A very short day on the bond markets, which are refraining from any action on the eve of the publication of US inflation figures.
The spreads observed range from insignificant to purely symbolic, and yet the news was not as 'neutral' as the day before.

In France, for example, the change of government is leaving our investors unmoved. Perhaps they will feel more inspired when they discover the list of ministers tomorrow or Friday.... but it will be more difficult to read in view of the publication of the US CPI.

No reaction either to production figures in French manufacturing industry: up slightly in November by +0.3% after +0.2% in October, and rebounding in industry as a whole (+0.5% after -0.3%), according to Insee's CVS-CJO data.

Our OATs ended the day down -2.5pts at 2.745%, after a lengthy stagnation around 2.7300% on Wednesday.
With no news from Germany, Bunds also showed the same variation (of OATs) of +2pts at 2.2100%.
Conversely, Spanish Bonos eased marginally (-0.03pts) and Italian BTPs improved with -1pt at 3.842%.

On Wall Street, T-Bonds are treading water -strictly at 6:30 p.m.- at 4.0180%, less than 24 hours ahead of the release of U.S. inflation data, which will help determine the Federal Reserve's monetary policy path.
Note that oil erased its initial +1.4% (to $78.6 before falling back towards $77) after the release of data from the US Energy Information Agency (EIA), which allayed inflationary fears.
EIA data showed that US crude oil inventories stood at 432.4 million barrels in the week to January 1, signalling a modest increase of 1.3 million barrels on the previous week.

Inventories of distillates - including heating oil - rose by 6.5 million barrels, while gasoline stocks were up by 8 million barrels, again compared with the previous week, the agency continues.
Finally, the EIA states that refineries operated at 92.9% of their operational capacity during the same week, with average production of 9.7 million barrels/day.

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