The Paris Bourse is set to open on a negative note on Tuesday morning, with investors cautious ahead of the day's key US inflation figures.

At around 8:15 a.m., the 'future' contract on the CAC 40 index - February delivery - was down 16.5 points at 7678.5 points, heralding a slight decline in early trading.

The session's highlight will come at 2:30 p.m. with the publication of US inflation figures for January, which should confirm the disinflation trend at work across the Atlantic.

Helped by a favorable base effect, the consumer price index (CPI) is expected to fall just below the 3% year-on-year threshold in January, its lowest level since early 2021.

For some weeks now, inflation has been less of a concern for investors, who are more focused on the strength of business activity and good corporate results.

But the strength of macroeconomic data could also point to more persistent inflation than anticipated, leading investors to push back the horizon for the Federal Reserve's first rate cut.

It certainly won't be in March, and it's looking less and less likely in May", stresses Christopher Dembik, Investment Strategy Advisor at Pictet Asset Management.

"The market will have to wait to see the pivot", warns the analyst.

Against this backdrop, markets have adopted a slightly more cautious stance regarding the timing of the first rate cuts by central banks, now scheduled for June for both the Fed and the ECB.

Later this morning, investors will also be watching for the release of the ZEW business climate index in Germany, which will give an indication of whether Europe's leading economy is on the road to recovery.

The day will also be marked by the publication of corporate results, starting with Coca-Cola, expected at lunchtime.

The accounts of a number of European companies, including TUI and thyssenkrupp nucera, were also unveiled at the start of the morning.

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