Pre-opening Paris: the decline will resume its rights


THE TREND

(Boursier.com) – The decline will resume its rights on the Paris stock exchange at 9 a.m. The statistics of weekly jobless claims in the United States, published yesterday, did not reassure since the moving average over four weeks showed a drop to 189,250 against 191,750 previously. This confirms the dynamism of the labor market as the US Federal Reserve seeks to curb demand to curb inflation… Wall Street ended quite clearly in the red and short-term US bond yields are now moving at a peak of almost a month, the two-year, the most sensitive to changes in expectations on interest rates and inflation, having touched Thursday a high since January 6 at 4.514%.

The chief executive of JPMorgan Chase, America’s largest bank, deemed it premature to claim victory in the fight against inflation, estimating that interest rates from the Fed could rise above 5% if high prices persist. The monthly consumer price figures in the United States will be published next Tuesday. In Europe, where the same questions about inflation, the economic situation and rates are fueling the debates, investors will follow this Friday the first estimate of British gross domestic product in the fourth quarter of 2022.

Among the publications since the closing yesterday, that of L’Oréal will focus attention.

WALL STREET

At market close, the market remains tense on Wall Street on Thursday. The S&P 500 finally fell -0.88% to 4,081 pts. The Dow Jones drops by -0.73%, falling to 33,699 pts. The Nasdaq is in the same vein, and gives -1.02%% to 11,789 pts. Jobless claims rose again last week. The US Department of Labor announced, for the week ended February 4, jobless claims numbered 196,000, up 13,000 from the previous week. The consensus was positioned at 190,000.

ECO AND CURRENCIES

UNITED STATES :
– Preliminary index of US consumer sentiment measured by the University of Michigan. (4:00 p.m.)
– US budget balance. (8:00 p.m.)

Europe:
– Preliminary fourth quarter UK GDP. (08:00)
– British industrial production. (08:00)
– British trade balance. (08:00)
– Italian industrial production. (10:00 a.m.)

The euro/dollar parity reached $1.0727 this morning. A barrel of Brent is trading at $84.32. An ounce of gold is traded at $1,860.

VALUES TO FOLLOW

L’Oreal : Net income group share amounted to 5.7 billion euros, up 24.1%. The Board of Directors has decided to propose to the General Meeting of Shareholders of April 21, 2023, a dividend of 6 euros, an increase of 25%. It will be paid on April 29, 2023 (ex-dividend date April 27).

Aperam generated in 2022, an EBITDA of 1,076 million euros, including an exceptional loss of -53 million euros, compared to an EBITDA of 1,186 million euros in 2021, including an exceptional gain of 126 million euros. EBITDA reached 129 million euros in the fourth quarter of 2022, compared to 235 million euros in the third half of 2022 and 462 million euros in the fourth quarter of 2021, including an exceptional gain of 117 million euros. Net profit stands at 625 million euros in 2022, compared to 968 million euros in 2021. Basic earnings per share is 8.33 euros in 2022, compared to 12.21 euros in 2021.

X-FAB : Revenue was $739.5 million in 2022. It is within the forecast range of $735-745 million. X-FAB’s flagship segments (i.e. Automotive, Industrial and Medical) accounted for 84% of total sales and a CAGR of 12% over the last 5 years. Operating profit fell from $77.19 million in 2021 to $57.33 million in 2022. Net profit for 2022 fell to $52.49 million ($83.64 million a year earlier). EPS at the end of the year fell to $0.4 ($0.64 a year earlier).

Euronext : Revenue for 2022 stands at a record level of €1.468 billion, illustrating the good performance of non-volume activities, as well as the improvement in revenue capture and cash market share trading. Adjusted EBITDA amounted to €861.6 million (+90.6 ME, -1.2% pro forma, +11.7% reported) reflecting continued cost discipline despite strong inflationary pressure . The adjusted EBITDA margin was 58.7% (-0.8pts pro forma, -0.7pts published). Adjusted net income, share of parent company shareholders, was up +5.7% to €555.3 million. Adjusted EPS was down -4.8% to 5.21 euros, due to the increase in the number of shares.

Bouygues : The Paris Commercial Court has rendered a judgment ordering Bouygues Telecom to pay Free Mobile 308 million euros in damages and interest, and indicating that “provisional execution is by right”, which according to Bouygues Telecom, is inaccurate in the case of proceedings initiated before January 1, 2020. Bouygues Telecom contests this judgment and considers that its bundled offers are legal. The court’s decision is part of a series of litigation launched by Free Mobile against its competitors and their offers grouping smartphones and mobile plans, called “with subsidy”. This case between Free Mobile and Bouygues Telecom concerns former offers from Bouygues Telecom. No amount has been provisioned in the latest accounts closed by Bouygues Telecom as of September 30, 2022. This judgment is not final and Bouygues Telecom is appealing to the Paris Court of Appeal.

Guerbet published a 2022 turnover of 753.3 million euros, up 2.9% compared to the 2021 financial year. This turnover includes a favorable exchange rate effect mainly linked to the appreciation of the dollar over the period. At constant exchange rates, business was down slightly by -1.1% over the year.

Akwell recorded 2022 consolidated revenue of €988.5 million, up 7.1% and 11.3% at constant scope and exchange rates. During the last quarter of 2022, revenue of €249.4 million increased by +11.5% as reported and by +14.6% at constant scope and exchange rates. Akwel specifies that its annual turnover remains however down by around 10% with regard to the year 2019, the last financial year before the health crisis and the fall of the world automobile market.

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