THE TREND
(Boursier.com) — Three sessions in the red and it will continue. The Parisian market is expected to fall at the opening, the CAC 40 continuing its slide towards 7,200 points.
Investors are gradually becoming aware that the rate hikes by central banks are probably not over… Jerome Powell estimated yesterday that there is still a long way to go to reduce inflation to 2%. Intractable, he recalls that almost all central bank officials expect to raise interest rates later this year, after the central bank chose to take a break last week.
Rebelote with Powell today: the boss of the Fed will be auditioned from 4 p.m. before the Senate this time, history, except surprise, to reiterate his remarks of yesterday. The Fedwatch barometer expects, at 72%, a quarter-point turn of the screw at the next meeting.
WALL STREET
Wall Street continued its consolidation on Tuesday, quietly awaiting Jerome Powell’s speeches before Congress on Wednesday and Thursday. The S&P 500 dropped 0.47% to 4,388 pts, the Dow Jones fell 0.72% to 34,053 pts and the Nasdaq slipped 0.16% to 13,667 pts.
ECO AND CURRENCIES
France :
– Business climate. (08:45)
UNITED STATES :
– Balance of current accounts. (2:30 p.m.)
– Chicago Fed National Activity Index. (2:30 p.m.)
– Weekly unemployment registrations. (2:30 p.m.)
– Resales of existing homes. (4:00 p.m.)
– Index of leading indicators. (4:00 p.m.)
– Kansas City Fed Manufacturing Index. (5:00 p.m.)
Europe:
– Monetary press release from the Bank of England. (1:00 p.m.)
– Summary of monetary policy and minutes of the monetary meeting. (2:00 p.m.)
– European consumer confidence flash index. (4:00 p.m.)
The euro/dollar parity reached $1.0988 this morning. A barrel of Brent is trading at $76.71. The ounce of gold is traded at $1,931.
VALUES TO FOLLOW
Carbios announces the launch of a capital increase in cash with maintenance of shareholders’ preferential subscription rights for an initial gross amount of approximately 122 million euros likely to be increased to approximately 141 million euros in the event of exercise full extension clause. Subscription price: 25.32 euros per new share. Subscription parity: 3 new shares for 7 existing shares.
Vallourec and Evonik Industries AG, a leading specialty chemicals company, have signed a Memorandum of Understanding (MoU) for the development of tubular solutions for carbon capture, utilization and storage (CCUS). As part of this collaboration, the two companies will carry out research programs and work on an innovative CO2 transport technology for the CCUS industry that provides improved corrosion resistance and thus addresses one of the main challenges of transport and CO2 storage.
Casino announces to activate various levers in order to preserve its liquidity throughout the conciliation period, that is to say until September 25, if necessary extended until October 25 at the latest. On the one hand, Casino has reached an agreement in principle with the French State in order to defer the payment of the Group’s tax and social charges due between May and September 2023, i.e. an amount of approximately 300 million euros. This amount, granted in return for the granting of collateral, in particular first-rank pledges, will be paid by the Group on the date of completion of the financial restructuring. On the other hand, the conciliators will request in the coming days from all the financial creditors of Casino and its subsidiaries the suspension, for the duration of the conciliation period (i.e. until October 25, 2023 at the most later), the payment of interest (and other commissions) due by the companies in conciliation (i.e. approximately 130 ME), as well as the principal installments which are due during this period by the companies in conciliation (i.e. approximately 70 ME) . The conciliators will also ask the creditors concerned to waive the right to declare any early payment on the basis of any event of default under the financial covenants as of June 30, 2023 and September 30, 2023, as well as more generally any event of default or default. that could arise as a result of the suspension of the aforementioned payments.
HIS announces this Thursday morning that discussions concerning a possible merger with Intelsat have ceased. On March 29, SES confirmed that the company had entered into discussions with Intelsat and “there was no certainty that a transaction would materialize”. Last night, Bloomberg reported that the two groups had ended their discussions on this merger project valued at some 10 billion dollars…
LATEST REVENUES/RESULTS PUBLICATIONS…
Boostheat
THE LATEST “RECOS” FROM ANALYSTS…
Redburn is ‘neutral’ on Danone with an adjusted target price of 54 euros.
MARKET INFO
MyHotelMatch: the reverse stock split will start on July 7
Vilmorin et Cie: Limagrain’s OPAS opens tomorrow
IN SHORT
Genomic Vision signs a distribution agreement with CliniSciences
Valneva: the supervisory board recommends a change in its governance system
HDF: two agreements in the Philippines
Thales: SkyDrive chooses FlytRise flight control system
NFL Biosciences: Agreement to grant its patent on NFL-101 in Europe
Berkem is studying a project to merge its main subsidiaries to rationalize the structure of the Group
Arcure continues its internationalization with two commercial successes for more than 500 Blaxtairs
Lacroix: order for 11 ME from Fluvius