(Boursier.com) — THE TREND
The CAC 40 should remain firm, still above 8,000 points this Tuesday morning according to the precedence indicators… A certain relief is indeed perceptible on the markets, while the prospect of a war between Israel and Iran seems to be moving away, the two adversaries showing restraint after the latest strike on Iranian territory on Friday.
Investors are focusing on the monetary trajectory, as the Federal Reserve meets on May 1. The US GDP figures for the first quarter on Thursday and especially the PCE inflation indicator on Friday could still have a significant impact on the markets.
With the exception of Tuesday’s PMIs, few leading indicators are expected in the euro zone this week.
WALL STREET
After a particularly difficult stock market week for the technology rating, the trend also recovered a little on Monday, the S&P 500 gaining 0.87% to 5,010 pts, the Dow Jones regaining 0.67% to 38,239 pts and the Nasdaq 1.11% to 15,451 pts. The relative easing of geopolitical tensions in the Middle East reassured the speakers somewhat… The week will be particularly lively, with many striking statistics, but also several essential quarterly publications, including those of the technological giants Microsoft, Meta, You’re here And Alphabet…
ECO AND CURRENCIES
On the economic front, the Chicago Fed’s National Activity Index for March 2024 stood in positive territory, indicating “above-trend” expansion. The index stood at 0.15, compared to 0.05 a month earlier. The FactSet consensus was 0.30 for March.
The US composite flash PMI, new home sales and the Richmond Fed manufacturing index will be announced tomorrow. Durable goods orders and the weekly report on US domestic oil stocks will be released on Wednesday. The US GDP for the first quarter, the balance of international trade in goods, weekly unemployment claims, as well as promises of housing sales and the manufacturing index of the Kansas City Fed, will be followed on Thursday. Household income and spending as well as the core PCE inflation index will be monitored on Friday, as will the University of Michigan Consumer Sentiment Index.
However, there will be no intervention by Fed officials this week, in the run-up to the monetary meeting on April 30 and May 1, which should result in a new status quo… According to the CME Group’s FedWatch tool, the probability is more than 96% that the Fed will leave its rates unchanged in a range of 5.25 to 5.5% on May 1. The probability of a comparable range of 5.25-5.5% on June 12, at the end of the next FOMC meeting, stands at 83%. It has risen sharply following recent inflation figures, raising fears of a lastingly high level of prices in a context of a resilient economy. It is possible, however, that the Fed will be able to lower its rates on July 31, at the end of the next meeting, but the highest probability for the moment is still that of a status quo (56% ‘proba’ of an unchanged range on the fed funds rate).
TO MONITOR
France :
– Preliminary French manufacturing PMI index. (09:15)
– Preliminary French PMI services index. (09:15)
Europe:
– Preliminary German Services PMI. (09:30)
– Preliminary German manufacturing PMI. (09:30)
– Preliminary Eurozone composite PMI. (10:00 a.m.)
– Preliminary Eurozone manufacturing PMI. (10:00 a.m.)
– Preliminary Eurozone Services PMI. (10:00 a.m.)
– Preliminary UK Services PMI CIPS Index. (10:30 a.m.)
– Preliminary UK manufacturing PMI CIPS index. (10:30 a.m.)
– UK Preliminary Composite PMI CIPS Index. (10:30 a.m.)
UNITED STATES :
– Preliminary US composite PMI index. (3:45 p.m.)
– Preliminary US manufacturing PMI. (3:45 p.m.)
– Preliminary US Services PMI. (3:45 p.m.)
– Sales of new homes. (4:00 p.m.)
– Richmond Fed manufacturing index. (4:00 p.m.)
VALUES TO FOLLOW
Renault published a turnover up 1.8% in the first quarter, to 11.707 billion euros, the highest in 5 years. The turnover of the automobile activity, however, fell by 0.7% under the effect of the devaluation of the Argentine peso, the success of more affordable models, the discontinuation of the Zoé and a destocking of dealers.
The French manufacturer’s volume sales, which returned to growth last year after four years of decline in a row, increased again by 2.6% to 549,099 vehicles.
The market consensus expected an almost stable turnover at 11.480 billion euros, the anticipated drop of 1.2% in automobile turnover being offset by a sharp increase in turnover from the vehicle financing activity. sales.
Remember that Renault, whose ambition is to join the club of manufacturers with double-digit margins at the end of the decade, posted a record operating margin of 7.9% last year, compared to 5.5% in 2022. and 2.8% in 2021. The automobile group expects a margin “greater than or equal” to 7.5% in 2024.
The group highlights the strong order portfolio in Europe which represents 2.5 months of forecast sales, “reflecting the success of the products and a very good start to the year in terms of order intake while key product launches are planned on the rest of the year”.
