THE TREND
(Boursier.com) — After 4 consecutive sessions of increases and more than 300 points recovered, the CAC40 reversed course on Tuesday, down 1.43% to 6,468 points, while concerns about inflation and therefore at the rate of increase in key rates are once again very present. The increase in prices in the euro zone indeed reached unprecedented levels in May: According to preliminary data from Eurostat, the annual inflation rate is estimated at 8.1% in the region, against 7, 4% in April, and 7.8% expected by economists. As far as France is concerned, according to the provisional estimate made at the end of the month by INSEE, consumer prices should increase by 5.2% in May, after +4.8% the previous month. To make matters worse, the barrel of oil is approaching 125 dollars for Brent after the partial embargo decided by the Europeans on Russian oil… The euro is rising to 1.07/$ between banks.
ECO AND CURRENCIES
President Biden will hold an unprecedented Oval Office meeting with Fed Chairman Jerome Powell on Tuesday, their first one-on-one since Biden nominated Powell for a second term in November 2021… According to the press release. the White House, the two men will discuss the state of the US and global economy. In a WSJ column Monday night, Biden said he would support Fed efforts to bring inflation down while outlining his own plans to tackle high prices. Biden has defended his plans for clean energy tax credits, infrastructure upgrades, fixing supply chains, tackling exorbitant fees charged by shipping companies, or increasing housing affordability, as well as reducing the price of prescription drugs and lowering the cost of child and elder care, saying these projects will all help fight inflation. Biden also argued that cutting budget deficits would help ease price pressures, calling for tax code reform to generate more revenue…
RISING VALUES
Pierre & Holidays (+6.5%) raised its forecasts for the current financial year 2021/2022, with turnover from tourism activities above budget (growing by almost 7% compared to the turnover achieved in 2019), an adjusted Group EBITDA also above budget, estimated at €96 million excluding profit from non-recurring items. This adjusted EBITDA is revised upwards compared to the previous communication of April 22, 2022 (adjusted group EBITDA then anticipated at €83 million excluding non-recurring items).
Akwell : +5.5% with M&P
Lysogen : +4.5% with Oeneo
SQLI : +3% followed by Robertet, Waga, K&B, Boiron
Ruby : +2.5% with Rallye, Valeo, Aures, Ateme
ID Logistics : +2% with Interparfums, GTT
colas : +1.5% followed by LNA, Infotel, Argan
TotalEnergies (+1%) benefited from the continued rise in oil prices.
Nakon : +1% with Kering, Chargers
Orange : +0.5% followed by Vivendi, Faurecia
FALLING VALUES
Nanobiotix : -6% with Wavestone
Houses of the world stumbles 5%. Strongly shaken last week after its warning, the specialist in decorative items and furniture is this time the cost of a note from Citi which downgraded the file to ‘neutral’ while cutting its target from 24 to 14 euros. The market is now well divided on the value since according to the ‘Bloomberg’ consensus, 4 analysts are ‘buy’, 4 ‘hold’ and 1 ‘sell’. The average 12-month target is set at 19.23 euros.
Medincell : -4.5% with Eramet, Bonduelle, Gorgé Group, SMCP, Nicox, Veolia, Orpea, LFE
Airbus and Saffron consolidate by around 3%
IPSOS : -3% with Haulotte, Derichebourg, FDJ, Scor, Sodexo, DS, Worldline, Genfit
Sodexo : -2.5% with Innate, Getlink, Gl Events, Korian, Thales
BNP Paribas (-2.2%) intends to recruit 7,000 people in France this year, particularly in trades serving retail and business customers, IT (data, cloud, cybersecurity, etc.) as well as support and control (audit, compliance, risks, etc.). Attached to professional integration, BNP Paribas is also continuing its commitment to young people. The Group thus wishes to welcome more than 3,000 new employees on permanent contracts, including 2,000 young graduates, 2,000 work-study students, 1,500 trainees and 300 VIEs throughout France.
Sanofi down 1%. The United States Food and Drug Administration (FDA) has agreed to grant priority review to the Supplemental Biologics License Application (sBLA) for Dupixent (dupilumab) for the treatment of nodular prurigo of the adult. Nodular prurigo is a chronic, inflammatory skin disease that causes intense itching and skin lesions. The FDA is expected to issue its decision on September 30, 2022.