THE TREND
(Boursier.com) — A week 100% in the green. This is what the CAC 40 is on the verge of achieving at the dawn of a final session whose opening is expected to be positive, thus bringing the Parisian index closer to 7,100 points. Yesterday, it closed above 7,000 points for the first time since October 17. Thanks to the rebound that began on Monday (+3.90% in four sessions), it has posted a gain of +9.07% since January 1.
Investors are now convinced that the Fed will not take a final turn on rates. A conviction that must be confirmed today by the publication of the official report on American employment. In the United States, precisely, operators yesterday appreciated the publication of a battery of mixed statistics, showing a potential slowdown in the US economy, enough to reassure those most worried about the future of rates.
After a few days of break, it is the return, in Paris, of the quarterly publications with Société Générale, Solvay, Spie, Axa, Neoen which engaged in the exercise.
WALL STREET
Wall Street was trending sharply higher on Thursday, with the S&P 500 gaining 1.89% to 4,317 pts, the Dow Jones +1.70% to 33,839 pts and the Nasdaq +1.78% to 13,294 pts. The trend remains positive following a rebound led by the Nasdaq Composite (+1.64%).
ECO AND CURRENCIES
France :
– Industrial production in France. (08:45)
UNITED STATES :
– Preliminary automobile sales for the month of October (BEA).)
– Monthly government report on the employment situation. (1:30 p.m.)
– Final US composite PMI index. (2:45 p.m.)
– Final US Services PMI. (2:45 p.m.)
– ISM American services index. (3:00 p.m.)
Europe:
– German trade balance. (08:00)
– Unemployment rate in Italy. (10:00 a.m.)
– UK Final Composite PMI CIPS Index. (10:30 a.m.)
– Final UK Services PMI CIPS Index. (10:30 a.m.)
– Unemployment rate in the euro zone. (11:00)
The euro/dollar parity reached $1.0632 this morning. A barrel of Brent is trading at $86.99. An ounce of gold sells for $1,988.
VALUES TO FOLLOW
Societe Generale publishes quarterly results this Friday that exceed market expectations. The solid performance of its investment and financing bank offset the decline in its retail banking activities in France. Over the period from July to September, the Banque de la Défense published a net profit, group share of 295 million euros, while analysts expected on average less than 200 million euros, according to the market consensus. However, it corresponds to a decline of almost 80% over one year, due to a depreciation of 340 million euros on certain group activities and a provision of 270 million euros made for deferred tax assets. The group’s quarterly revenues fell by 6.2% year-on-year to 6.2 billion euros, in line with the market consensus.
Valeo and Qualcomm Technologies today announced the signing of a Memorandum of Understanding to explore opportunities for collaboration on innovation for the two-wheeler and three-wheeler segments in India. These new exchanges are a continuation of the partnership between the two companies which have collaborated for many years to provide advanced computing units for telematics and advanced driver assistance systems (ADAS) for software-defined vehicles (software defined vehicles).
AXA published a turnover (gross written premiums and other income) in line with market expectations over 9 months, helped by the increase in premiums for its property and casualty insurance activity. The group reported, for the period from January to September, a turnover up 2% on a comparable basis, to 78.8 billion euros, in line with the 79 billion euros expected. by analysts.
Solvay :Lhe turnover for Q3 2023 was down organically by 20.3% compared to a record Q3 2022, as anticipated, in a sluggish macroeconomic environment. Volumes fell by -15% (-512 million) and prices by -5% (-188 million) in a context of falling costs of raw materials and energy. The drop in turnover is 11% compared to the previous quarter. The reduction in volumes was widespread across all markets and geographic areas. Structural cost savings over the first 9 months of 2023 amount to 63 million, bringing the total savings made since 2019 to 530 million euros. Underlying EBITDA of 702 million euros in Q3 2023 is down organically by 18.5% compared to a record Q3 2022, due to lower volumes, partially offset by 36 million positive net prices and 41 million reduction in fixed costs.
Spie reveals production in Q3 up +6.3% and even +8.8% organically. Production over the first nine months of 2023 stood at 6,259.2 million euros, up +8.4% compared to the same period in 2022 (+9.5% organically). The EBITA margin in Q3 increased by +50 bps compared to Q3 2022. Over the first nine months, EBITA stood at €371.8 million, up +15% compared to the first nine months of 2022. , and the EBITA margin improves by +30 bp. Spie announces that it is revising upwards its 2023 outlook, namely the organic growth target now “greater than +7%”, compared to previously “At least +6%”.
Neoen : Revenue for the first nine months reached EUR397.5 million, up 12% compared to the first nine months of 2022 at current exchange rates and 16% at constant exchange rates. Third quarter turnover was down 8% compared to the third quarter of 2022, mainly due to the mechanical effect of the entry into force in 2023 of several PPAs at prices lower than recorded market prices. last year and a high basis of comparison for storage revenues. The Group confirms its 2023 adjusted EBITDA target, which it now expects towards the middle of the initial range of 460 to 490 MEUR, with an adjusted EBITDA margin rate above 80%. The Group finally reiterates its ambition to see its adjusted EBITDA exceed 700 million euros in 2025 as well as its objective of reaching more than 10 GW of capacity in operation or under construction by the end of 2025.
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