After stagnating for more than 2 hours at +0.4%, the Paris stock market is gaining more than +0.6% (towards 7.670) and the CAC40 still has 90 minutes to wipe out all of yesterday's losses (-0.84%).

The CAC40 is driven upwards by Capgemini (+6%), Thales (+.83%) and Kering (+1.5%).
The Euro-Stoxx50 is up +0.4% towards 4.710, while the New York Stock Exchange began the session on a wave of buybacks of stocks abandoned the previous day.
The Dow Jones gained 0.2%, the S&P500 +0.5% (after a 1.4% decline on Tuesday), and the Nasdaq recovered +0.6% (after -1.7% on Tuesday).... and was accompanied by a sharp rise in yields (+15pts on the '2-year' to 4.62%, compared with 4% at the end of December 2023).
After breaking through 4.315% on Tuesday evening, US 10-year T-Bonds eased very slightly, to around 4.30%, while German Buns of the same maturity stagnated at around 2.38%, while our OATs erased -2.5Pt to 2.8567%%.

The probability, according to market participants, of a first rate cut as early as next month fell sharply, to 8.5% from 76.9% a month earlier, according to CME's Fedwatch survey.

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 year so far.

"We doubt, however, that this will call into question the good momentum in equities that has been underway since the beginning 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.

On the macro front, Eurostat, the European Union's statistical office, reports that CVS industrial production rose by 2.6% in the eurozone and the EU between November and December 2023.

Industrial production rose by 20.5% for capital goods and fell by 1.2% for intermediate goods in the eurozone.
As a reminder, in November 2023, industrial production rose by 0.4% in the eurozone and by 0.5% in the EU.

The new estimate of eurozone GDP for the fourth quarter is identical to the initial figure, with a stagnation of around 0.00%.

Status quo on the FOREX with the $ stable at around 1.0705, gold retreats to $1,990 and Brent crude oil rises +1% to $83.5, i.e. in contact with strong resistance at around $84, while WTI (+1.5%) approaches $79 in New York.

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 at 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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