THE TREND
(Boursier.com) — The CAC40 fell 2% this morning to 7,167 points and now limits its decline to 1.4% around 7,215 points. Investors were unpleasantly surprised Thursday evening by the difficulties of the American bank Silicon Valley Bank, a subsidiary of SVB Financial Group specializing in the financing of start-ups, which launched an emergency capital increase to deal with a liquidity risk. , fueling the specter of serious strains on the banking system. Wall Street paid the price and the Paris Stock Exchange in its wake, therefore, this Friday. Moreover, the European banking sector opened sharply lower on Friday. The subsidiary of SVB Financial Group plunged 60% Thursday on Wall Street, causing the S&P index of banks to fall by 6.6%.
The big economic meeting of the week will take place this Friday at 2.30 p.m., with the monthly government report on the employment situation for the month of February. The consensus is for 215,000 non-agricultural job creations, 228,000 creations in the private sector and 3.4% unemployment rate, while the average hourly wage is expected to rise by 0.4% from one month to other and 4.7% over one year. The labor force participation rate is expected to remain stable at 62.4%.
Powell hinted again this week that the Fed was waiting for a signal of weakness in the still very tight labor market, but tried to explain that the central bank’s goal was to realign labor supply with demand, rather than putting several million Americans out of work… In any case, these figures will depend on the extent of the increase in key rates, namely 25 or 50 basis points on March 22, even if the consensus is currently at 50 basis points.
RISING VALUES
* STEF gains 5% to 109 euros. The transport and logistics group for temperature-controlled food products generated current operating income of 201.9 ME in 2022, up 13% for a turnover increased by 22% to 4.26 billion euros. . Inflationary pressures and the significant increase in energy costs barely impact the current operating margin rate, which stands at 4.7% against 5.1% in 2021. Operating profit of 203.5 ME (+32%) benefited from a significant contribution from the acquired companies (+13 ME) and several disposals of assets (real estate and vehicles) for an amount of 12 ME. STEF specifies that these positive contributions make it possible to mitigate the rise in electricity costs, which increased by 75% over the period. Net income group share reached 146.4 ME (+33%).
* Only one significant increase among the values of the CAC40: Eurofins gained 1.7% to 62.8 euros.
FALLING VALUES
* The difficulties of Silicon Valley Bank therefore impact the European banking sector. Biggest drop in the CAC40, Societe Generale lost more than 5% to 25.2 euros. BNP Paribas And Agricultural credit down about 3%.
* Michelin fell 2% this Friday to 28.8 euros, while the tire group will host a digital CMD on Monday March 13 (“Strategy Progress”) to take stock of the progress of their roadmap for 2030 ( “Michelin in Motion”).
* Casino (-5% to 8.2 euros) published an annual current operating profit down 12.1% at constant exchange rates, penalized by its activities in France and in e-commerce. Current operating income thus stands at 1.12 billion euros in 2022, compared to 1.19 billion a year earlier. The tricolor group also announced that no dividend would be proposed for 2022 at its next general meeting.
* Great loses 3.4% and Schneider 2%. JP Morgan went back from ‘overweight’ to ‘neutral’ on Legrand, targeting a price of 93 euros and resumed following Schneider at ‘overweight’, targeting 185 euros.
* Verimatrix corrects 6% to 0.77 euro, while the group recorded 2022 revenue of $61 million, down 15% from 2021. Verimatrix recorded an operating loss of 11.5 million in 2022, compared to operating income of $8 million in 2021. In total, after taking into account financial income and tax expense, the net loss from continuing operations was 17, $6 million, compared to a profit of $3.7 million in 2021.