Europe's main stock markets were up very slightly on Monday morning, in a relatively calm session in the absence of American investors and ahead of announcements from the Davos Forum, which opens in Switzerland.

In Paris, the CAC 40 gained 0.06% to 7,019.32 points around 09:00 GMT. In London, the FTSE 100 advanced by 0.12% and in Frankfurt, the Dax gained 0.07%.

The EuroStoxx 50 index gained 0.06% and the FTSEurofirst 300 0.09%. The Stoxx 600 gained 0.06% after climbing to a nine-month high at the start of the session, still buoyed by the prospect of a lull in interest rate hikes as inflation slows in the eurozone and the US.

The US markets, which finished slightly higher on Friday in a volatile session following results and forecasts from JPMorgan and Bank of America, remain closed this Monday ahead of a new salvo of financial publications, including those from Morgan Stanley and Netflix.

Refinitiv data show that S&P-500 corporate earnings are expected to decline by 2.2% on average in the fourth quarter.

On the macroeconomic front, while awaiting the monetary policy meetings at the end of the month of the US Federal Reserve (Fed) and the European Central Bank (ECB), the World Economic Forum in Davos is bringing together the world's leading economists this Monday against a backdrop of multiple crises (inflation, war in Ukraine, global warming, the COVID-19 pandemic). At least nine Fed members are expected to speak.

The Bank of Japan, for its part, begins a two-day meeting on Tuesday, which could conclude with an adjustment of its ultra-accommodative policy, while Japanese bonds are under pressure and the yen is trading at a seven-month high against the dollar.

On the stock market, the best performer was the defensive healthcare sector (+0.66%), while the transport and leisure sector (-0.88%) posted the biggest decline.

Bucking the trend in its sector, Air France-KLM advanced by 1.5%, with JP Morgan placing the share "on positive watch" and raising its target price from 1.33 to 1.55 euros.

Elsewhere in Europe, Temenos jumped 5.34% after announcing the departure of its CEO Max Chuard, whose management was contested by some shareholders. The banking software company also reported a 27% fall in fourth-quarter operating profit.

Marks & Spencer gained 0.75% on the announcement of plans to open 20 new stores in Great Britain.

(Written by Claude Chendjou, edited by Kate Entringer)