The Paris Bourse was up to +0.5% at 8.147 before easing to 0.1% at 8.115 as interest rates climbed back to their worst levels for the year.
The US 10-year climbed +6.3pts to 4.662%, Bunds soared +8pts to 2.586%, our OATs +8.5pts to 3.0085%, Italian BTPs +11.pts to 3.926%.
Such a downturn could have pushed all the indices back into the red, but on Wall Street, Tesla's +14% gain enabled the Nasdaq to gain +0.8% and the S&P500 to post a +0.3% gain.
Rate tension was exacerbated by the release of US durable goods orders, up 2.6% last month on the previous month, following a sequential rise of 0.7% in February (revised from an initial estimate of 1.4%).

Excluding the usually erratic transportation sector, where orders rose by 7.7% month-on-month, US durable goods orders rose by just 0.2% in March, according to the Commerce Department.

This morning, investors had taken note of Germany's Ifo business climate index. This rose from 87.9 in March to 89.4 in April, slightly above the 89 expected by Capital Economics, with increases in both the expectations and current conditions sub-indices.

Such figures will not allay concerns about reawakening inflation, nor the uncertainty surrounding future rate cuts by the FED and ECB.

In Europe and on Wall Street, the quarterly corporate accounts season has so far been well received, even if the major US technology groups have yet to publish.

Some strategists remain cautious: in a study published at the beginning of the week, JPMorgan warns against a "tipping over" of the equity markets, which they consider to be too "complacent" with regard to current valuation levels.

The American investment bank says it is particularly concerned about the markets' lack of ability to identify potential bearish catalysts, low volatility, persistent inflation, tightening credit conditions and geopolitical tensions.

The dollar is unchanged at around E1.0695, and Brent crude oil is back above $88, even if it has eased a little since this morning.

In French company news, Orange reports EBITDAaL for the year to March 31, 2024 at €2.41 billion, up 2.3% on a comparable basis, in line with its objective of slight growth over 2024, on sales of €9.85 billion, up 2.1% on a comparable basis.

Eurofins Scientific reports sales of 1.65 billion euros for the first three months of 2024, up 5% on a reported basis, despite negative currency and calendar effects.

Air Liquide posted sales of 6.65 billion euros for its first quarter 2024, down 7.3% due to lower energy prices and currency effects, but up 2.1% on a comparable basis.

TotalEnergies announced on Wednesday that it would partner with Vanguard Renewables, a portfolio company belonging to BlackRock's infrastructure business, to develop biomethane in the United States.

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