THE TREND
(Boursier.com) — The CAC 40 should continue its slow slide at the opening, expected to be in the red on the Paris Stock Exchange. At 7,330 points last Wednesday, it has been falling for 3 sessions and 200 points less on the clock.
The markets did not expect long-term restrictive monetary policies, although this is what the new comments from central bankers seem to be moving towards. In any case, they continue to fuel pressure on the bond market where American long rates have risen to a new peak. Risky assets also suffer! Yesterday, Christine Lagarde, again agreed on Monday in the restrictive direction, insisting on the need to maintain rates at a high level, while Isabelle Schnabel, member of the ECB Governing Council, explained that the euro zone was not finished with inflation. Investors are now awaiting a speech from Philip Lane, chief economist of the Frankfurt institution, scheduled for the day.
In the United States, Chicago Fed President Austan Goolsbee said on Monday that inflation above the 2% target was a greater risk than a further slowdown in the economy. The President of the Minneapolis Fed, Neel Kashkari, said he expected a further rise in interest rates before they remain at a high level for a long time.
WALL STREET
Wall Street showed a slight rebound on Monday, after having corrected significantly at the end of last week, following restrictive comments from the Fed. The American central bank intends to leave its rates “higher, for longer”, to finally manage to control inflation that is still too high. The S&P 500 nevertheless recovered 0.40% to 4,337 pts, the Dow Jones +0.13% to 34,006 pts and the Nasdaq +0.45% to 13,271 pts.
ECO AND CURRENCIES
UNITED STATES :
– FHFA US Home Price Index. (3:00 p.m.)
– S&P Corelogic Case-Shiller Home Price Index. (3:00 p.m.)
– Consumer confidence. (4:00 p.m.)
– Sales of new homes. (4:00 p.m.)
– Richmond Fed manufacturing index. (4:00 p.m.)
The euro/dollar parity reached $1.0587 this morning. A barrel of Brent is trading at $92.74. An ounce of gold sells for $1,913.
VALUES TO FOLLOW
Air France-KLM plans to place a major order for aircraft with a view to continuing the renewal and rationalization of its long-haul fleet, thus reflecting its ambition to improve its economic and environmental performance. This order will be placed at Group level and will concern 50 Airbus A350-900 and A350-1000. It will be accompanied by acquisition rights for 40 additional devices. The first deliveries are expected from 2026 and will last until 2030.
Carmat : operating expenses were controlled so that the operating loss stood at -25.9 ME for the first half of 2023, of the same order as that of the 1st half of 2022 (-25.1 ME). After taking into account the financial result (-1.7 ME) and the Research Tax Credit (+1 ME), the net loss for the first half of 2023 amounts to -26.7 ME (-26 ME in the 1st half 2022).
LATEST SALES/RESULTS PUBLICATIONS…
Poxel, Micropole, Gascogne, Advini, Aelis Farma, Veom Group, Cabasse, Altheora
THE LATEST “RECOS” FROM ANALYSTS…
HSBC retains Fnac Darty but with a lowered objective from 36 to 26 euros.
AlphaValue goes back from lightening to ‘accumulating’ on Technip Energies with a target raised to 27.30 euros.
Morgan Stanley remains at ‘line weight’ on Keringbut with a target reduced from 580 to 520 euros, to ‘overweight’ on LVMH with a target adjusted from 1020 to 900 euros and ‘online weighting’ on Hermes with a price target adjusted to 2,000 euros.
BNP Paribas Exane remains at ‘outperformance’ on SMCPbut is now only aiming for a course of 8.50 euros.
MARKET INFO
Celyad Oncology: termination of the American Depositary Receipt program
Veom Group: draws a first tranche of OCA of 0.23 ME
Société Générale announces the completion of its share buyback program
IN SHORT
Sanofi: FDA grants priority review to Dupixent
Eutelsat Communications: partnership with Can Marine Systems
Omer-Decugis: ambitions on the avocado market
Gaussin: Gaussin Macnica Mobility (ex-Navya) becomes Gama