The Paris Bourse ended the day up a moderate 0.29% at 8153 points, helped by Saint-Gobain (+2.3%), Vivendi (+2.1%) and Société Générale (+1.9%).

There was little movement on the bond front: both OATs and Bunds were stuck at Tuesday's levels (2.9% and 2.4%), while US T-Bonds edged up by +3pts to 4.38%... which, however, corresponds to the worst mark seen since 11/28/2023.

Market participants did not react to the publication of the first figures for consumer prices in the eurozone for March (estimates down slightly, to 2.4% in March, after 2.6% at annual rate for the core inflation index).

On the other hand, traders appear to be reassured by the slight slowdown in US private-sector growth 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 a step in the right direction, as central banks have recently made it clear that their future decisions will depend on economic indicators, and that they still need reassurance about the future of inflation in general and wage pressures in particular.

For the European Central Bank (ECB), this data is therefore of prime importance, since the Frankfurt-based institution seems reluctant to begin its rate-cutting cycle before the Federal Reserve.

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

However, yesterday's surge in oil prices proves that uncertainties over 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 carried out by Tsahal on the Iranian consulate in Damascus (Syria).

North Sea Brent (+0.5%) reached a new high of $89.8 a barrel, while US light crude (WTI) retraced its annual high from Tuesday to $85.9.

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 in a few months' time.

In the meantime, the ounce of gold crossed the $2,300 mark for the first time, before falling back to around $2,285 (+1.6%).

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 the Lacroix Electronics North America subsidiary.

FCA US, Stellantis' North American subsidiary, reports that its car sales in the United States fell by 10% year-on-year in the first quarter. Its delivery volumes totaled 332,540 units in the first three months of the year, compared with 368,327 units in the same period of 2023.

Herige reports net income (group share) of €9.3 million for 2023, 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).

Finally, Thales announces a partnership with TXT, Laval University and the Consortium de recherche et d'innovation en aérospatiale au Québec (CRIAQ) for the Autonomie des Mobilités Aériennes du Futur (AMAF) project.

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