Opening Paris: December is off to a good start


The CAC40 begins December as it ended November. After ending last month with a copious gain of 6.17%, the Parisian index increased by 0.42% to 7,341 points after 30 minutes of trading. The announcement of a marked slowdown in inflation in the euro zone last month reinforced investors’ preferred scenario, namely a continued easing of consumer prices, a slowdown in the economy and a fall in upcoming rates from the ECB. An identical synopsis is emerging in the United States since the PCE consumer price index, the preferred indicator of inflation by the American Federal Reserve, remained unchanged in October over one month after increasing by 0.4% in September . Over one year, it is up 3% after +3.4% the previous month, i.e. its lowest year-on-year increase since March 2021.

European and American manufacturing indices, expected during the day, could further strengthen the markets’ hopes. The intervention of Fed Chairman Jerome Powell (at 4:00 p.m. GMT) will also, as always, be closely monitored.


In today’s macro agenda, the final Markit French manufacturing PMI index (09:50 a.m.) and the final Eurozone Markit PMI manufacturing index for November (10:00 a.m.) will be followed in the morning. In the United States, the final Markit Manufacturing PMI for November (3:45 p.m.), the ISM manufacturing index for November (4:00 p.m.) and construction spending for October (4:00 p.m.) will be followed.

The barrel of Brent fell slightly to $80.6 this morning as the OPEC+ meeting concluded without a joint decision on production reductions. The euro remains close to $1.09. An ounce of gold nibbles 0.2% to $2,040. Bitcoin returns above $38,200.


* Air France-KLM (+2.7% to 11.9 euros) and Apollo Global Management have revised upwards the completion of quasi-equity financing of 1.5 billion euros. Following the signing on October 26, 2023 of a definitive agreement between Air France-KLM and Apollo concerning the financing of a dedicated operational subsidiary of Air France-KLM, the companies finalized the transaction for a total amount revised upwards of 1.5 billion euros. This financing by funds and entities managed by Apollo is intended for an operational subsidiary of Air France-KLM which holds the brand and most of the commercial partner contracts linked to the joint loyalty program of Air France and KLM (Flying Blue ), as well as the exclusive right to issue “Miles” for airlines and their partners. The financing is recognized as equity under IFRS. As announced by Air France-KLM during the 3rd quarter 2023 results, this transaction will allow the group to restore its equity according to IFRS standards to a positive level by the end of the year.

* Renault (+0.3% to 36.1 euros). Registrations of new cars in France increased in November by 14.00% at an annual rate, according to data communicated on Friday by the Automobile Platform. 152,710 private vehicles were registered in France last month, the PFA reported. November had 21 working days this year, compared to 20 last year. Registrations of new cars from the Stellantis group, which includes the Peugeot, Citroën, DS and Opel brands, fell by 3.84% last month compared to a year earlier. The Renault group (Renault, Dacia and Alpine brands) saw its registrations in France jump by 15.10% on an annual basis in November.

* Rexel (+0.9% to 22.3 euros) announces the appointment of Roger Little as Managing Director for the United States and leader of the North America cluster, effective December 18, 2023. Roger Little is Managing Director of Rexel Canada since March 2014 and will succeed Brad Paulsen as Managing Director of Rexel United States. Brad Paulsen is leaving the Group to pursue another career opportunity. Roger Little will bring extensive experience in the electrical materials industry to Rexel USA, particularly in the area of ​​industrial automation. Reporting directly to Roger Little, Jeffrey Moyle will become Managing Director of Rexel Canada. Jeffrey Moyle joined Rexel Canada in 2016, where he held several positions in cable and utilities, supplier relations and digital.

* Capgemini (+0.4% to 188.8 euros) announces the appointment of Nive Bhagat as Group Financial Director from January 1, 2024. Nive thus becomes a member of the General Management Committee. She takes over from Carole Ferrand, Financial Director since 2018, who will pursue other professional opportunities. Carole ensures the transition and handover with Nive until the end of the year. Capgemini also confirms all of its financial objectives for the 2023 financial year, as communicated on November 7 during the publication of the 3rd quarter of 2023.

* Peugeot Invest (+0.1% to 98 euros) notes the opening of insolvency proceedings against several entities of the Signa group. As indicated in its press release of the half-year results, Peugeot Invest revised downwards the valuation of the majority of its real estate assets as of June 30, 2023. On that date, its stake in Signa Prime Selection was valued at 132 ME and that in Signa Development Selection in ME. Peugeot Invest’s exposure to the Signa group thus represents 2.9% of the revalued gross assets which amounted to 6.4 billion Euros. Peugeot Invest will take into account the most recent developments to decide on the valuation of its holdings in the Signa group as of December 31, 2023


* Casino returns 3% to 0.63 euros. Following rumors echoed in the press, the group has confirmed that it has received preliminary indicative offers to date from several buyers, covering different areas of hypermarkets and supermarkets. In the context of the ongoing competitive process and in order to protect its legitimate interests, the group will not provide details on the content of the offers which are currently being examined. It is specified that any transfer transaction must be previously approved by the consortium -EP Equity Investment III s.à.rl, Fimalac and Trinity Investments Designated Activity Company- in accordance with the lock-up agreement dated October 5, 2023.

* GEA (-1% to 100 euros) presented an annual turnover (October 1, 2022 – September 30, 2023) of 39.46 million euros (37.69 ME a year earlier). “These gross billings are not representative of the final level of annual turnover which must be restated for income recognized in advance,” indicates the group. The final data will be published on January 31, 2024, as part of the annual financial report, after finalization of the audit of the accounts.

* Pierre and Holidays lost 0.7% to 1.36 euros after revealing record 2022-2023 results, higher than the financial forecasts revised upwards on April 18, with: turnover from tourism activities at 1.742 billion euros ( initial forecast at 1,660 MdE, revised in April 2023 to more than 1,700 MdE), an increase of 12.8% compared to the previous financial year and +27.6% compared to the 2019 financial year (pre-Covid reference ) ; an adjusted EBITDA of 137 million euros (initial forecast of 105 ME, revised in April 2023 to more than 130 ME), up +30% and +74% compared to the 2019 financial year; operational cash generation at 56 ME (initial forecast at 37 ME, revised in April 2023 to more than 50 ME). Building on this good dynamic, and in view of the portfolio of tourist reservations to date which already offers good visibility over the first half, the Group forecasts an adjusted EBITDA of between €145 million and €150 million for the 2024 financial year. euros.

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