The Paris Bourse (+0.1%) has lost a dozen points since the release of consumer price figures, which were slightly above consensus: the most closely watched component, Core CPI, came in at +0.3% (in line with expectations, but with inflation at +3.9% annualized vs. 3.8% expected), while the overall rate came in at +0.3% (+0.2% expected) and +3.4% annualized (vs. 3.2% expected).
The yield on the US T-Bond gains a fraction to 4.05% from 4.02% on Wednesday evening.
Jobless claims are almost stable, down by -1,000 on a weekly basis, which is equivalent to the margin of uncertainty.
US indices are expected to be stable to slightly down.
CPI is not proving to be a game changer, and European indices continue to stagnate within the same 1% amplitude range since January 3.
Wall Street is also likely to stall in contact with the absolute highs reached last night after a positive session of +0.5%.... a slight pullback is expected at the opening.

The other hoped-for catalyst could come from the corporate world, with the fourth-quarter earnings season kicking off tomorrow with the major US banks, led by JPMorgan.

According to FactSet, S&P 500 corporate earnings should have risen by 1.3% over the last three months of the year, marking a second consecutive quarter of earnings growth.

But investors will be paying particular attention to their outlook for 2024, as companies that have already released their accounts have been rather cautious in their forecasts.

Benchmark bond yields are little changed after the US statistics, with the German Bund and our OATs stretching marginally by +1Pt and +1.5Pt to 2.199% and 2.7350 respectively.

The dollar is stabilizing against the euro at 1.0965, while gold is also unchanged at $2,033/Oz.

After its bout of weakness the previous day, linked to the announcement of a modest weekly rise in US crude oil inventories last week, the oil market is back on the rise.

Brent crude gained 2% to $78.4 a barrel, while West Texas Intermediate (WTI) gained 1.7% to $72.5.

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