This "3 Witches" session is going well, with the CAC40 climbing back up to the 7,000 mark this morning and holding a +0.6% to +0.7% lead towards 6,995, after giving up nearly 1.9% yesterday.
Over 1 month, this represents an increase of +8%, as well as the annual gain.
The E-Stoxx50 is not to be outdone, with a gain of +0.4% to 4,110, while the DAX is flirting with the 15,000 mark: this start to the year has no equivalent in 1 century.

On Wall Street, the US indices reopen slightly higher, with the Dow Jones defending the 33,000 mark, the S&P500 gaining 0.2% to 3,900 and the Nasdaq recovering +0.5% in the wake of Netflix (+6% with its 320 million subscribers, including +7.7 million subscribers in Q4 instead of +4.5 anticipated).
Over the week, however, the gap between Europe and the rest of the world widened, with the E-Stoxx losing just -1% versus -3% for the Dow Jones (which has even gone negative since January 1).

Yesterday, from Davos, several Federal Reserve and ECB officials sent the markets a message of firmness and determination in their fight against inflation, a warning heard by market participants a week ahead of the Fed meeting.

Some strategists believe that the markets have gone too high too fast at the start of 2023, and may now feel the need to consolidate.

Investors will be looking for a clearer picture with the statistics expected this Friday, namely retail sales in the UK and old home sales in the USA.

On the bond market, government bond yields are deteriorating sharply, with the US 10-year rising +6.5pts to 3.4650%, our OATs climbing +11pts to 2.592%, and Bunds der +10pts to 2.153%.

The dollar is symbolically recovering +0.1% against the euro, at around $1.0810 to the euro.

In company news, Orpea (stable at 6.84E) announces the end of negotiations between a consortium of third-party French investors led by the Caisse des Dépôts et Consignations (CDC) and a group of unsecured financial creditors holding around 50% of its unsecured debt.

EDF announces the success of a senior bond issue for a nominal amount of two billion euros and £950 million, issued in four tranches with maturities ranging from nine to 30 years and coupons from 4.25% to 5.625%.

For the full year 2022, Boiron reports a 17.4% increase in sales to 534.2 million euros, including growth of 13.6% at constant exchange rates (+9.4% in France and +26.1% internationally).

Lastly, Argan (-3% at 77E) reported a 6% increase in recurring net income (group share) for 2022, to 118.9 million euros (or 5.2 euros per share), representing 72% of rental income, which also rose by 6% to 166 million.

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