Renault Group is also continuing its commercial policy centered on value with a focus on sales to individual customers (66% of sales), on the C & higher segments (37% of sales), on high-end versions which represent a large majority of the latest launches and on electrification with hybrid and electric offers (48% of sales).
Renault Group thus confirms its 2024 financial outlook which includes a Group operating margin greater than or equal to 7.5% and free cash flow greater than or equal to 2.5 billion euros.
Sanofi : Positive results from the phase III LUNA 3 study show that taking rilzabrutinib 400 mg twice daily allowed adult patients with persistent or chronic immune thrombocytopenia (IPT) to achieve a durable platelet response – this which corresponds to the primary endpoint of the study. The safety profile of rilzabrutinib was consistent with that observed in previous studies.
The LUNA 3 study met its primary endpoint and demonstrated that a significantly greater proportion of patients treated with rilzabrutinib experienced a durable platelet response (the primary endpoint), compared to placebo. This clinically and statistically significant result was obtained in patients with primary IPT who had been refractory to other previous treatments.
The US Food and Drug Administration (FDA) granted Fast Track Designation to rilzabrutinib for the treatment of IPT in November 2020, after granting it orphan drug designation.
The turnover for the 1st quarter of 2024 Plastic Omnium stood at 2,867 million euros in Q1,
outperforming global automobile production by +4.5 points. The United States is now the leading country contributing to the Group’s turnover, which now becomes “OPmobility”. Turnover thus increased by 1.6% (+3.6% organically), outperforming global automobile production by +4.5 points, in line with the Group’s annual objective.
The new module assembly plant in Austin (Texas) will contribute to the acceleration of OPmobility’s activity in North America.
With the change of name to OPmobility, the Group is also opening a new page in its history and confirms the acceleration of its strategic transformation into a leader in sustainable and connected mobility.
The group also confirms its 2024 outlook with an improvement in all its financial aggregates compared to 2023: operating margin, net profit Group share, free cash flow and net debt.
SEB announces the strengthening of its presence in Saudi Arabia with the acquisition of a 55% stake in its Saudi distributor – Alesayi Household Appliances Co. LLC – a subsidiary of the Alesayi Holding Group which has exclusively marketed the Group’s consumer products locally since 2009.
This partnership aims to develop future growth opportunities in the Saudi market through Alesayi Holding’s local expertise. This new subsidiary of Groupe SEB will continue the import and distribution of the Tefal and Moulinex brands to the general public with products for the preparation of food and drinks, electric cooking, culinary items but also for the maintenance of the home and laundry care. It will enable Groupe SEB to accelerate the development of its sales in Saudi Arabia and to make the most of the strong growth potential of this market.
Vivendi decided to abstain from the vote on the renewal of the Board of Directors of Telecom Italia at the general meeting of April 23.
Vivendi recalls that it has supported Telecom Italia (TIM) as a shareholder since May 2015. Following the arrival of the Elliott fund at the 2018 general meeting of TIM shareholders, Vivendi lost its influence on TIM who suffered the failure of Elliott’s plan. In addition, following the resignation of its two representatives on the Board of Directors of TIM, from December 31, 2022, Vivendi stopped accounting for this company as an equity-accounted investment.
As a financial investor, Vivendi’s concern is to “see the Board and management of TIM ensure sustainable growth in the stock price through wise management in the sole interest of the company and in compliance with the prerogatives of shareholders and principles of good governance.
Consequently, Vivendi does not support the list of candidates presented by the outgoing Boardgiven that this is a continuation of a Council during the financial year during which the stock price lost half of its value and which took responsibility for approving the sale of the TIM fixed network in November 2023 at a price, according to Vivendi, not reflecting the true value of this asset, without involving the general meeting of shareholders or the related parties committee and without having, to date, provided exhaustive and reliable information to the market regarding this operation and its effects on the sustainability of TIM.
Vivendi does not wish to be associated with decisions regarding appointments to the Board, considering that it is up to the current management and its supporters to unravel the delicate situation in which TIM currently finds itself. Therefore, Vivendi has decided to abstain from voting on the renewal of the Board at the general meeting in April 2024, despite the laudable efforts of those who proposed alternative majority lists.
Consistent with the position it has always held, Vivendi will “firmly pursue its action against the Council resolution of November 2023 before the Milan court and any other legal means at its disposal to protect its rights” .
Over the whole year, the consolidated annual turnover of Freelance.com amounts to 857.7 million euros, an increase of 7% compared to the 2022 financial year (+4% organic growth). International economic uncertainty and the slowdown in hiring dynamics have decelerated the use of freelancers by Freelance.com clients in 2023. By counting OpenWork’s activity volumes over 12 months, the 2023 proforma turnover springs at 902.6 ME.
The consolidated accounts for the 2023 financial year show an Ebitda of 29.4 ME (27 ME in 2022), up +9% over one year.
Operating profit increased by +5% to €26 million, impacted by significant ongoing IT investments which increased depreciation.