The week ends on a positive note on the European and US bond markets.
With the slight easing in yields observed this Friday, yields are quietly approaching what they were on the evening of January 2 (or 12/29/2023)... the tension is slowly easing.
The "little phrase" that investors will keep in mind on the eve of the weekend comes from Christine Lagarde, for whom "the peak in rates is behind us".

The week also comes to a close with INSEE figures on inflation, which stood at 3.7% in December and 4.9% on average in 2023, compared with 5.2% in 2022.
Our OATs have eased by -6.3pts to 2.678%, and Bunds by -5pts to 2.157%... the most favourable development to explain the recovery of the CAC40 and Euro-Stoxx50.
Further south, Italian BTPs erased -9pts to 3.733%, again a level equivalent to the close on January 3... or 12/29/2023.

Across the Channel, a symbolic improvement of -1pt to 3.8320%.

On the other side of the Atlantic, yields also fell, but by a marginal -0.5 basis points tonight, to 3.9680% from 3.92% around 3:30 p.m.
The trend has therefore deteriorated, and it is not certain that the main benchmark will finish 'positive' tonight at 10 p.m..... but over the week, the easing remains appreciable, in the range of -8 to -8.5Pts.

The Labor Department announced that producer prices fell by 0.1% on a gross basis in December, but rose by 0.2% excluding food, energy and business services.

These figures have little impact on the dollar, which remains stable against the euro.




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