2023-10-26 13:56:03
The Paris stock market has just recovered 0.8 from the -1% posted this morning, balancing around 6,900 points.
Wall Street reopens on a hesitant to negative note with -0.35% on the S&P500, -0.85% on the Nasdaq.
If a few cheap buybacks take place, the CAC40 (-0.2%) still suffers from heavy declines in Teleperformance (-10%), BNP Paribas (-3%) and Kering (-2.3%).
Buyers became emboldened on ST-Micro (+5%) then Carrefour and Danone (+3.5% to +4%) following the ECB’s monetary policy press release, which unsurprisingly validates the scenario of maintaining rates.
‘Following recent economic publications, we believe that the European Central Bank (ECB) now has sufficient arguments to support the idea of a pause in its cycle of increasing interest rates’, add Natixis IM strategists Solutions, which recognize that the euro zone economy ‘multiplies signals of weakness’.
The rating also remains driven by an avalanche of results publications in Paris and the rest of Europe, with figures from BNP Paribas, Danone, Mercedes-Benz and STMicroelectronics.
The growth of GDP in the United States ‘scares the meters’ for the third quarter of 2023 with an increase which stands at 4.9% at an annualized rate (compared to 3.8 to 4% anticipated by the financial community following +2.1% en définitif au 2éme trimestre).
The Commerce Department, which publishes GDP investment, says the apparent ‘boom’ reflects swelling inventories, while imports, which are a subtraction in the calculation of GDP, have increased.
Another very supervised variable, the price for personal consumer expenditure index (PCE) increased by 2.9%, following 2.5% in the second quarter. If we exclude food and energy prices, it increased by 2.4%, once morest an increase of 3.7% previously.
Another ‘good surprise’, orders for durable goods increased more than expected in September according to the Department of Commerce in the United States, following 2 consecutive months of decline, reflecting the dynamism of business spending.
Ces commandes ont rebondi de 4,7% le mois dernier (contre +1,5% attendu), après un repli de 0,1% en août et une chute de 5,6% en juillet, a annoncé jeudi le Département du Commerce .
Orders for durable goods excluding aeronautics, considered a good indicator of companies’ investment plans, increased by 0.5%, once morest a consensus of 0.3%.
The number of registrations for unemployment benefits in the United States increased by 10,000 the week of October 16, reaching 210,000 once morest 200,000 the previous week (revised figure compared to the 198,000 initially announced), according to the Department of Labor .
The number of people regularly receiving compensation increased by 63,000 to be 1,790,000 during the week of October 2, the most recent available period for this statistics.
US T-Bonds do not react decisively, and it is even the easing which prevails (-4 basis points at 4.915%) because the increase in GDP must be put into perspective due to ‘technical biases’ which inflate the overall score.
Bond markets may be recovering due to a seriously tense situation in the Middle East following a series of massive Israeli strikes carried out yesterday on the Gaza Strip.
The greenback benefits from this on the foreign exchange market, the euro accentuates its decline once morest the dollar (-0.15%), not far from $1.0550/euro.
In the news of French companies, Danone indicates that for the current year it is now expecting growth in turnover between +6% and +7% on a comparable basis, compared to +4% and +6% previously, with an improvement moderate current operating margin confirmed.
Atos (+10%) announces third quarter 2023 revenue of 2.59 billion euros, down 8.1% in published data compared to the same period in 2022, including an organic decrease of 3%.
The satellite operator Eutelsat announces a turnover for its first quarter 2023-24 (closed at the end of September) of 274 million euros, down 4.7% on a published basis and 0.8% On a comparable basis.
TotalEnergies saw its adjusted net income decrease by 35% to $6.5 billion in the third quarter, where the consensus was targeting $6.2 billion, for an adjusted Ebitda of $13.1 billion, down 33%. .
Finally, Schneider Electric publishes third quarter 2023 revenue of 8,789 million euros, organic growth of +11.5% and published growth of +0.1%. The Group reaffirms its 2023 financial objective: it targets organic growth in 2023 adjusted EBITA of between +18% and +23%.
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