The Paris Bourse climbed by around 0.2% to 7,430 points, benefiting in particular from the dynamism of Alstom (+3%) and TotalEnergies (+1.9%), all in extremely limited volumes, with less than 800 ME traded since the opening.

After having gained nearly 12% since the end of October, the Paris index had lost 1.5%, having to contend with numerous profit-takes.

At Pictet AM, Christopher Dembik believes that we will certainly have to wait for the US Federal Reserve meeting at the end of the month for the market to regain a clearer direction.

Rate futures now incorporate a 66% probability of a rate cut in March, according to CME's FedWatch barometer, compared with 87% on Tuesday and 96% on Monday.

In France, investors took note this morning of new inflation data. Insee's provisional year-on-year estimate indicates that consumer prices in France will rise by 3.7% in December 2023, marking an acceleration after +3.5% in November.

The same dynamic was seen in Germany, where inflation picked up 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 eurozone activity 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.

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

The combination of job creation in the US and rising inflation in France and Germany has prompted fears that central banks will maintain the status quo and delay the easing of monetary policy.

Rising sovereign yields bear witness to this concern, with the yield on 10-year US Treasuries rising towards 4%, while the 10-year German Bund has just breached 2.1%.

The euro remains more or less stable against the greenback, at around $1.094/E, while Brent crude oil is trading at $78.5/barrel (stable).

In news from French companies, 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 reports that 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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