The flagship CAC 40 index advanced 75.81 points to 7,262.80 points around 09:45. On Wednesday, it had already gained 1.39%.

The CAC 40 is heading for its second quarter in a row with a jump of more than 10%, a first since 2009.

Over the month of March as a whole, the index almost returned to balance (-0.10%) while it had plunged below 6,900 points at the halfway point.

The inflation data due on Thursday and Friday in Europe and the United States is "perhaps the right signal" for investors "to start focusing again on this type of thing" and no longer on the banking crisis, say analysts at Deutsche Bank.

The first figures published in Spain highlight a spectacular trend: inflation has fallen to 3.3% year-on-year, due to a decline in electricity and fuel prices, according to an official provisional estimate. However, core inflation, which measures inflation that is more anchored in the economy, remained very high, at 7.5% over one year, barely less than in February (7.6%).

The expected decline in the euro zone should "be mainly due to a significant base effect. Indeed, in March 2022 energy prices rose sharply following the Russian invasion. Thus, mechanically, energy prices being much lower in March 2023, headline inflation year-on-year should fall," explains Christophe Boucher, Chief Investment Officer of Abn Amro.

A slowdown in inflation puts less pressure on central banks, which have already eased their positions to reassure markets in the face of tensions on the banking system.

On the bond market, the 10-year yield on the French bond, the maturity that is reference, was trading sharply, around 2.73% around 09:40 against 2.82% Wednesday at the close.

Back to risk

On the value side, companies that had suffered a lot on the stock market during the month found favor in the eyes of investors.

This is particularly the case for banks, with BNP Paribas gaining 2.53% to 54.73 euros, Société Générale taking 2.71% to 20.68 euros and Credit Agricole up 1.91% to 10.45 euros. Over the month, however, Crédit Agricole still dropped 10% and Societe Generale nearly 25%.

Also battered for several weeks, Unibail-Rodamco-Westfield offered itself a breath (+3.46% to 48.84 euros), as did Alstom (+2.60% to 25.24 euros).

Technology companies benefited from the rise in rates such as Teleperformance (+2.34% to 222.70 euros), and Capgemini (+1.48% to 168.10 euros).

© 2023 AFP