(Boursier.com) — THE TREND
Slight drop in the CAC40 for this last session of the week of August 15. The Parisian index lost 0.4% around 6,530 points in still very calm financial news, which is felt both in transaction volumes and in the rankings marked by small price variations.
On the macro front, speculation on the next monetary policy decisions of the ECB and the Fed continues to animate the debates. “We’re at a point where investors are wondering if inevitably higher interest rates are going to put an end to the upward movement of the markets,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon. “There are really two sides – one that thinks the worst is behind us and continues to buy, and one that thinks the worst is yet to come and anticipates a downward move in the market.”
RISING VALUES
* Office Veritas gained 1% to 27.3 euros. Jefferies adjusted its target from 30 to 31 euros (‘buy’).
* No significant increases on the CAC40 but the luxury sector stands out with Hermes, Kering Where L’Oreal topped the charts on gains of 0.5% to 0.8%.
FALLING VALUES
* Bank stocks weigh on the trend with BNP Paribas, Societe Generale and Agricultural credit down about 2%.
* Sodexo fell 1.5% to 81.3 euros. A selling pressure to be linked to a note from Jefferies which downgraded the value to ‘hold’ while reducing its target from 91 to 88 euros. The broker lowered its estimates in the business and employment services sector to account for rising inflation risk. He favors names with proven resilience, or where recession is largely ‘priced’, while being ‘wary’ of ‘stories’ of over-indebtedness and low free cash flow.
* McPhy lost 1.5% to 13.84 euros. Berenberg lowered the slider from 21 to 18 euros (‘hold’).
* Alstom yields 0.7% to 22.15 euros. SNCF has approved an additional order fromAlstom of 15 new-generation Avelia Horizon (TGV) very high-speed trains, for an amount of nearly 590 million euros. This optional tranche of the Avelia Horizon Innovation Partnership contract is the second of this new generation of very high-speed trains, completing the 100 trains ordered by SNCF Voyageurs intended for commercial operation in France.
* Valneva (-2.4% to 9.67 euros) began submitting the marketing authorization application file to the American health authority, Food and Drug Administration (FDA), for its vaccine candidate for single injection for chikungunya in people aged 18 and over. This marketing authorization application follows the final Phase 3 data announced in March 2022 and the final results of the clinical batch homogeneity trial announced in May 2022. A clinical study of VLA1553 in adolescents is underway in Brazil, to potentially enable future regulatory submissions regarding this age group if VLA1553 is approved for use in adults. Valneva expects to complete the submission of the dossier by the end of 2022.