growing demand for photovoltaics.

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