The Paris Bourse is set to end the session close to the day's highs, up +0.3% at 8,155 points, in slightly higher volumes (1.7 billion euros).
The Euro-Stoxx50 is in the same mood, gaining +0.6% at 5,070pts.070Pts, while Wall Street is moving gently upwards, with the S&P500 and Dow Jones gaining +0.25%, while the Nasdaq is reversing course, rising from -0.25% to around +0.5%.
There was little movement on the bond front: both OATs and Bunds were stuck at Tuesday's levels (2.925% and 2.41%), while US T-Bonds edged up by +3pts to 4.392%... which, however, corresponds to the worst mark since 11/28/2023.


Market participants did not react to the publication of the first figures for consumer prices in the eurozone for March (estimate down slightly, to 2.4% in March, after 2.6% at annual rate for the core inflation index).
On the other hand, operators seem to be reassured by the fact that growth in the US private sector slowed slightly in March: S&P Global's composite PMI came in at 52.1, compared with a flash estimate of 52.2, after 52.5 in February

S&P Global points out that while manufacturing output rose at its fastest pace in almost two years, growth in services activity eased, with the PMI falling from 52.3 to 51.7 month-on-month.
This is 'in the right direction' in a way, as central banks have recently made it clear that their future decisions will depend on economic indicators, and that they still need to be reassured about the future of inflation in general and wage pressures in particular.

For the European Central Bank (ECB), these data are therefore crucial, as the Frankfurt-based institution seems reluctant to start its rate-cutting cycle before that of the Federal Reserve.

The most negative scenario for equities would be that the long-awaited rate cuts do not take place, a hypothesis which could take a turn for the worse if inflation were to start rising again.

Yesterday's surge in oil prices proves that uncertainties about inflation can still be a source of volatility and raise doubts about the timing of rate cuts.

A new episode of tension between Israel and Iran pushed up oil prices yesterday, following strikes by Tsahal on the Iranian consulate in Damascus (Syria).

North Sea Brent (+0.5%) reached a new high of $89.5 a barrel, while US light crude (WTI) retraced its annual high from Tuesday to $58.6.

The market could also be tight as it awaits Federal Reserve Chairman Jerome Powell's address to Stanford academics.

Traders generally expect the Fed boss to reaffirm that the conditions for a rate cut have not yet been met, given recent price disappointments, but could be within a few months.
In the meantime, the ounce of gold has just broken through the $2,300 barrier (an all-time record), up 10% since breaking its previous record at $2,070... and silver set a new annual record at $26.85

In French company news, Thales announced the completion of its acquisition of Cobham Aerospace Communications (AeroComms), a 'leading provider of advanced, ultra-reliable and innovative cockpit connectivity and secure communications systems'.

TotalEnergies announced on Wednesday the launch of a new battery electricity storage project in Belgium, in addition to the current project at its Antwerp refinery. This new project will have a power output of 25 MW and a capacity of 75 MWh, thanks to 40 lithium-ion containers supplied by its subsidiary Saft.

Lacroix reports a 64.1% drop in net income (group share) to 4.3 million euros for the past year, with a current EBITDA margin down 0.8 points to 5.5%, due entirely to the difficulties experienced by its subsidiary Lacroix Electronics North America.

Finally, for 2023, Herige has published net income, group share (RNPG) of 9.3 million euros, compared with 21.9 million the previous year, and an EBITDA margin of 5.6%, down 1.4 points (-0.9 points to 7.8% on the group's future scope).


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