The Paris stock market is holding more or less steady (fluctuating between +0.1% and +0.2% since 4pm), having gained around 0.8% at the opening and tested the 7,150-point mark.
The trend appears uncertain in Europe (+0.1%), and the same is true on Wall Street, where the US indices are mixed on the upside (+0.1% on the Dow Jones) and the downside (-0.4% for the S&P500, -1% now on the Nasdaq, but with no impact on Europe).

This morning, operators were citing an easing of tensions in the banking sector, but a few minutes later came the news of a large-scale search as part of an investigation into massive tax evasion on dividends from 1998 to 2018 (a 'case' that has actually been under investigation for 4 years).

This did not cause any major upheaval in the banks concerned on Tuesday: they retreated by -0.5% to -2%... nothing alarming, far from it.

The previous day's risk-on continued to deprive the bond markets of any reference points: our OATs retreated by +5pts to 2.7980%, Bunds by +4pts to 2.268% and US T-Bonds deteriorated by the same amount (+4pts to 3.567%).
Expectations of a 25bp rate hike by the US Federal Reserve in early May have risen over the weekend from 17% to 45%.
Note a further decline in house prices of -0.5% in January, offset by an unexpected rise in US consumer confidence, to 104.2 this month from 103.4 in February, whereas the consensus was for a decline to 101 due to the recent turbulence in the financial markets.
The 'ConfBoard' explains this rise by the improvement in the morale of consumers aged under 55 and earning more than $50,000 a year.
In detail, the component measuring consumers' judgment of their current situation fell to 151.1, compared with 153 the previous month, while that measuring their expectations rose to 73, after 70.4 in February.

The dollar continues to fall against the euro (up +0.35%), back to around 1.0835 against the greenback in the wake of yesterday's robust Ifo index.

Inflation remains a major concern, and as investors await further data on this front in both the eurozone and the US before the end of the week, they will be paying close attention to the publication this afternoon of the Conference Board's US consumer confidence index.

In French company news, Alstom announced on Tuesday that it had won a "major contract" in Hong Kong, where it has been chosen to supply the signalling system for a rail extension project.

Valeo announced that it is the leading French patent filer at the European Patent Office (EPO). The Group filed 588 patent applications in 2022. It is 31st in the world ranking of patent applicants in Europe.

Finally, French biotechnology company Nanobiotix postponed publication of its annual results on Tuesday, explaining that it needed time to finalize its year-end closing procedures.


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