Erratic session on the Paris Stock Exchange, where the Cac 40 stabilizes after having oscillated within a margin of nearly 100 points between a gain of 0.34% and a decline of 1.18% in the first trade. The rise in US index futures contracts after Wall Street’s relapse yesterday partly explains the resistance of European markets, which nevertheless remain weakened by the health situation in China and the more offensive turn adopted by the US Federal Reserve. Energy dependence on Russia also arises after the announcement by Gazprom of stopping its gas deliveries to Poland and Bulgaria, both members of NATO and the European Union.
At 10:30 a.m., the Bedroom 40 is stable at 6,416.60 points (+0.03%) in a business volume of nearly 860 million euros.
Moscow’s use of the energy weapon raises fears that other European countries could be targeted later after they refuse to pay for their gas imports in rubles. As a result, the euro hit $1.0635 overnight, its lowest level since April 2017. The utilities sector is particularly affected, such asEngie, which lost 2.2%. The contracts future on gas jumped 10% to 114 euros per megawatt hour in Amsterdam.
Mixed results in US tech
On Wall Street, the Nasdaq Composite dropped nearly 4% yesterday to fall back to its lowest level since November 2020, in a move of defiance towards technology stocks in the face of the more aggressive turn taken by the Fed in terms of monetary policy. Alphabet, the parent company of Google, posted post-closing revenue below expectations for the first time since the outbreak of the pandemic as advertisers cut advertising spending amid worries about the economy. The title fell 3% in aftermarket transactions. Conversely, Microsoft did better than expected, boosted by the growth of its “cloud” division as many companies accelerate the dematerialization of their data with the modification of the way their employees work. The action rose 4.5%.
Worldline, Dassault Systèmes and Valeo confirm
Worldline wins 3.3%. Payment services specialist reported first-quarter revenue of €939m, up from €841m a year earlier, confirming full-year targets despite war impact in Ukraine. In particular, he expects organic growth of between 8% and 10% this year, against an increase of 9.24% anticipated by the consensus.
Dassault Systems advance of 2.3%. The design assistance software maker raised its 2022 targets after seeing its results improve in the first quarter. For the current year, it now forecasts, in non-IFRS data, an operating margin of between 33.4% and 33.7% and net earnings per share of 1.04 to 1.06 euros, an increase of 9% to 11%. He was previously counting on an EPS of 98 cents to 1 euro and on an operating margin of between 32.7% and 33.1%.
STMicroelectronics takes 1%. The semiconductor maker has confirmed its revenue forecast for 2022, after posting results above its expectations and analysts’ expectations in the first quarter, despite the persistence of the Covid-19 pandemic in China.
Valeo earns 5%. The automotive supplier confirmed its annual targets after quarterly sales exceeded expectations. A welcome confirmation the day after the warning issued by Faurecia.
Michelin appreciated by 2.8%. The tire manufacturer confirmed its operating profit and cash flow targets for 2022 after recording a 19% increase in sales in the first quarter, to 6.5 billion euros. despite a disturbed environment “. According to the consensus established by FactSet, analysts expected an average turnover of 6.16 billion euros last quarter.
Interparfums rises 4.2%. The licensed perfume manufacturer is targeting sales of 600 million euros this year after an 18.1% increase in sales to 162.4 million euros at constant exchange rates in the first quarter.