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CAC40: returns to 7,000pts, little movement at W Street


(CercleFinance.com) – The Paris Stock Exchange ended the day with a gain of 0.83%, at 7,009 pts, while the Euro-Stoxx50 rose by +1% to 4,127. Across the Atlantic, the movement of the New York indices is anecdotal, the S&P 500, the Nasdaq and the Dow Jones evolving close to equilibrium.

The week should once again be punctuated by numerous publications of company results and by questions from investors as to the strength of the monetary policy tightening promised by the central banks.

In this context, the yield of 10-year Treasuries thus tightened by +3Pts towards 1.93%, a two-year high, while gold resisted this rise in rates: it rose by +0.7% at 1817 dollars an ounce, in the wake of oil which climbed towards $94 this morning (the highest since October 2014) before settling a little towards $93.

In Europe, our OATs deteriorated further by +3Pts to 0.675%, the Greek 10-year (+25Pts) returned to the 2.350% mark and posted +60Pts in just 3 sessions (reminder: the year ended at 1.300%, that’s +105pts in 5 weeks).

Few major indicators are expected in the coming days: consumer prices in the United States, expected on Thursday, should be the highlight of the week, from a statistical point of view.

While the earnings season is on its home stretch, the quarterly accounts of Pfizer, BP and Coca-Cola will be closely scrutinized over the next few days.

Of the 60% of S&P 500 companies that have disclosed their performance to date, 78% have done better than expected (as in every quarter since 2009 when expectations have been systematically undervalued), with figures higher by 4.7% average consensus estimates.

By way of comparison, the historical ratio (over 20 years) is around 70% of companies exceeding expectations by an average of 5%.

In the news of French companies, the debacle continues on Korian (-2.1%) and Orpea (-4.5%) while lawyers prepare collective legal actions, the state reserving the possibility of prosecuting EHPADs.

Korian has also issued a statement after the publication of two articles published today in Le Parisien evoking facts of ‘abuse’ and ‘food rationing’, allegations which, according to the company, are of a ‘defamatory’ nature.

The group thus indicates that it reserves the right to seek compensation before the competent courts.

Sanofi (+3.1%) announces that the United States FDA has approved Enjaymo (sutimlimab-jome) to reduce the need for red blood cell transfusions to treat hemolysis in adults with cold agglutinin disease (MY F).

Faurecia (+0.9%) announced that it would rename itself Forvia following the finalization of the acquisition of a majority stake in the German Hella, an operation completed last week. The group explains that this new name reflects an activity looking towards the future (FORward) as well as towards the transition of mobility on the roads (VIA).

Eurazeo (+1.4%) and Investissements PSP, fund manager for pension funds in Canada, announce a strategic partnership which will initially focus on investments in hotels in Europe.

Finally, Hunyvers, a specialist in the distribution of leisure vehicles and itinerant tourism, announced on Monday the approval by the AMF of its registration document, a step that officially kicks off its IPO project. listed on Euronext Growth in Paris.

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