THE TREND
(Boursier.com) — After yesterday’s shocks (-2.27% at closing) linked to the Ukrainian crisis, the CAC40 is looking for a support point. It is again expected to fall this morning, but at a much lower amplitude. Ukrainian President Volodimir Zelensky spoke on Monday of a possible Russian invasion on Wednesday and decided to make February 16 a day for Ukrainian national unity. German Chancellor Olaf Scholz will travel to Moscow on Tuesday for talks with Russian President Vladimir Putin.
In the current context, gold is regaining strength thanks to this crisis: on Monday, when the White House considered a possible invasion of Ukraine by Russia in the coming days, the yellow metal climbed by 1, 5% to reach $1,869.40 an ounce for the April futures contract on the Comex market. Gold has returned to its highest level since mid-November. For a year, however, the price of gold has fallen by 2%, evolving in a corridor around $1,800 an ounce, without managing to rise permanently above $1,850.
WALL STREET
The New York Stock Exchange experienced another volatile session on Monday, on fears of a possible imminent invasion of Ukraine by Russia, while negotiations continued between the protagonist countries to try to avoid an armed conflict. The markets also remain worried about the effects of the rate hike cycle that the Federal Reserve is preparing. Gold climbed 1.5% to a three-month high and a barrel of WTI oil ended above $95 amid geopolitical tensions.
At the close, however, the clues limited the damage. the Dow Jones fell 0.49% to 34,566 points, while the broad index S&P500 lost 0.38% to 4,401 pts (its 3rd session of decline). the Nasdaq Compositerich in technology and biotech stocks, ended perfectly stable at 13,790 pts, after a fall of 2.8% on Friday, and an attempt to rebound at the start of the session on Monday.
ECO AND CURRENCIES
United States :
– New York Fed Empire State Manufacturing Index. (2:30 p.m.)
– US Producer Price Index. (2:30 p.m.)
Europe:
– UK employment figures. (08:00)
– Final Spanish consumer price index. (09:00)
– Second estimate of euro area GDP for the fourth quarter. (11:00)
– Euro zone trade balance. (11:00)
– German ZEW Economic Sentiment Index. (11:05 a.m.)
– European ZEW index of economic sentiment. (11:05 a.m.)
The euro/dollar parity reached $1.1303 this morning. A barrel of Brent is trading at $94.14. An ounce of gold is traded at $1,858.
VALUES TO FOLLOW
Michelin published a turnover of 23.80 billion euros, while analysts were expecting an average turnover of 23 billion euros. The operating profit of the sectors, at 2.97 billion euros, is in line with analysts’ expectations, supported by the increase in volumes and prices. Michelin expects its profit in 2022 to exceed “pre-pandemic” levels. The tire specialist thus anticipates operating results for the sectors exceeding 3.2 billion euros in 2022, higher than the 3.01 billion euros recorded in 2019. “Some markets will be above 2019, but the original equipment for vehicles may not yet return to 2019 levels,” said Yves Chapot, Michelin’s chief financial officer. For the full year, the group forecasts growth in the “passenger van” market between 0% and 4%, while the truck tire market should increase by 1% to 5%. Specialty activities, the most resilient segment of the Michelin Group, should grow by 6 to 10%, thanks to mining and agriculture, but also to the recovery of the market for aircraft tires…
Capgemini : The operating result of increased by +22% to 1,839 million euros, or 10.1% of sales. The financial result represents a charge of 159 million euros compared to 147 million euros in 2020. This slight increase is mainly due to the full-year impact of the debt charge related to the acquisition of Altran . Net income, Group share rose by +21% over one year to stand at 1,157 million euros, while earnings per share (non-diluted) increased by +20% to 6.87 euros. Excluding the base effect linked to the capital gain on the sale of Odigo, the increase in these two financial aggregates was +38%. Normalized earnings per share reached 8.97 euros. Before recognition of the transitional tax charge, the normalized result is 9.19 euros, up +27% over one year.
Engie will pay an annual dividend of 0.85 euro per share (0.53 euro for the 2020 financial year). The Board of Directors also reaffirmed the company’s dividend policy aimed at distributing 65 to 75% of net recurring income, Group share, and including a minimum dividend of 0.65 euros per share for the period from 2021 to 2023. Over the past year, Engie generated a net profit group share of 3.7 billion euros, against a loss of 1.5 billion euros a year earlier, for a turnover of 57.9 billion (+30.6%; +33.1% on an organic basis). EBITDA reached 10.6 billion euros (+18.6%).
Eramet : The government of New Caledonia has unanimously issued Société Le Nickel export authorizations for 2 million tonnes of nickel ore, which brings its annual export authorization to 6 million tonnes. The announcement was made today in New Caledonia during a joint press conference between the New Caledonian Government and the SLN. Eramet welcomes this decision, which provides SLN with the action framework it needs to implement the mining component of its rescue plan.
Orpea : In a statement sent to AFP by his lawyer, Yves Le Masne “strongly refuted any accusation of insider trading”. The former executive assured that the sale of “about a third of his shares” had “nothing to do with Mr. Castanet’s book. “The middle of the summer is the period when I usually sell actions, as shown by my statements published previously”, he said. The government announced that it would present proposals by the end of the month to prevent abuse in nursing homes, and that it was launching a vast control operation within the Orpea group…
Liquid air signed 48 new long-term on-site manufacturing contracts in its Industrial Merchant business line. The volumes of gas that the Group will supply in this regard are twice as high as those supplied under the contracts signed in 2020. On-site production solutions reduce CO2 emissions and thus contribute to the Group’s Sustainable Development objectives . Over the past three years, Air Liquide has recorded a steady increase in the number of new long-term on-site production contracts signed by its Industrial Merchant business line. Under these new contracts, Air Liquide will invest, build and operate production units on its customers’ sites. The 48 new contracts signed in 2021 will make it possible to supply nitrogen, oxygen or hydrogen to our customers in the growing markets of energy, water and waste treatment, secondary electronics, mining and of manufacturing.
THEY PUBLISHED THEIR TURNOVER/RESULTS…
Prologue, M2i, mint, Econocom, inventive, Line data, Streamwide, The cross, Mercialys, Plastivaloire, UTI-Group
THE LATEST “RECOS” FROM ANALYSTS…
HSBC raises its price target from 25.50 to 28.50 euros on Valeo.
Citigroup returns to buying on Pernod Ricard aiming for 220 euros.
AlphaValue reverts from lighten to ‘accumulate’ on ArcelorMittal targeting a course of 31.90 euros.
Goldman Sachs resumes trackingAXA purchase.
Jefferies remains long on Michelin with a target price raised from 154 to 162 euros.
MARKET INFORMATION
Introductions : Hunyvers intends to raise at least 12 ME.
Tikehau Capital : first private placement on the American market.
IN SHORT
getlink : travelers at the rendezvous for the first weekend of departure on vacation.
Eiffage : contract for the management of the housing stock of the Ministry of the Armed Forces.
Albioma finalized the acquisition of a new geothermal power plant in Turkey.
Ipsen : CheckMate Phase III results.