CAC 40 keeps rebounding

trend

Slight increase to start a session: CAC 40 should start in green at 9am, following the priority indicator 30 minutes before kickoff. The rebound, which raised the Paris index to 6,430 points yesterday, remains vulnerable, especially due to persistent concerns associated with rising prices and spikes in interest rates at major central banks.

However, this short-term rebound is being realized and is expected to continue for the foreseeable future. However, inflation, monetary tightening, the war in Ukraine, and the risks of China’s growth still indicate a further decline in the stock market for many observers.

Federal Reserve Chair Jerome Powell said Tuesday that the central bank would continue to tighten the financial situation until inflation clearly showed signs of easing, but said there was still room for landing. .. Thus, at a meeting hosted by The Wall Street Journal, the Fed’s head asserted that the Fed’s plan was to gradually raise the key rate by 0.5 points at the next meeting. However, he did not rule out a significant increase of 0.75 points as needed.

Wall street

The New York Stock Exchange soared on Tuesday after the announcement of strong retail sales and industrial production in the United States in April, despite inflation. Markets are also reassured by the latest statement from Fed Chair Jerome Powell, who believed the Fed could make a “nearly soft” landing, while asserting that it would raise interest rates as much as necessary to curb inflation. Did. US “10-year” yields rose to 2.98%, “2-year” yields rose to 2.71%, and interest rates rose sharply again.

At the closing price, the Dow Jones rose 1.34% to 32,654 points, the broad S & P 500 index rose 2.02% to 4,088 points, and the Nasdaq Composite Index, rich in technology and biotechnology stocks, resumed. It was 11,984 points at 2.76%.

Eco and currency

America :
-Housing start and building permit. (2:30 pm)

Europe:
-UK Consumer Price Index. (08:00)
-UK Producer Price Index. (08:00)
-Final European Consumer Price Index. (11:00)

Euro / dollar parity reached $ 1.0538 this morning. Brent’s barrel is trading at $ 112.85. One ounce of gold is trading at $ 1,813.

Value to follow

Air France-KLM: CMA CGM will step up its commitment to the air cargo sector by becoming a new reference shareholder for Air France-KLM. CMA CGM will invest within the holding limit of 9% of Air France-KLM’s ex-capital. This investment may be made during the Air France-KLM capital increase, as envisioned in the announcement made on February 17.

The Elior Group has announced the results for the first half of the 2021-202 fiscal year ending March 31, 2022. Revenues were € 2,239 million, an organic increase of 18% compared to the first half of last year and an increase of + 9.9% due to commercial development. The existing customer retention rate is 91.3%, which is stable compared to December 31, 2021. Adjusted EBITA from the Group’s continuing operations is -16ME compared to -25ME in the previous year. Free cash flow was -59ME, but from 2020 to the first half of 2021 it was +31ME. Cash available on March 31 was € 444 million, compared to € 500 million on December 31, 2021. For the fiscal year 2021 to 2022, Elior forecasts: Adjusted EBITA around the break-even point (excluding the estimated € 35 million priority meal loss for the year). Capital investment is less than 2% of sales. 2024 Ambition: Average annual internal revenue growth of at least 7% over the next two years. Adjusted EBITA margin for 2023-2024 is about 4%. Organic growth / capital investment as a percentage of sales between 2x and 3x; resumption of dividend distribution for the 2023-2024 fiscal year.

EDF: Corrosion defects detected at a particular nuclear power plant do not appear to be related to the family of 32,900 MW (MW) reactors, the oldest and most numerous in the French fleet with 56 reactors. ASN). According to Bernard Droschuk, president of the French nuclear police, the problem of corrosion, as quoted by “Reuters,” may be related to design issues rather than time-consuming issues. However, during the presentation of ASN’s 2021 report to the Senate, Droshchuk once again identified these deficiencies as “serious” and emphasized that their treatment would take “years” through a “large” program. ..

Euronext: Adjusted EBITDA was up 11.4% to € 252.2 million (announced + 66.8%, + 101 million euros) due to continued cost control and successful integration. Adjusted EBITDA margin is 63.7% (+ 3.1pts): Basic operating expenses, excluding D & A, have been organically reduced to € 143.6 million due to continued cost management and the achievement of planned synergies (+ 3.1pts). Proformers were -2.2% and reports were + 46.5%). .. Announced net income, which is the shareholder share of the parent company, increased by 10.9% proforma (+ 46.5% announced) to 143.8 ME (+ 45.6 ME). The net financial cost was 9.9 million euros and the investment result was 3.1 million euros. The tax rate was 26.1%. Adjusted EPS was up 7.3% to € 1.544. Reported net liabilities to EBITDA were 2.3 times as of the end of March 2022.

Societe Generale: At the General Assembly on May 17, Frederick Udea, who has been Chief Executive Officer since 2008, announced in May 2023 that he would not seek renewal of his term as Director and Chief Executive Officer. .. The chairman of the board showed that the process of appointing the chief executive officer was decided by the board by 2023 based on the appointment and the proposal of the Corporate Governance Committee. May 23, 2023.

They published their sales / results …

Breaker, parrot, poxel

The latest “RECOS” from analysts ..

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Market information

Bouygues will issue a € 2 billion bond.

Ucar: Acquisition of control block by GOALCD.

Ellis: I have a keen interest in issuing € 300 million bonds.

Valeo: End of stock repurchase program.

Pharnext: A drawing of the eleventh tranche of 300 bonds that can be converted into stocks.

Boostheat: Extension of equity finance line.

in short

Ipsos: Virginie Calmels has joined the board of directors.

Orange: Stephen Richard waives exceptional compensation for 475kE.

Poxel orphan drug status for PXL065 and PXL770.