The Paris stock market gained nearly 0.4% to 7445 points, its highest level of the day, driven in particular by Alstom (+3%) and Engie (+2.2%), all in extremely limited volumes, with barely one billion euros traded since the opening.

In France, investors this morning took note of new inflation data. Consumer prices are estimated to have risen by 3.7% year-on-year in December 2023, marking an acceleration after +3.5% in November, according to a provisional estimate from Insee.

The same dynamic applies in Germany, where inflation picked up again in December, reaching 3.7% year-on-year, compared with +3.2% in November, according to the first estimate unveiled this Thursday by the Federal Statistical Office.

In the eurozone, the HCOB composite PMI index for overall activity in the eurozone remained stable in December (at 47.6) compared with the previous month, continuing to signal a sustained decline in private sector activity.

In France, this same index rose from 44.6 in November to 44.8 in December, reaching its highest level since last August. Nevertheless, it continues to point to a sharp contraction in the French private sector.

Across the Atlantic, the US private sector generated 164,000 new jobs in December 2023, according to the monthly survey published this Thursday by ADP, a specialist in human resources management outsourcing.

In addition, the US private sector saw a very slight acceleration in activity growth in December, according to S&P Global, whose composite PMI index came in at 50.9, compared with a flash estimate of 51 and 50.7 for the previous month.

Finally, still in the USA, the Department of Labor announced 202,000 new jobless claims for the week of December 25, down 18,000 on the previous week's revised figure.

These statistics - in particular job creation in the USA and persistent inflation in France and Germany - have raised fears that central banks may postpone the easing of their monetary policy.

Rising sovereign interest rates reflect this concern, with the yield on 10-year US Treasuries edging closer to 4%, while the 10-year German Bund broke through 2.1%.

According to the CME's FedWatch barometer, interest-rate futures now include a 66% probability of a rate cut in March, compared with 87% on Tuesday and 96% on Monday.

Note that the euro is gaining 0.4% against the greenback, around $1.096/E, while Brent crude oil is down to $77.8/barrel (-0.7%).

In French company news, Spie announces the acquisition of JD Euroconfort, presented as a leading player in the fields of refrigeration, air conditioning and professional kitchens, an operation scheduled for completion in the first quarter of 2024.

TotalEnergies says it has completed the implementation of the agreements signed in March 2023 with Canadian food retailer Couche-Tard, and has received a total cash amount after adjustments and before taxes of 3.4 billion euros.

Casino pointed out on Thursday that an independent expert had concluded that the terms of its financial restructuring plan were fair from the point of view of existing shareholders.

Finally, Argan announced that it had recorded 11% growth in rental income in 2023, to 184 million euros, thus exceeding its initial target of 182 million for the year, then updated to 183 million at the time of the half-year results.

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