THE TREND
(Boursier.com) — The markets were anxiously awaiting US inflation figures for the month of May. Unfortunately, the news is bad, as the consumer price index climbed 1% compared to the previous month against 0.7% of FactSet consensus, bringing US inflation to 8.6% over one year against 8 .2% consensus and 8.3% in April.
It was enough to push the European stock markets already sounded the day before by the new inflation forecasts of the ECB which will certainly have to accelerate its next increases in key rates. On arrival, the CAC40 lost 2.69% to 6,187 points after a fourth session of decline in a row (-4.3% over the week).
The poor US inflation figures revealed today therefore further complicate the task of the Fed, launched into a cycle of accelerated monetary tightening with rate hikes of 50 basis points. There is no room for maneuver for the American central bank, which has to deal with a particularly adverse environment after having kept its rates far too low for far too long. In such a context, the risk of a more pronounced economic slowdown increases sharply. FedWatch data now points to a potential cumulative rate hike of 215 basis points in 2022, with the fed funds rate nearing 3% at the end of December.
RISING VALUES
* DBV Technologies climbs another 14% to 4.81 euros after announcing a financing by private placement of shares (PIPE) for a total amount of 194 million US dollars (corresponding to 181 ME) from the sale of 32,855,669 shares shares, as well as 28,276,331 pre-funded warrants. Over the last 5 sessions, the progression of the title is approaching 80%! The ordinary shares will be subscribed by investors at a price per ordinary share of 3 euros (corresponding to 3.22 US dollars), and the pre-funded warrants will be subscribed at a pre-funded price of 2.90 euros (corresponding to 3.11 dollars) per pre-funded warrant, corresponding to the price per share of ordinary shares less the exercise price of 0.10 euro per pre-funded warrant. Gross proceeds from the PIPE financing total approximately $194 million, before deducting costs relating to the private placement. The settlement-delivery of the PIPE financing is subject to the usual conditions and should take place on June 13, 2022.
* Ipsos stabilized at 46.15 euros, while the group announced the appointment of Dan Lévy as Group Chief Financial Officer, starting this Friday, June 10. After training as an economist and statistician, Dan Lévy spent the first part of his career from 2001 to 2010 at the Ministry of Finance, at the Treasury Department and then at the Budget Department, in economic, financial and control functions. spending. In 2010 he joined Societe Generale where he has held various positions until today.
* No increase among CAC40 stocks.
FALLING VALUES
* Banking stocks suffer the blow, the rise in bond rates (nearly 2% all the same for the 10-year OAT on Friday) now being very overshadowed by the fall in the markets. Agricultural credit and Societe Generale down about 6% and BNP Paribas from 5% to 48.6 euros.
* Saint Gobain gives back almost 5% to 52.7 euros this Friday, while Berenberg advises to “keep” the glass group with an adjusted target of 62 to 60 euros.
* Great returns to 76 euros, down 2%, while Citigroup lowered its target on the title to 85 euros, against 97 euros previously. Re Schneider (-2.8% to 123.5 euros), the broker is now targeting 139 euros, against 154 euros, given the evolution of the international context. Jefferies had already adjusted its target from 104 to 92 euros on Legrand, while remaining buying on the file.
* Teleperformance fell 1.2% to 296 euros. Morgan Stanley adjusted its price target from 440 to 420 euros.
* Ruby yields 2% to 27.9 euros. The payment of a dividend of 1.86 euro per ordinary share and 0.93 euro per preference share will be made with a detachment of the coupon on June 14 and its payment on June 16. Management reminded the General Meeting of its vision of the Group’s development over the medium/long term. Bruno Krief (Chief Financial Officer) announced that the first quarter of 2022 had started well with a gross margin up 7% in Distribution and up 19% in trading/shipping (sub-segment of Support & Services). “The start of the second quarter is in line with the increases observed in Q1, auguring well for a good increase in operating results (at constant structure) over the whole of the first half,” added the manager.