(CercleFinance.com) – This ‘3 witches’ session ended with a rise of 0.63% on the Paris stock exchange, to 6,995 points, thus signaling a gain of 8% since the start of the year. Over the past week, the CAC40 has nevertheless fallen by 0.4%, penalized by yesterday’s air pocket (-1.9%).
On Wall Street, the US indices are also in green today, both the Dow Jones (+0.5%), the S&P500 (+0.8%) and the Nasdaq (+1.3%), this the latter being notably driven by Netflix (+6.7%), whose number of subscribers (230 million) came out above forecasts.
Nevertheless, after Microsoft and Salesforce which announced 10,000 layoffs, it is Google/Alhpabet’s turn to announce 12,000 job cuts, or 5% of its workforce. These giants of ‘tech’ and online advertising are thus acting on an already significant slowdown in consumption which could worsen in the United States.
In terms of statistics, sales of existing US homes fell back by -1.5%, below their levels of May 2020 and even on the lowest since mid-2010: the impact of the rise in mortgage rates is being cruelly felt .
Year on year, resales of second-hand homes plunged -17.8%, to an annualized rate of 4.02 million, according to seasonally adjusted data from the National Association of Realtors.
And US long rates are not going to fall anytime soon: yesterday, from Davos, several Federal Reserve and ECB officials sent the markets a message of firmness and determination in their fight against inflation, a warning heard by market participants one week before the Fed meeting.
On the bond market, government bond yields deteriorated sharply with an American ten-year trending by +6.5Pts towards 3.4650%, our OATs deteriorated by +11Pts to 2.593%, Bunds der +10Pts at 2.153%, Italian BTPs by +18Pts at 3.952%.
In corporate news, Orpea announces the termination of its negotiations between a consortium of third-party French investors led by Caisse des Dépôts et Consignations (CDC) and a group of unsecured financial creditors holding approximately 50% of its unsecured debt.
EDF announces the success of a senior bond issue for a nominal amount of two billion euros and 950 million pounds sterling, an issue in four tranches with maturities ranging from nine to 30 years and coupons ranging from 4, 25 to 5.625%.
Boiron’s full-year 2022 sales increased by 17.4% to 534.2 million euros, including growth of 13.6% at constant exchange rates (+9.4% in France and +26.1% internationally).
Argan (-2.1% to 77E) publishes for the year 2022 a recurring net income (RNR) group share up 6%, to 118.9 million euros (i.e. 5.2 euros per share ), representing 72% of rental income, which also increased by 6%, to 166 million.
Finally, GL Events posted one of the best rises in the SRD and rose by more than 7% in Paris, after the announcement of its results. In this context, Oddo maintains its outperformance rating on the stock, with a price target raised from 20 to 23 euros.
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