(Boursier.com) – FASHION
The CAC40 begins the month of November with a strong rise of 1.6% to 6,370 points in a calm market, awaiting the new Fed rate hike on Wednesday that will perhaps be accompanied by a (somewhat) more accommodating speech of the US monetary officials, the markets will have recovered quite a bit in October, and even more than 10% on the CAC40 … Note that this morning’s rumor of a gradual reopening of borders in China has supported the trend in Asian markets with a jump of 5% in Hong Kong and 2.5% in Shanghai.
On Wall Street last night, the S&P 500 fell 0.75% to 3,871 points, the Dow Jones lost 0.39% to 32,732 points and the Nasdaq was back 1.03% to 10,988 points. A pause from Friday’s jump as equity markets have been underpinned in recent weeks by a new narrative around the famous “pivot” theory of monetary policy. Traders are betting on a significant change in monetary policy since early 2023, first with a slowdown in the tightening pace, then possibly a return to monetary easing if inflation allows.
CME Group’s FedWatch tool now shows an 89% probability of a 75bp rate hike by the Fed the day after the monetary meeting, which would raise the federal funds rate between 3.75% and 4%. % … Note that this probability has increased significantly in hours following troubling European inflation data … This would be the Fed’s fourth oversized rate hike, reacting vigorously to record inflation. The same FedWatch tool provides probabilities for December 14 (last FOMC meeting of the year) roughly equivalent to the 4.25-4.5% (48% probability) and 4.5-4.75% (47% probability) rate bands. % of “probability”). In other words, on this occasion the Fed would raise its rates by another 50 or 75 basis points. The ceiling could be reached in the meetings of February or March 2023, with maximum rates between 4.75 and 5% or between 5 and 5.25%.
This Tuesday will be revealed the latest manufacturing PMI from October, the US Manufacturing ISM, Construction Spending and the JOLTS Job Openings Report. On Wednesday, traders will follow the monthly auto sales, ADP’s private nonfarm payroll report, the weekly national oil stocks report, and of course the Fed monetary statement and Fed press conference. Jerome Powell.
Meanwhile, the euro is climbing close to parity at 0.9935 / $. The barrel of Brent is back below $ 94. One ounce of gold is trading at $ 1,633 and Bitcoin at $ 20,600.
VALUES TO FOLLOW
Orpea rises by 10% followed by CGG (+ 8%) and Mauna Kea
Cybergun (+ 8.5%) The half-year net result shows a profit of 0.7 ME at the end of June 2022. Includes 1.3 ME of non-current operating costs, mainly related to the operational reorganization of the Group and changes in the scope, offset by a financial result of 1.3 ME linked to the change in the value of the balance sheet items following currency fluctuations (without impact on liquidity).
Vallourec : + 5% with Balyo, Navya, Korian
Eramet : + 4% with Scor, Elior, Aramis
Hermes : + 3.5% followed by Kering, Valeo, LVMH, Dior
Lagarde : + 3% with Remy Cointreau, Renault, Worldline
coil (+ 2.5%). The aluminum anodizing specialist has seen the positive effects of the growth in its turnover and the evolution of its product mix towards subcontracting, heavily burdened by the increase in production costs (energy and raw materials), which affects the gross margin in the first half of 2022, up by only + 2.9% compared to the previous year.
The increase in personnel costs (+ 5.1%) and other operating costs (+ 4%) also affected the operating profitability of the company. EBITDA therefore decreased by -0.5 ME compared to the previous year and stood at 2.5 ME representing 18.1% of turnover, against 24.4% of turnover in the first half of 2021. After the amortization and depreciation passed from -0.4 ME to 1.5 ME, the operating result stood at 1 ME, or 7.2% of revenues, compared to 1.1 ME in the first half of 2021 and a loss of 1.9 ME in the first half of 2020. The net result for the first half of 2022 was a profit of 0.85 ME, compared to 0.95 ME in the first half of 2021 and a loss of 2.1 ME in the first half of 2020.
Revenues for the third quarter of 2022 amounted to 6.7 million euros, up 5.3% compared to the previous year. Subcontracting sales decelerated (-3.1%) while packaged offers increased significantly (+ E 38.5%). As a result, revenues for the first 9 months of the 2022 financial year were equal to 20.7 million euros, an increase of + 9.8% compared to the same period of the previous year.
In an increasingly uncertain environment, Coil remains cautious and expects a continued slowdown in demand for subcontracts at the end of the year, while distributors continue to reduce some of their inventories. To cope with the significant increases in energy costs in Europe, the Company is focusing its short-term operations at the Landen site in Belgium, where energy prices are currently lower, and relies on its high-yield 6 line. in Germany .
Overall, Coil indicates that it is organizing to limit the impact of an economic slowdown on its results, relying in particular on the flexibility of its industrial tool and the continued optimization of its cost base. The company says it is confident in its long-term development prospects and is capitalizing on its broad portfolio of premium, sustainable, and lower carbon footprint products to increase the potential of its businesses.
Casino : + 2% with Amundi, Schneider, Pernod Ricard, Airbus, STM, TotalEnergies, Stellantis
Thermador Group (+ 1%) completed the acquisition of 100% of the shares of the company DPI (Direct Pipe Industry) based in Monaco for an amount of 31 ME paid in cash. An additional price of 5.16 ME could be paid at the beginning of 2024, if the average operating profit reached 3.859 ME for the years 2022 and 2023. CIC Lyonnaise de Banque and Crédit Lyonnais supported Thermador in this operation by granting two bank loans at a rate over a period of 7 years. Since its creation in 2006, DPI is a specialist in plastic pipes (sheaths, pipes, drains, fittings, etc.) for wet and dry networks. Its products are used for drinking water, wastewater, irrigation, drainage, gas and biogas, telecommunication and electricity networks. Its customers are specialist traders and major players in construction, public works and irrigation. Its strategic suppliers are medium-sized companies in Europe. Its turnover in 2022 will be around 60 million euros, 98% of which will be generated in France. As of June 30, 2022, its liquidity amounted to 8,465 KE including factoring for 14,512 KE. Bank debt amounted to KE 77 and equity was KE 1,771.
Dare Immuno down 3%, followed by SES Imagotag, Inventiva
Line data : -1% with Cegedim