After losing up to 0.9% at the start of the session, the Paris Bourse made up for lost ground throughout the day: at the final gong, the decline was finally limited to 0.18%, at 7398 points, with declines from Alstom (-3.5%), Teleperformance (-2.8%) and Engie (-1.9%).

In the early afternoon, investors were treated to Morgan Stanley's results, which were weighed down by a $535 million provision, although sales exceeded expectations thanks to the investment banking business.

On the macro front, manufacturing activity in the New York region continued to contract sharply in January: the Empire State index sank further into the red zone this month, to -43.7, its lowest since May 2020, compared with -14.5 the previous month.
Economists were, on the contrary, forecasting a rise in this indicator to around -5.

The new orders sub-index worsened to -49.4, from -11.3 in December, while the component measuring the number of hours worked deteriorated to -6.1, from -2.4 in December, highlighting a weakening labor market.

In Europe, the ZEW index of German investor sentiment edged up by +2.4pts to 15.2 points, compared with December 2023... but Germany continues to suffer from freeway and city-center blockades (farmers and truckers opposed to the abolition of fuel rebates).

In a sign of investors' reduced appetite for riskier assets, the dollar, seen as a safe-haven asset, rallied sharply against the euro, which fell by -0.65% to $1.088.

On the bond market, the yield on 10-year US Treasuries tightened by 3.95% to 4.0250%, despite the poor Empire State.

The yield on Bunds and OATs, on the other hand, eased by -1Pt to 2.189% and 2.718% respectively.

In French company news, Sanofi reports that the US Food and Drug Administration (FDA) has approved an update to its blockbuster drug Dupixent, to include the treatment of atopic dermatitis severely affecting the hands and legs.

Worldline formalized a strategic partnership with Google as part of a program launched in 2022 to use the cloud to accelerate its digital transformation.
Renault announced the appointment of Marguerite Prince as Alpine's Director of Human Resources, effective February 1, 2024.

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