The Paris Bourse is set to open on a negative note on Friday, with investors playing it safe after markets set new all-time highs yesterday.

At around 8.15am, the CAC 40 'future' contract for April delivery was down 33.5 points at 8,171 points, heralding a red start to the session.

Over the week as a whole, the leading index is currently posting a symbolic gain of around 0.2%.

The world's stock markets are poised for a quiet end to a week marked mainly by confirmation of the Fed's accommodating tone.

For some weeks now, investors have been looking to catch their breath after a bull run fuelled by confidence in the economic outlook and the strength of the technology sector.

Wall Street did manage a third consecutive session of gains last night, setting new records in the process, but the trend weakened towards the end of the session.

On the technical front, the CAC 40 yesterday again stumbled on the 8250-point zone, considered a key level, but also a target for profit-taking by some traders.

The temptation to take profits is great in view of the current high valuations, which could push traders to take some gains on current levels while awaiting new catalysts.

'There will of course be a breather for the market. This is necessary after the spectacular rise at the start of the year", says Christopher Dembik, Investment Strategy Advisor at Pictet AM.

"In the long term, we remain convinced that the underlying trend is upward", the analyst moderates, however.

This view is shared by Alexandre Baradez, head of market analysis at IG France, who is not known for being the most bullish strategist in Paris.

According to the analyst, the Paris index still has considerable upside potential, with the psychological rather than technical 10,000-point level in sight.

I obviously don't think we'll go in a straight line to these levels, but they are achievable targets over the medium term", he told Cercle Finance.

Although the final session of the week promises to be relatively light on economic data, investors will nevertheless be focusing on the Ifo business climate index for Germany, due to be published in the morning.

The statistics, which have continued to deteriorate at the start of the year, are not yet likely to signal a clear upturn in activity, but could point to a stabilization at current low levels.

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