The Paris Bourse (+1.6% to 7,302) is barely catching its breath, while Wall Street's rebound is waning (from +1% around 3:30/16pm to +0.6% on average at 5pm).
In the early afternoon, the CAC erased with disconcerting ease the 1.8% lost on Friday, and even climbed above it with +1.9% to 7,324... despite long rates continuing to rise (with the OAT at 3.05% vs. 3.01% on Friday).
The Euro-Stoxx50 posted the same impressive score (+1.7% to 4,250), with Frankfurt gaining +1.5%.
Friday's dip was attributed to a US inflation figure that had upset the markets: today, it's up just as much, but there's no 'timely' figure to justify this rebound.
The rise had even reached its peak of the day before the publication of a 4.5% fall in US durable goods orders last month, following a 5.1% increase in December 2022 (revised from an initial Commerce Department estimate of 5.6% in December).
But beware: excluding transportation equipment (including aviation), whose orders plunged by 13.3% month-on-month, US durable goods orders rose by just 0.7% in January.

On Friday, it was easy to argue: "Markets are adjusting to the risk of a stronger and longer tightening", according to Jeanne Asseraf-Bitton, Head of Research and Strategy at BFT IM.
Today, we'll have to be content with the "return of the laggards", taking advantage of a market trough.

Against this backdrop, the European Central Bank (ECB) will convene its Governing Council in Frankfurt on Thursday March 16, followed the following week by the Federal Reserve, which will convene its Monetary Policy Committee (FOMC) on March 21 and 22.

On the economic front, investors will be paying particular attention to Wednesday's release of the latest European manufacturing PMIs, ahead of Thursday's release of the latest eurozone inflation figures.

After the European indicators, the market will follow the announcement of the ISM services index in the United States on Friday.
On the bond front, unlike in Europe, T-Bonds improved slightly, to 3.92 from 3.95%, while the Dollar suffered the consequences (7Pts yield differential) and fell back -0.5% to 1.0600/E.

In company news, SES (-6%) reports adjusted net profit for 2022 down 41.5% to 189 million euros, but adjusted EBITDA up 1.3% to just over 1.1 billion euros and sales up 9.1% to around 1.94 billion.

Thales announces plans to recruit more than 12,000 employees by 2023, in order to sustain its strong growth momentum in its three business sectors of aerospace, defense-security and digital identity-security.

On the occasion of the 2023 Mobile World Congress in Barcelona, Schneider Electric, Capgemini and Qualcomm announce their collaboration to implement an innovative 5G automated lifting solution for industrial environments.

Finally, Airbus unveiled on Monday its ambitions in the Pacific zone, where the aircraft manufacturer plans to deliver 920 new aircraft over the next 20 years. Airbus sees the region as a "key" market. At present, its order book in the region totals 166 aircraft, representing 75% of total orders in the region.


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