The Paris Bourse is down slightly this morning, at -0.2%, around the 7030-point mark, following a mixed session on Wall Street, with the Nasdaq losing 0.3% and the Dow Jones gaining +0.3%.

Investors have just 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 slightly 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.

A recession may well be avoided, but we expect the economy to stagnate at best in the first half of 2023 and grow only very slowly thereafter", warns Capital Economics, pointing in particular to high interest rates and gas prices.

This morning, Danske Bank estimated that a further improvement in economic sentiment would add to the already positive signals coming from other statistics such as the ZEW and PMI, thereby easing the risk of recession on the markets.

The day will also see another wave of quarterly results, with announcements from Dutch semiconductor equipment manufacturer ASML, US telephone operator AT&T and aircraft manufacturer Boeing.

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

BNP Paribas has announced that it is to embark on a new stage 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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