The CAC40 gave a rather favorable reception to the CPI published at 1:30 p.m. (US summer time): the CAC40, which was stable in Paris at around 8,020pts, gained +0.25% at around 8,040pts... and volumes were as anemic as the day before!

The February US Consumer Price Index (CPI) was a disappointment, however: it rose by 3.2% in February (annualized) and by +0.4% in the month (following a 0.3% increase in January). Core inflation, the measure most closely watched by the Fed, rose to 3.8% (annualized) vs. 3.7% expected (and to +0.4% monthly vs. 0.3% hoped for).

But it appears that this is far from being a major market mover: US T-Bonds rallied by +4pts to 4.1480%, our Bunds and OATs by +2 to +2.5pts, which is not very significant.
Wall Street reopened slightly higher: +0.2% for the S&P500 and Nasdaq, +0.00 to -0.05% for the Dow Jones... in other words, it looks as indecisive as Monday evening.
The Euro reversed course, falling from $1.0940 before the CPI to 1.0910 (i.e. -0.1% against the dollar).
Faced with a firmer dollar and US rates close to 4.15%, Gold consolidated by -0.8% towards $2,162.
Brent crude oil fell back to $82 in London (-0.5%).


In other stock news, Accor has signed a share purchase agreement to buy back a block of seven million of its own shares - representing 2.77% of its capital - from Jinjiang International, for 275 million euros.

Nexans announces the success of a bond issue for a total nominal amount of 350 million euros with a six-year maturity and an annual interest rate of 4.25%, with a diversified base of institutional investors in France and abroad.

Forvia also announces that it has finalized a previously announced senior bond issue for one billion euros, of which 500 million maturing in June 2029 at a rate of 5.125% and 500 million maturing in June 2031 at a rate of 5.50%, bonds listed in Dublin.

While maintaining its 'neutral' position on Teleperformance, UBS has drastically reduced its price target from 137 to 95 euros, leaving 12% upside potential for the French customer relationship outsourcing group's shares.

Despite a rock-bottom valuation, faster deflation, an integration risk and poor visibility on customer decision-making are limiting the upside potential", says the broker, for whom the group "still has a long and uncertain way to go to win back customers".

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