(Boursier.com) — THE TREND
The CAC 40 continues its rebound started yesterday afternoon, with a gain of 1.5% to 6,008 points this afternoon, despite the absence of quotations on Wall Street last night due to a public holiday in the United States and the hardening of monetary policies on both sides of the Atlantic which is confirmed, in a context of high inflation. The French legislative elections, which saw Emmanuel Macron’s camp lose its absolute majority in the National Assembly, have on the other hand had no impact on the markets, even if the disorder which currently reigns with a view to the constitution of he new assembly and a reshuffled government is being watched with close scrutiny by commentators. The euro rises this afternoon on 1.0565/$. Oil returns to $116 per Brent.
ECO AND CURRENCIES
The President of the European Central Bank, Christine Lagarde, on Monday reaffirmed the ECB’s desire to raise interest rates twice during the summer and to prevent the widening of yield differentials between the member countries of the zone. euro. “These decisions reinforce our previous commitments to adjust all our instruments within our mandate, including flexibility where necessary, to ensure that inflation stabilizes at our 2% target over the medium term,” he said. she says during a hearing in the European Parliament.
Fed Governor Christopher Waller said he would support another 75 basis point hike in July if the data came out in line with his expectations. Neel Kashkari, the head of the Minneapolis Fed, also felt that he could support another rate hike of 75 basis points, but that he was also wary of “too much anticipation”. Recession worries rise, with fears of a ‘political error’…
On Monday, the German producer price index for May, excluding seasonal adjustments, rose more than expected (+1.6% compared to the previous month), while Germany could have to ration the use of gas, while Russia is gradually closing the taps… Oil is hovering around $115 for Brent this morning, while Bitcoin is at $20,830.
TO WATCH TODAY
In the USA :
– Chicago Fed National Activity Index. (2:30 p.m.)
– Resales of existing homes. (4:00 p.m.)
RISING VALUES
Valneva continues to rise, up 17% followed by Eramet (+8%)
LFE : +4% with Cie des Alpes, Aures, SII, TFF, Navya
SoiTec (+4%). The Fonds Stratégique de Participations (FSP) announces a stake in the capital of Soitec, a company specializing in the production of high value-added semiconductor substrates, used in the manufacture of high-performance electronic chips. With this operation, the FSP and the seven insurance companies in its capital, join the ambitious development strategy of a French company at the forefront of its sector.
With an investment of approximately €150 million, the FSP intends to play its traditional role as a long-term, independent shareholder committed to the governance of the companies it supports. Thus the FSP has requested a seat as a director on the Board of Soitec, which will be submitted to the vote of the shareholders at the general meeting to be held on July 26, 2022. The FSP will be represented on the Board by Mrs. Laurence Delpy, independent director of Soitec since 2016 and whose mandate expires next July. As part of this new mandate, Ms. Laurence Delpy, who will now represent the FSP on the Board, will bring her in-depth knowledge of the company and her rich experience of technological issues and markets.
Guillemot : +4% with Waga, SergeFerrari, CGG, Parrot
Liquid air : +3% with Saint-Gobain, Wendel, Ose, Worldline, Akwel, Alten, Interparfums, Crédit Agricole, M&P
STM : +2.5% with Stedim, FNAC Darty, Dior, Spie, Total
The reorganization projectEDF (+ 1.5%), on track for years, was made even more complex by the loss, on Sunday, of the absolute majority of Emmanuel Macron’s party and his allies in the National Assembly.
According to sources familiar with the matter quoted by the Reuters agency, the reorganization process involves a certain number of legislative modifications, which are far from being unanimous among the political parties, which risks slowing down the march of the reforms desired by the Head of State.
“It is difficult to measure the consequences [des législatives sur la réforme d’EDF], it’s a bit early and the government has never given the details of its new project. But it doesn’t seem ideal,” a source close to the group’s management told Reuters on Monday.
Pernod Ricard (+1%) announced the signing of an agreement to sell the Scotch Whiskey Tormore brand and its distillery to Elixir Distillers, a company co-founded by brothers and entrepreneurs Sukhinder and Rajbir Singh.
Tormore is an emblematic distillery in the Speyside region, the historic heart of the Scottish malt industry. This listed building, built in 1960 and with a capacity of almost 5 million liters of pure distilled alcohol per year, is as famous for the quality of its scotches as for its architectural design. Tormore is a well-known brand for its single malts, especially its 14 and 16 year old editions.
This agreement strengthens the already close relationship between Pernod Ricard and the Singh brothers, co-founders in 2017 of Elixir Distillers, a whiskey specialist, and creators of the largest online spirits sales site, The Whiskey Exchange, which Pernod Ricard has made acquisition last year.
Renault (+1%) and Minth Group, one of the world’s leading automotive suppliers, announce the signing of a memorandum of understanding for the creation of a joint venture to produce battery boxes , based in France.
The joint venture will locate this high technological value activity at the Ruitz factory (ElectriCity), intended for future electric vehicles produced within the ElectriCity cluster.
The joint venture will install two new production lines in Ruitz in 2023, with a capacity of 300,000 units (or bins) of batteries per year by 2025, for electric models, including the future R5.
FALLING VALUES
Prismaflex International (-17%) returned to growth in the 2021-2022 financial year after a 2020-2021 financial year marked by the health crisis. This dynamic activity also enabled the Group to regain positive operating profitability despite the gradual emergence of inflationary pressures on costs during the year, which could not be immediately passed on to sales prices.
The Group achieved an annual turnover of 48.9 ME, i.e. a growth of 29% compared to the 2020 2021 financial year. This recovery also made it possible to exceed the activity recorded during the 2018-2019 and 2019 financial years. -2020 like-for-like, respectively +12.9% and +10.9%.
EBITDA was positive at 2.8 ME (+183%), resulting from better absorption of fixed costs with growth, despite the impact of inflationary pressures on production costs.
The current operating profit is a profit of 0.1 ME.
Net income is impacted to the tune of 1.7 ME by non-recurring items, with no cash impact. The group share of net income thus shows a loss of 2.1 ME.
The order book is 17.2 ME at March 31, 2022 (+5.7 ME compared to March 31, 2021).
Aramis : -6% followed by LNA
Tarkett : -4% with DBV (-3%) and Air France KLM (-2%)
Elior : -1.5% with Accor, Infotel, NHOA