Paris pre-opening: new small drop in the CAC40?


After two sessions in the red, the CAC40 is still expected with a slight bearish bias this Wednesday. Following the recent rally, investors are less inclined to take risks ahead of the publication of inflation in the euro zone and the United States on Thursday. They expect the figures to confirm the decline in inflation, which remains above the target of central banks on both sides of the Atlantic but has fallen significantly since its highest levels reached during this cycle, under the effect of restrictive monetary policies. The bet on an upcoming ‘pivot’ from the Fed as well as the ECB still largely dominates the trading rooms and essentially explains the clear rise in the indices in recent weeks.

On the business front, not much to report at the end of November, apart from the Casino saga.


The New York Stock Exchange ended slightly higher on Tuesday as investors reacted to contrasting comments from Fed officials on the monetary policy of the American central bank and better than expected data on consumer confidence. The Dow Jones index gained 0.24% to 35,416.98 points. The broader S&P-500 gained 0.10%, to 4,554.89 points. The Nasdaq Composite advanced 0.29% to 14,281.76 points.


Busy macro agenda this mid-week with third quarter GDP (2:30 p.m.), stocks and wholesale sales (4:00 p.m.) and the Beige Book (8:00 p.m.) to follow in the United States. In Europe, the preliminary Consumer Price Index in Spain (09:00 a.m.), the Eurozone Business Climate Index (11:00 a.m.) and the preliminary German Consumer Price Index (2:00 p.m.) will attract attention .

The barrel of Brent rose to $81.8 this morning. The euro is relatively stable against the American currency, trading at $1.10. An ounce of gold gained 0.15% to $2,044. Bitcoin remains above $38,000.


* TotalEnergies invests 20 million pounds to acquire a minority stake in Xlinks First Limited, a company founded in 2019 in the United Kingdom, joining investors Octopus Energy and Abu Dhabi National Energy Company (TAQA). The ambition of the Xlinks project is to develop a giant renewable project (combining solar and wind) in Morocco, coupled with large storage batteries, to provide green electricity to the United Kingdom using submarine cables. Once completed, the project could provide enough reliable and affordable renewable electricity to power more than 7 million UK homes.

* Trigano revealed, for its 2022-2023 financial year, a turnover of 3.48 billion euros, an increase of +9.5%. Consolidated current operating profit shows growth of +23.7% to €423.4 million (12.2% of turnover). Thanks to the quality of the results of its leisure vehicle activity, up nearly 30% compared to the previous financial year, Trigano achieved a net profit of 308.3 ME in 2022-2023 (278.5 ME in 2021 -2022). It is up +10.8%. Positive net cash flow amounts to €194.7 million as of August 31, an increase of +69 million compared to August 31, 2022. The high level of order books, and confirmation of the clear improvement in the delivery of bases rolling stock at all suppliers makes it possible to envisage good growth in activity in 2023-2024. Beyond this horizon, Trigano is confident in the growth potential of its business and in its ability to gain market share. The Management Board will propose to the General Meeting of January 9, 2024, the payment of a gross dividend of 3.5 euros per ordinary share for the financial year ending August 31, 2023, i.e. an additional 1.75 euros to the deposit of 1.75 euros paid in May 2023.

* Vivendi. Telecom Italia’s main investor continues to contest the group’s decision to sell its landline network to KKR, two sources familiar with the matter told ‘Reuters’, adding that a complaint will likely be filed in December.

* Casino. Czech billionaire Daniel Kretinsky has pressed the group’s management to sell hypermarkets and supermarkets as part of the “lock-up” agreement signed in October, reports the ‘Financial Times’, citing three people familiar with the discussions.

* La Française de l’Energie. Gazonor, a subsidiary of the FDE, has just benefited from the support of Arkéa Banque Entreprises et Institutionnels, a subsidiary of the Crédit Mutuel Arkéa group, with an ESG “Impulse” loan of 5.8 million euros, making it possible to cover the Group’s needs. and accelerate its growth strategy. This loan aims to strengthen the activity of the FDE subsidiary via the refinancing of 4 cogeneration units, in Lens and Avion, with a total power of 6 MW. The funds can be deployed by the group for its growth. This partnership is a long-term one to reduce France’s carbon footprint.

* Toosla reports very good commercial dynamics since the summer of 2023, allowing it to exceed its turnover objective for 2023 and to be part of a favorable trend for 2024. On the occasion of the presentation of its sheet strategic route ‘On the road to 2024’, which should put Toosla on the path to profitable growth, the company had announced a turnover target of around 10 million euros in 2023, compared to less than 8 ME in 2022. Based on the volume of business achieved to date and reservations recorded until the end of the year, Toosla is already able to achieve more than 10 ME in turnover in 2023.

* Société des Bains de Mer and the Circle of Foreigners in Monaco. In the first half of the 2023-2024 financial year, SBM’s consolidated turnover amounted to 445.6 million euros, an increase of 13.2 ME, or +3%. The consolidated operating result amounts to a profit of 89.1 ME (91.9 ME for the previous year). The SBM Group’s activity over the first 6 months of the 2023-2024 financial year is confirmed at a sustained level which is based on the good positioning of the Resort’s offers. However, the group’s activities are dependent on the random nature, over a short period, of the Games activity. “This hazard does not allow us to make forecasts for the entire 2023-2024 financial year,” indicates the Monegasque group.

* Aramis Group revealed an annual turnover of 1.945 billion euros for its 2022-2023 financial year ended at the end of September, up +9.9% in published data and +0.7% excluding acquisitions in Austria and Italy. The volumes sold of reconditioned cars are up +13.1% compared to the previous financial year, at 78,441 units, including +1.2% excluding acquisitions in Austria and Italy in accordance with annual objectives, in a market down by -5.3% and while continuing efforts on profitability. The specialist in the online sale of used cars to individuals shows a gross margin per vehicle sold of 2,161 euros, a slight improvement compared to 2,142 euros the previous year. On a like-for-like basis, Aramis is targeting volumes of vehicles sold to individuals in excess of 100,000 units in 2023-2024 with an adjusted EBITDA at least twice that achieved in 2023.

* Kalray, specialist in hardware and software technologies dedicated to the management and intensive processing of data from the Cloud to the Edge, and JB&A, leader in the distribution of technological solutions in North America, announce the signing of a strategic partnership aimed at distributing the solutions data management and storage solution from Kalray and its subsidiary pixitmedia in the American market, initially targeting the media and entertainment industry and AI solutions. The strategic agreement between JB&A and Kalray is designed to drive the growth of both partners in North America starting in 2024. As part of this agreement, JB&A will distribute in the United States the complete portfolio of management and storage solutions of Kalray data.

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