After gaining as much as 0.8% in mid-afternoon, around 7,270 points, the Paris Bourse saw its gains melt away in the final minutes of trading, ending the session with an ultimately anecdotal gain of 0.07%, at 7,213 points.

The CAC40 was penalized in particular by Wall Street, which went into the red with -0.6% on the S&P500 and -0.5% on the Nasdaq.

Investors finally welcomed the +0.5% rise in CPI in January without emotion. According to the U.S. Department of Labor, the U.S. consumer price index rose by 6.4% year-on-year in January, the lowest annual rate since October 2021, but slightly above economists' expectations.

Excluding energy (+8.7%) and food (+10.1%), two traditionally volatile categories, the core annual inflation rate stood at 5.6% last month, also slightly above the average market expectation (5.4%), with a rise in the price of "services" undermining the scenario of a decline towards 3% by the end of the year.

The consensus for the FED's 'final rate' is mostly expected to be 5.50%, and 5.25% is no longer as consensual as it was before the NFP.

On a sequential basis, i.e. between December 2022 and January 2023, US consumer prices rose by 0.5% unadjusted, and by 0.4% excluding energy and food.

Disinflation is certainly underway, as Jerome Powell recognized in his recent speeches, but it is not uniform: very strong for energy, slower for most goods, non-existent for
services", emphasize the Oddo BHF teams.

In France, we discovered at the start of the day the unemployment rate as defined by the ILO (International Labor Office) calculated by INSEE for the Hexagon. It was virtually stable (-0.1 points) in the fourth quarter of 2022, at 7.2% of the working population in France (excluding Mayotte).

'This is its lowest level since the first quarter of 2008, if we exclude the one-off 'trompe-l'oeil' fall in the second quarter of 2020, during the first containment period', stresses INSEE, which published these figures.

The number of unemployed people in the ILO sense fell by 45,000 on the previous quarter, to 2.2 million. On the other hand, the 'halo around unemployment' (people who are inactive according to the ILO but want a job) increased by 38,000, to 1.9 million.

It is thus one point below its level before the health crisis... but the 'grooming' of the number of people registered with Pôle Emploi broke absolute records in 2022.

Bond markets have deteriorated slightly since 4 p.m.: US T-Bonds are down from 3.72% to 3.763% (they had eased to 3.68% this morning: back to square one).
In Europe, our OATs are up 4.6pts to 2.88%, Bunds up 5pts to 2.4220%... but Italian BTPs are stable.
The euro is stable against the dollar at $1.0716.

In corporate news, Michelin last night announced sales of 28.6 billion euros for fiscal year 2022, up 20.2% on the previous year. Net income rose by 8.9% to MEUR 2009 for 2022, giving earnings per share of 2.81 euros, compared with 2.58 euros a year earlier.

Also last night, Rothschild & Co. reported sales of MEUR 2.9 billion for 2022, up 1% on the same period a year earlier. Net income was down 21%, to 606 ME, with EPS also down 21%, to 8.38 euros.

M6 reported consolidated sales of 1357 ME for fiscal 2022, down 2.4% on the previous year, while net income for the period came to 161.5 ME, down 42.5% year-on-year.

This morning, TF1 reported a 21.8% drop in net income, group share, to 176.1 million euros for the past year, as well as current operating income of 316.2 million, down 1.5 points to 12.6%.

BMW Group and Valeo announced a new cooperation aimed at developing fully automated parking technologies up to level 4 autonomy.

Finally, Air India, the airline belonging to the Tata Group, announced its intention to acquire 250 Airbus aircraft to boost its domestic and international operations.

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