Fragile rebound of the Cac 40 supported by Wall Street, but the threat to Russian gas weighs

The stock market picked up some color after closing the day before at a six-week low, while Wall Street rebounded at the opening. Investors take note of good results from companies in the automotive and technology sectors. ” Overall, the results aren’t that bad, and that should support the market for now. “, notes Emmanuel Cau, strategist at Barclays.

The underlying trend nevertheless remains weakened by the risk of a slowdown in China and the prospect of a sharp tightening of the Fed’s monetary policy. The question of the Old Continent’s energy dependence on Russia is also haunting the markets after Gazprom’s decision to stop its gas deliveries to Poland and Bulgaria.

Around 4 p.m., the Bedroom 40 gained 0.37% to 6,438.29 points in a business volume of 2 billion euros after oscillating between a gain of 0.94% and a decline of 1.18%. In New York, the Dow Jones recovers 1.04% and the Nasdaq Composite 1.66%. The index of growth stocks and “tech” had shown the day before its biggest drop since the end of 2020. The contrasting results of Microsoft (+5.3%) boosted by the cloud, andAlphabet (-2%) weighed down by the decline in its advertising revenue, question the performance of Meta (ex-Facebook), which will unveil its quarterly this evening, before Apple and Amazon on Thursday. Boeing lost 8.6%, affected by the deterioration of its free cash flow and the announcement of a pause in the production of the 777X.

Europe exposed to “blackmail” on Russian gas

Moscow’s use of the energy weapon raises fears that other European countries could be targeted later after they refuse to pay for their gas imports in rubles. The economic risk of such a scenario sent the euro tumbling to $1.0584 this morning, its lowest level since April 2017. European officials are signaling that Moscow’s halt in gas supplies is a scenario they were wary of. prepared and that stocks are sufficient for the next few weeks. In addition, Gazprom does not envisage further cuts in deliveries by mid-May, reports Bloomberg, citing a source close to Gazprom. The utilities sector is nevertheless affected, likeEngie, which lost 2.3% while in Amsterdam, gas futures contracts jumped more than 20% to 127.50 euros per megawatt hour before returning to around 107 euros. The European Union has announced a meeting of its gas coordination group to study a common response to the ” blackmail » Russian.

Dassault Systèmes takes over, Michelin and Valeo confirm

Dassault Systems goes up 5%. The design assistance software maker raised its 2022 targets after seeing its results improve in the first quarter. For the current year, it now forecasts, in non-IFRS data, an operating margin of between 33.4% and 33.7% and net earnings per share of 1.04 to 1.06 euros, an increase of 9% to 11%. He was previously counting on an EPS of 98 cents to 1 euro and on an operating margin of between 32.7% and 33.1%.

Michelin appreciated by 3.6%. The tire manufacturer is maintaining its operating profit and cash generation forecasts despite cost inflation. The difference between the 19% growth in quarterly turnover and the 0.5% increase in volume sales gives the measure of both the increase in costs and the group’s ability to pass them on to its prices. of sale.

Valeo increased by 3.9%. The automotive supplier confirmed its annual targets after quarterly sales exceeded expectations. A welcome confirmation the day after the warning issued by Faurecia.

Plastic Omnium gets 4.5%. The group confirmed all of its annual objectives, after having shown a less pronounced decline than expected in its turnover in the first quarter, marked by the continuing shortage of semiconductors and the war in Ukraine.

Bic ball in the lead, Ipsen and Manitou fall

Interparfums advance of 5.6%. The licensed perfume manufacturer is targeting sales of 600 million euros this year after an 18.1% increase in sales to 162.4 million euros at constant exchange rates in the first quarter.

bic jumped 9%. The maker of pens, lighters and stationery products posted better-than-expected sales in the first quarter, which allows it to raise its annual growth forecast in the high end of the range from 7% to 9% announced earlier this year.

Conversely, Ipsen plunged 12.8%. The slightly higher-than-expected growth in quarterly sales is offset by stagnant sales of Somatuline, exposed to competition from generic treatments such as Lanreotide, according to Berenberg analysts.

At last, Manitou 10% drop. The lifting and handling equipment specialist has certainly confirmed its sales forecast for 2022, but not its operating margin estimate due to the consequences of the conflict in Ukraine.

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