After spending most of the session in the red - dropping as much as 0.7% in the late morning - the Paris Bourse moved closer to its equilibrium point at the end of the session.

At the final gong, the Paris index was down just an anecdotal 0.09%, at 7043 points, showing resilience compared with Wall Street, which was down -1.1% on the S&P500 and -1.4% on the Nasdaq.

This morning, investors had taken note of Germany's Ifo business climate index. It rose from 88.6 (December 2022) to 90.2 (January 2023), a level in line with the consensus according to Capital Economics, but a little lower than its own forecast of 92.

In detail, the expectations index rose considerably, from 83.2 to 86.4 month-on-month, a higher-than-expected figure, but the current conditions index fell slightly, from 94.4 to 94.1.

Still on the statistics front, US crude inventories rose by 0.5 million barrels to 448.5 million barrels for the week ending January 16.

Distillate inventories - including heating oil - fell by 0.5 million barrels, while gasoline inventories rose by 1.8 million barrels compared with the previous week.

Finally, the EIA reports that refineries operated at 86.1% of their operational capacity during the same week, with average production of 8.8 million barrels/day.

Brent crude was little changed at around $86 a barrel.

The day was also marked by a new wave of quarterly results, including announcements from Dutch semiconductor equipment manufacturer ASML (slight drop in margins, record order book of E40 billion), while Boeing (-2.6%) posted a loss of $430 million but maintained its forecasts.

The bond markets are deteriorating this evening after having risen throughout the session: our OATs are up 1Pt to 2.607%, Bunds +0.5Pt to 2.165%, Italian BTPs +3.5Pts to 4.09%.

T-Bonds remain perfectly unchanged at 3.467%.
The Euro claws back 0.1% against the Dollar at 1.0900.

In French company news, Alstom announces that, in its third quarter 2022-23, it achieved sales growth of 8% to 4.22 billion euros, and booked orders worth 5.15 billion euros (of which 58% in services, signalling and systems).

BNP Paribas announced that it would be entering a new phase of "strong acceleration" in its energy transition financing activities. The group plans to reach €40 billion in financing for low-carbon, mainly renewable energy production by 2030.

Atos has entered into exclusive negotiations with Mitel Networks for the sale of its Unified Communications & Collaboration (Unify) business.

Finally, Airbus Helicopters reports a drop in orders for fiscal 2022, but also an increase in deliveries, in a market deemed 'complex' due to the war in Ukraine and its supply problems.


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