The well-attended demonstrations against pension reform in France are not impressing investors: the Paris stock market is down just 0.2, around 7065/7,070 points, in the wake of a marked decline on Wall Street, with -1.3% on the S&P500 and -2% on the Nasdaq.
However, Wall Street seems to be "arbitraging" in favor of Euro-denominated assets, so it's almost like a communicating vessel phenomenon that has been taking place since the beginning of October.
Wall Street has just reopened slightly higher, with +0.1% for the Dow Jones and +0.6% for the Nasdaq (the Nasdaq-100 is back above 12,000).
The month of January thus ended with a +9.5% gain for the Euro-Stoxx50 (+9.4% for the CAC and +9.5% for the DAX), while the S&P500 (+0.3%) advanced by just +5%.

Many figures have been released in recent hours: French GDP for Q4 came in at +0.1% (after +0.2% in Q3), slightly higher than economists' forecasts of stable activity.
The prospect of a recession in the Eurozone therefore seems to be receding, as the International Monetary Fund (IMF) has revised upwards its economic forecasts for the world economy, now expecting growth of 2.9% this year, compared with +2.7% in its October outlook.
CVS GDP also rose by 0.1% in the eurozone and remained stable in the EU in the fourth quarter of 2022, compared with the previous quarter, according to the preliminary flash estimate published by Eurostat.

In year-on-year comparison, GDP grew by 1.9% in the eurozone and 1.8% in the EU over the last three months of last year, thus slowing down after +2.3% in the eurozone and +2.5% in the EU in the previous quarter.
But all is not so 'rosy': in Italy, GDP contracted by -0.4% in Q4.
Unemployment rose again in Germany in January, increasing by 0.3 percentage points month-on-month to 5.7% in January.
Consumer spending literally collapsed by -5.3% in December, casting a shadow over growth in 2023.
Destatis, the German statistics institute, announced on Tuesday that it had postponed publication of the inflation figures due to be released today.
Destatis explains the postponement by the appearance of a technical problem linked to data processing.
In the United States, the Chicago PMI disappointed with a score of 44.3 versus 45.3 expected.
The Conference Board's consumer confidence index is due later this afternoon in the United States.

On the bond front, the deterioration seen the previous day came to a halt with a symbolic rebound in OATs and Bunds.
Their yields eased by -2.5pts to 2.7500% and 2.2810% respectively.
In the U.S., calm reigns 24 hours ahead of the FED's final statement, with a symbolic -1Pt change in T-Bonds to 3.5080%.
The Dollar regains ground and rises 0.2% to 1.0850 against the Euro, but loses a few fractions against other currencies (-0.1% to 102.1 for the 'Dollar-Index').
Note the sharp decline in oil prices: -1.5% to $84.4 a barrel in London, while the IMF forecasts global growth of +2.9% in 2023.

On the quarterly front, many heavyweights such as Exxon Mobil, Pfizer, McDonald's, UPS, Amgen, Caterpillar, AMD, GM, Electronic Arts, Spotify and Snap are due to unveil their accounts today.

In company news, Technip Energies reports that it has won a front-end engineering design (FEED) contract for the world's largest low-carbon hydrogen project for ExxonMobil in Baytown, Texas.

At the end of the first nine months of its 2022-23 financial year, Wavestone posted sales of 376.2 million euros, up 11%, of which +5% on a like-for-like basis (with a day effect of -1%).

Orange announces the appointment of Jean-François Fallacher as CEO of Orange France, effective April 3. He will replace Fabienne Dulac, who after eight years at the head of Orange France, will nevertheless remain on the Executive Committee.

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