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THE TREND
(Boursier.com) — Slight drop in the Paris stock market on this Monday of the start of the school year. The CAC40 lost 0.2% to 7,615 points at the end of the morning. The rankings remain fairly calm and marked by a decline in luxury stocks that weigh on the trend of the CAC40. Political news will be followed this week, with Emmanuel Macron continuing his consultations to find a Prime Minister. This Monday, the President of the Republic meets with former Presidents Nicolas Sarkozy and François Hollande, as well as former Prime Minister Bernard Cazeneuve, who is presented as a possible compromise candidate.
The American market will remain closed this Monday for ‘Labor Day’, but the agenda is relatively busy for this four-day week. The monthly government report on the employment situation in the US for August 2024 will be released on Friday, with the FactSet consensus being 155,000 job creations, including 140,000 in the private sector, for an unemployment rate of 4.2%. This will be an important test, as such figures, slightly up from July, are likely to dispel a little more fears of a recession – or on the contrary, fuel them in the event of a bad surprise.
RISING VALUES
* At the top of the CAC40, Sanofi gains 2.5% to 103.7 euros. Positive results from the phase III HERCULES study showed that tolebrutinib, Sanofi’s oral brain-penetrant BTK inhibitor, met the primary endpoint and extended the time to confirmed disability progression, compared with placebo, in people with non-active secondary progressive multiple sclerosis (SPMS).
* Icade gains more than 3% to 21 euros. The real estate company is supported by a note from Morgan Stanley which revalued the file from 28 to 35 euros while remaining at ‘overweight’. The market is divided on the value since, according to the ‘Bloomberg’ consensus, 7 analysts are ‘positive’, 7 are ‘neutral’ and 1 is ‘negative’. The average target for twelve months is set at 28.91 euros.
VALUES DOWN
* Kering lost almost 3% to 252 euros. LVMH And Hermes fell by 1%.
* Alstom (-0.2%) has completed the sale of its North American conventional signaling business to Knorr-Bremse AG, following the agreement signed on April 19. The purchase price is approximately $690 million. The closing of the sale completes Alstom’s €2 billion debt reduction plan.
* Saffron (-0.4% to 197.2 euros) has completed the acquisition of Preligens, a leader in artificial intelligence (AI) for aeronautics and defense, for an enterprise value of 220 million euros. The company will be renamed Safran. AI and will integrate Safran Electronics & Defense.
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