The Paris stock market ended the session with a limited gain of 0.26%, at 7131 points, driven in particular by L'Oréal (+2.1%) and Pernod Ricard (+2%).

Investors remain relatively confident a few hours ahead of the outcome of the Fed's policy committee meeting (FOMC), which ends this evening and will be followed by a much-anticipated press conference by Fed Chairman Jerome Powell.

The Fed's verdict is hardly in doubt, given the evolution of the CME's FedWatch, which suggests a near-certain rate hike of a quarter-point, to which market participants attribute a probability of over 86%.

Above all, markets are waiting to see whether the Fed will adopt the same accommodating tone as in its recent rescue operations with the Treasury to protect the US financial system.

The solidity of the US economy, evidenced again yesterday by good indicators on the housing market (1st rebound in sales in 12 months), certainly argues in favor of a tightening, but the fragility of certain banks argues for a more cautious approach.

Investors will be particularly interested in the Fed's 'dot plots', which will reveal, as at the end of each quarter, its outlook for the final rate in 2023 and the years to come.

Its expectations could be sharply revised downwards, satisfying investors who would see this as confirmation of an imminent 'pivot' in the central bank's policy.

The bond markets contrast with the serenity of the stock market indices, with a clear deterioration in yields: +12pts on our OATs this morning to 2.92%, +6pts this afternoon to 2.862%, Bunds show +7pts to 2.347% (after an incursion under 2.00% this very Monday), US T-Bonds remain unchanged at 3.60% (which does not support the Dollar).

The greenback continues to fall against the euro, dropping below 1.0800 (-0.3%).

In news from French companies, Voltalia announces the signing of a 15-year electricity sales contract in Portugal with BA Glass Group, a European leader in the production of hollow glass for the beverage and food industries.

Crédit Agricole Consumer Finance announces the signature of a memorandum of understanding with Stellantis for the acquisition of six European subsidiaries of ALD and LeasePlan, following ALD's announced acquisition of 100% of LeasePlan's capital in January 2022.

Stellantis announced on Wednesday that its joint venture with Crédit Agricole had reached an agreement to acquire ALD's operations in Portugal and LeasePlan's operations in Luxembourg.

The manufacturer also announced an investment of over 130 million euros in its Eisenach plant in Germany. This decision will enable the electric successor to the Grandland to be manufactured on the brand-new STLA Medium platform.

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