Hesitant start of August for Cac 40, attention to production activities, morning meeting

After the best monthly performance since November 2020, the Paris Stock Exchange should start August hesitantly, reacting to China’s mixed PMIs but reflecting a slowdown. The publication on Monday of the PMI and ISM indexes of activity in the manufacturing sector in Europe and the US should provide a broader overview of recent economic events. On the good news, it should be noted that the first batch of grain from Ukraine was supposed to leave the port of Odessa this morning, the Turkish Ministry of Defense said.

Financial markets reacted positively to stronger-than-expected GDP growth in the eurozone in the second quarter, as well as concerns that the US Federal Reserve may ease its next monetary tightening.

Optimistic interpretation

This interpretation of the future evolution of US central bank monetary policy is seen by economists as optimistic, to say the least, especially after Neil Kashkari, president of the Minneapolis Fed, confirmed on Sunday that the Federal Reserve’s main goal is to cause inflation. returned to 2%, while his Atlanta Fed colleague Rafael Bostic said shortly before that there was much more to be done in terms of tightening monetary policy.

Jonas Goltermann, a market economist at Capital Economics, said he was surprised by the market’s dovish response to the Fed’s 75 basis point rate hike last week. ” In our view, the renewed appetite for risk in response to the Fed announcement is largely due to a combination of wishful thinking and a tense stance.he explains, adding that according to the USA, In Jerome Powell’s comments, there is little reason to believe that financial officials will back off from aggressive rate hikes as inflation remains well above target. “.

HSBC raises target profitability

The starting week will be revitalized by the monetary decisions of the Bank of Australia and the Bank of England, the OPEC meeting, which is to decide on the evolution of its production in September, as well as the employment report for July. In the United States.

Company listings will also continue with some 170 S&P 500 companies including Capterpillar, AMD, Starbucks and Uber, not to mention Europe’s BP, Merck, BMW, Infineon, Bayer, Beiersdorf, Lufthansa and Asia’s Alibaba and Nintendo. In France, the five components of the Cac 40 will present their quarterly reports.

The banking sector should be watched after the quarterly results of the Sino-British market, which turned out to be better than expected. HSBC, which has benefited from higher interest rates and has pledged to return its dividend to pre-health crisis levels as soon as possible. The leading European bank also raised its profitability forecasts, counting on the growth of its revenues.

Vinci. Grupo Aeroportuario del Centro Norte (OMA) announced that it has received a letter from investment fund Fintech Advisory regarding the indirect sale of 29.9% of the capital of the Mexican Airport Group to subsidiary Vinci Airports for a total of $815.4 million (797.3 million euros).

Bollor posted sharply improved results for the first half of the year, supported in particular by strong transport and logistics performance.

Ipsen and Marengo Therapeutics announced a strategic partnership to develop two clinical stage precision immuno-oncological treatment candidates.