the ascent outweighs the CAC 40

THE TREND

The CAC 40 starts at 0.60%, remains at 6,300 points, but regains some of the ground lost yesterday (-1.66%).

Despite these gains, concerns about the deterioration in the growth outlook and its impact on corporate earnings are mounting, and investors now fear profit warnings. Like Snap’s which ended with a -40% drop in the title weighing on all US “tech” stocks.

In this context, the rapid rise in interest rates by the Federal Reserve, which should contain inflation, is still under discussion and investors will therefore pay particular attention to the publication of the minutes of the April meeting of the Federal Reserve at the end of the year. year to follow. the day, while the debate on the desirability of rate hikes of more than half a point is still undecided at one or more of the next meetings…

WALL STREET

At the end of another highly volatile session, Wall Street ended in scattered order on Tuesday, with the Dow Jones narrowly posting a small rise, while the Nasdaq fell more than 2% in the wake of social networks melting after Snap’s “profit warning.” Inc.” (-43%!) On the economic side, PMI activity indices slowed in the United States in May, even though they are still in the expansion zone. Oil is hesitant due to oil demand and Hungary continues to block an EU embargo on Russian oil. Gold and bonds acted as safe havens for investors.

In closing, the Dow Jones gained 0.15% to 31,928 points (from +1.98% on Monday), mainly supported by McDonald’s (+2.7%), while the broad S&P 500 index fell 0.81% to 3,941 points (after +1.86% Monday), and the Nasdaq Composite, rich in technology and biotech stocks, fell 2.35% to 11,264 points (+1.59% Monday).

ECO AND CURRENCY

France :
– Consumer confidence index. (08:45)
– Job seekers registered with Pôle Emploi. (12:00)

UNITED STATES :
– Monthly US car sales.)
– Orders of durable goods. (2.30 pm.)
– FOMC minutes (Fed). (8:00 pm.)

Europe:
– German final GDP for the first quarter. (08:00)
– German GfK consumer confidence index. (08:00)

The euro/dollar parity reached $1.0703 this morning. A barrel of Brent is trading at $114.34. An ounce of gold trades at $1,858.

INCREASING VALUES

Total Energies (+1.30% to 53.12 euros) announces the signing with Global Infrastructure Partners (GIP) of agreements to acquire 50% of Clearway Energy Group (CEG), the 5th largest US player in renewable energy. This is the largest acquisition in renewable energy in the United States, one of the top three renewable markets in the world. With this transaction, TotalEnergies further accelerates its growth in the renewable energy sector by partnering with GIP, one of the world’s leading infrastructure funds.

EDF (+1.30% to 8.35 euros): The setbacks affecting the French nuclear fleet and its facilities abroad could cost the French public electrician a further downgrade in its financial rating. The rating agency S&P Global Ratings announced on Tuesday that it has placed the creditworthiness of the group, currently ‘BBB’ for long-term debt, under surveillance. In rating agency jargon, this means that this rating can be downgraded by one step as part of a review to be conducted over the next six months, S&P said.

Stellantis (+1.20% to 13.30 euros) and battery specialist Samsung SDI (a subsidiary of the South Korean giant Samsung) announced on Tuesday that they will invest more than 2.5 billion dollars in the construction of a gigantic factory of car batteries in Kokomo, in the US state of Indiana. Production is due to start in 2025 at this first battery plant for Stellantis in the United States. The site will have an initial annual production capacity of 23 gigawatt hours, which can be expanded to 33 gigawatt hours in subsequent years.

Cie des Alpes (+5% to 13.90 euros): the Group’s consolidated turnover for the 1st half of 2021/2022 stands at 541.2 ME, an increase of 16.2% compared to the 1st half of 2018 /2019 (retired on leaving Les 2 Alpes), benchmark year as the last full year before the health crisis. The Group’s gross operating surplus (OMDA) is 230.4 ME in the 1st half of 2021/2022, an increase of 51.6% compared to the OMDA of 152 ME recorded in the 1st half of the 2018 fiscal year /2019 retired from 2 Alpes.

Bonduelle (+5.20% to 16.50 euros) announces that it has entered into exclusive negotiations with the institutional investors Fonds de solidarité FTQ and the Caisse de dépôt et placement du Québec (CDPQ), with a view to acquiring, in equal shares, 65% of Bonduelle Americas Long Life (BALL) and based on a 100% enterprise value of 850 million Canadian dollars (approximately 625 million euros), ie a multiple of 2020 EBITDA -2021 at 8.2x. With sales of 943 million Canadian dollars for the year 2020-2021, BALL is committed to processing and marketing canned and frozen vegetables, in the United States and Canada, in mass distribution for the retail and food service, mainly private label, third – party brands and own brands such as Arctic Gardens and Del Monte.

Veolia (+2.20% to 26.14 euros) and Séché Environnement announce the signing of a unilateral purchase agreement whereby Séché Environnement has committed to acquire Veolia’s water treatment services business in France, which is the last part of the antitrust measures required by the European Commission on competition in the context of the merger between Veolia and Suez. The amount of the sale of the transferred assets amounts to approximately 40 million euros and will be financed from the available cash of Séché Environnement.

DECREASING VALUES

Sodexo (-3.80% to 69.04 euros) has defined a new roadmap to accelerate the development of the ‘Benefits & Rewards Services’ activity. The option to involve an investor in the capital of the Benefits & Rewards Services business was not retained, as the Board of Directors was of the opinion that this did not create enough value.

THEY PUBLISH THEIR REVENUE/RESULTS…

Osmozis, MOL

THE LATEST “RECOS” FROM ANALYSTS…

Goldman Sachs goes back to ‘neutral’ buying on Getlink and aims for a price of 19 euros.

Jefferies still buys on Legrand, but with a target reduced from 104 to 92 euros.

JP Morgan returns to ‘underweight’ on Philips with a price target of 21.30 euros.

MARKET INFORMATION

Plastic Omnium: Schuldschein of 400 ME.

Archos: obtaining a waiver in respect of the financing contract concluded with YA II PN.

Fermentalg: last month to exercise the BSA-DE and acquire shares at 1.75 euros.

IN BRIEF

Valneva: success of phase 3 on chikungunya.

Neoen: gains 80 MWp of solar projects in Ireland.

Navya: strategic partnerships in Asia.

Crossject: first injections of ZENEO Midazolam for the clinical bioequivalence study.

Balyo signs a contract with Auchan.

Carmila: takeover of Rosaleda.

Prodways registers an order for 6 additional 3D printers.

Saint-Gobain: agreement to acquire the companies Fibroplac and Falper.

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