The Paris Stock Exchange is stabilizing, investors want to believe that the worst of the bad news is over. The Cac 40 is also close to ending its best week in a month, while its yearly decline has fallen to 13% from about 18% at the end of June.
The market hardly flinched at the ECB’s double-than-expected increase in key rates. What became inevitable. Board of Governors member Peter Casimir forecasts a 25-50 bps gain in September, depending on ” economic development in the euro area and beyond The Federal Reserve will take over next week. With the advent of quarterly publications on both sides of the Atlantic.
mid session, Bedroom 40 takes 0.18% to 6,212.07 points with a business volume of 820 million euros. in Dax German and FTSE Eb The Italians have similar variations. Contracts future US indices point to a decline in Wall Street at the open.
The market welcomed yesterday’s resumption of Russian gas supplies to the Old Continent, resisting political uncertainty in Italy, the eurozone’s third-largest economy. Mario Draghi resigned as President of the Council, and Sergio Mattarella, President of the Republic, dissolved Parliament, paving the way for legislative elections scheduled for 25 September.
Decrease in activity in the eurozone
Private sector activity in the eurozone deteriorated in July, with Germany paying the biggest price, while France managed to maintain its growth phase. S&P Global’s preliminary composite PMI index (synthesis between industry and services) fell 2.6 points to 49.4 for the region as a whole, its lowest level in 17 months. A number below 50 reflects a reduction in activity. The corresponding survey for the US will be made public this afternoon.
Significantly lower-than-expected Snap results sent chills after Wall Street’s close yesterday. Shares of the social network fell almost 30% ahead of the market amid concerns about the prospects for online advertising. Other big names in the sector such as Meta (Facebook) and Alphabet (Google) fell 5% and 3% respectively. In this context, the results of Twitter, expected before the opening of Wall Street, will be closely monitored.
Gecina raises its forecasts, Ubisoft sanctioned
Gechina increased by 4.3%. The real estate company revised its target for net current earnings per share upwards this year to 5.55 euros, i.e. by 7% excluding the effect of disposal compared to 2021. For its part, the commercial real estate company Unibile-Rodamco-Westfield rises by 4.2%.
Ubisoft stable. The video game publisher has confirmed its yearly goals while postponing the launch of Avatar: Pandora’s Edge to the next fiscal year. For the year beginning April 1, the group continues to target “net orders” – the equivalent of turnover – with “significant growth”. In addition, Deutsche Bank lowered its target price for the title from 60 euros to 50 euros.
somfi a drop of 13.2%. The home automation specialist reported a stagnation in its turnover of 434 million euros in the second quarter. The Group also indicated that, according to its current estimates, operating margins may be lower than in the first half. Societe Generale has moved from “buy” to “hold” on value.
Angie occupies 0.4%. The energy company announced that it has set a framework for negotiations with the Belgian state on the potential expansion of two nuclear units, Doel 4 and Tihange 3. Both parties have signed a “non-binding letter of intent” with the aim of “concluding this binding agreement by December 31, 2022” .
Publicis occupies another 1.4%. JPMorgan upgraded its rating from neutral to overweight and raised its price target from 63 euros to 70 euros.