The Paris stock market is continuing the slight downturn it began at the end of last week, and is currently losing almost 0.7% around the 7,260-point mark.

This morning, investors took note of various statistics, such as the business climate in Germany. This improved in February, a sign that Europe's leading economy should avoid the worst this winter, according to the index published by the Ifo institute.

Its business climate indicator, based on a survey of 9.000 companies, rose to 91.1 points this month from 90.1 in January, in line with consensus expectations.

While the current conditions component fell to 93.9 from 94.1 the previous month, the expectations component rose from 86.4 to 88.5 in February.

A little earlier, investors learned that the German inflation rate, measured by the year-on-year change in the consumer price index (CPI), stood at +8.7% in January 2023, according to Destatis, confirming its preliminary estimate of February 9.

This slight improvement in the index - calculated from the responses of business leaders in the main market sectors - is mainly due to the improvement in the general and personal outlook for activity in services.

Like other world markets, the Paris index is suffering from the spectacular rise in bond yields. On the Treasuries market, the ten-year yield exceeded the 2.95% threshold last night, setting a new high since last November.

Bond markets had already suffered last week due to an upward revision of expectations regarding the US Federal Reserve's final rate.

Whereas at the end of January, the final rate was estimated at 4.9% in June, markets are now expecting the Fed to issue a final rate of over 5.3% in July.

These forecasts are leading to a general resumption of pressure on rates, both short and long, with French 10-year OATs jumping towards 3% and German Bunds stretching to 2.52%.

Tonight's publication of the minutes of the latest Fed meeting will be of less interest than usual, as all the figures released since the meeting came in above expectations.

In company news, Korian last night reported sales of €4,534m for fiscal year 2022, up 6.2% organically on the previous year. EBITDA came to 607 ME, up 1.6%, while net income attributable to equity holders of the parent stood at 52 million euros, down 54% on the same period twelve months earlier.

This morning, Danone reported a 3.6% increase in recurring EPS to 3.43 euros for 2022, despite a 1.5 point drop in recurring operating margin to 12.2%, with 'reinvestment in brands, product superiority, organizations and skills'.

Saint-Gobain announces that it has reached an agreement to acquire UP Twiga Fiberglass Ltd, the market leader in glass wool insulation in India, with two production plants near Delhi and Mumbai.

Stellantis gains on the stock market this Wednesday following the presentation of 'record' results for fiscal year 2022 and the announcement of a €1.5 billion share buyback program.

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