THE TREND
(Boursier.com) — The American Federal Reserve must make its monetary policy decisions in the evening and this meeting will occupy investors throughout the session, which therefore promises to be a wait-and-see attitude. However, the CAC 40 seems to want to display an upward bias less than an hour from the start of the session. Fragile trend, subject to change. There is little suspense over the decision on expected stable rates. Investors, on the other hand, hope that the US central bank will confirm that they are now at their terminal level, which underlies a new pause for the November meeting.
WALL STREET
Wall Street cautiously declined on Tuesday, after finishing without any notable change on Monday. Operators are displaying their utmost caution while awaiting the Fed’s monetary statement and Jerome Powell’s conference scheduled for Wednesday evening. The S&P 500 fell 0.22% to 4,443 pts, while the Dow Jones returned 0.31% to 34,517 pts. The Nasdaq stumbles by 0.23% to 13,678 pts.
ECO AND CURRENCIES
UNITED STATES :
– Fed monetary policy statement. (8:00 p.m.)
– Press conference by Jerome Powell. (8:30 p.m.)
Europe:
– German producer price index. (08:00)
– British Consumer Price Index. (08:00)
– British Producer Price Index. (08:00)
The euro/dollar parity reached $1.0678 this morning. A barrel of Brent is trading at $93.44. An ounce of gold sells for $1,929.
VALUES TO FOLLOW
Latecoere declared a recurring Ebitda for the 1st half of 2023 of -18.4 ME, a deterioration compared to the -5.2 ME declared in the 1st half of 2022. This reduction is mainly due to inflationary pressures based on the costs of materials and to continued supply chain disruptions as operations ramp up. The group’s net profit for the first half of 2023 amounts to -58.2 ME (-27.3 ME for the previous period).
Visiativ : EBITDA fell by 10% due to the adaptation of the sales force’s profit-sharing to new sales models, the All Visiativ program and international marketing investments relating to standardization of subsidiary brands. The EBITDA margin thus stood at 6.8% in the first half of 2023 vs. 8.3%. Operating profit amounts to 3.7 ME instead of 4.5 ME. Under the effect of net proceeds from disposal of 3.1 ME, linked to the disengagement of the IT infrastructure management activity, the group’s share of net income reached 3.4 ME in the first half of 2023, compared to 1.2 ME ME a year earlier, up +183%. In addition, Visiativ is launching SHIFT5, an offensive growth plan, which aims, once again, to double the size of Visiativ to increase turnover to €500 million by 2028.
LATEST SALES/RESULTS PUBLICATIONS…
Foncière 7 Investissement, Oncodesign, Fill Up Media, Spineway, Global Bioenergies, Sensorion
THE LATEST “RECOS” FROM ANALYSTS…
JP Morgan maintains its neutral recommendation on SG with a target objective reduced from 33 to 32 euros.
Deutsche Bank retains Kering and Jefferies goes back from buy to hold by targeting 500 euros on the luxury group.
Jefferies reverts from buy to ‘hold’ on LVMH by targeting a price of 780 euros.
Societe Generale remains a buy on Saffron with an objective raised from 178 to 181 euros and goes back from buy to ‘keep’ on Thales with an adjusted objective of 155 to 144 euros. Societe Generale also remains for purchase on Airbus with a target raised from 152 to 153 euros and onDassault Aviation with a target price which increases to 211 euros.
HSBC remains a buy on TotalEnergies with a target raised to 69.30 euros.
MARKET INFO
Arverne Group goes public with the finalization of its merger with Transition
IN SHORT
Delta Drone awarded UK patent
Eutelsat signs new agreement with Eurovision Services
BOA Concept launches its new automated picking robot
Rally: Extension of conciliation procedures
GTT: new orders to be delivered from 2027
STM: Jean-Marc Chéry renewed in his functions