Wall Street on track to continue its fall, the Cac 40 without resources

The opening of Wall Street will offer no respite for European markets. The first exchanges are announced in new decline on the other side of the Atlantic, in spite of the heavy fall accused by the American indices on Wednesday, the strongest since June 2020 (-3.57% for the Dow Jones-4.73% for the Nasdaq Composite). Futures contracts currently point to declines of around 1.1%. The first statistics of the day were more disappointing, like the “Philly Fed” index, which measures the evolution of activity in the Philadelphia region. It plunged to 2.5 points in May, well below the 16.7 points expected by the consensus and, above all, the 17.6 points of the previous month. The weekly jobless claims were higher than expected, rising to 218,000, compared to the 200,000 targeted by economists.

Logical, in this context, to see the Bedroom 40 give ground since the beginning of the morning. At the start of the afternoon, the index lost around 2%, to 6,227.80 points, in a trading volume of 1.5 billion euros. The latest monetary policy briefing presented by the European Central Bank has, moreover, revealed that the leaders of the institution plead for rapid action against inflation, the ” gradual normalization of the monetary policy stance (…) [doit donc] to be prosecuted. »

Against the backdrop of this session, investors’ concerns about the impact of rising costs (fuel, freight, labor) on corporate margins, after the double alarm of leading distributors walmart and Target over the past two days, which has earned them respective plunges of 11% and 25% on the day of the publication of their quarterly accounts, accompanied, for both, by lowering their annual targets.

Who’s next ?

It is clear that transport costs are significant and have an impact on [certaines] of the biggest companiescan only note Kim Forrest, of Bokeh Capital, interviewed by CNBC. Now investors are scratching their heads, thinking, so who’s next? Above all, these comments give us clues as to what is going on in the minds of consumers.. »

Consumers are challengedrebounds Megan Horneman, of Verdence Capital Advisors. Since late last year, they’ve been using their credit cards to meet rising food and energy prices, and it’s gotten even worse… It’s going to hurt big retailers and Walmart is l ‘one of them. »

Derichebourg soon to nearly 20% at Elior

On the business side, Societe Generale (+1.1%) finalized the sale of its Russian subsidiary Rosbank and will spend a charge of 3.2 billion euros in the second quarter. This is one of the rare rises within the Cac 40.

The biggest drop of the day goes to the real estate business Unibail-Rodamco-Westfield (-9.8%), due to consumer fears (Klepierre also lost 9%) but it is the luxury sector that weighs most heavily in the balance. Considered as expensive values ​​on the stock market, Kering, Hermes, L’Oreal and LVMH drop from 2.3% to 3.3%. Capgemini also yields more than 3%.

Excluding the flagship index, Derichebourg will acquire 14.7% of the capital ofElior, at a price of 5.65 euros per share, well above current levels, to bring its stake to 19.6%. Many questions on the stock market about the relevance of this operation: Elior lost nearly 7% and Derichebourg fell 15%. Orpea gives up another 10%, the day after new revelations from Mediapart after other information from Radio France this morning.

At the head of the SRD, Valneva rises by almost 10%. The European Medicines Agency (EMA) has accepted the submission of the marketing authorization dossier for its inactivated whole-virus vaccine against Covid-19, VLA2001.

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