Analyst recommendations: Renault, Schneider Electric, Hermès International, BNP Paribas, Atos, Bureau Veritas, Valeo, Iliad
The Paris Bourse is back on highs of more than 20 years, encouraged by the good half-yearly performances of the insurer Axa and the Sino-British bank HSBC. With the earnings season peaking last week, investors will gradually turn to the economy, and in particular to manufacturing activity indices in Europe and the United States on Monday ahead of the US employment report on Friday. , main meeting of the week.
According to the consensus established by Bloomberg, the world’s largest economy should have created 900,000 jobs in July, after 850,000 in June. The unemployment rate is expected to drop 0.2 points to 5.7%. These figures will be decisive for the Fed’s attitude and the timing of the “tapering”. Analysts believe that a figure above 1 million could bring the deadline closer. Answer Friday at 2:30 p.m.
At 9:35 am, the Cac 40 gained 0.93% to 6,673.99 points after a peak at 6,677.35 unprecedented since June 18 and less than 40 points from its levels of September 2000. The volume of business totals 370 million d euros on the index values.
Asian markets recovered this morning with a gain of 0.8% for the Hang Seng of the Hong Kong Stock Exchange as the close approaches, and of 2.3% for the CSI 300 of the main capitalizations of Shanghai and Shenzhen. Growth in the Chinese manufacturing sector slowed last month, with the Caixin PMI index falling 1 point to 50.3, from 51 expected. But the market has especially accepted the call of the Chinese market regulator for better cooperation with its American counterpart after the SEC announced a tightening of controls on Chinese companies listed in the United States.
Of the 300 or so companies in the S&P 500 that released their quarterly results, 89% exceeded analysts’ expectations, according to data compiled by Refinitiv. Overall, corporate profits in the Broad Index are expected to have risen 89.8% year-on-year in the second quarter, compared to a 65.4% increase expected in early July. In addition, US senators just completed negotiations this weekend on the infrastructure investment plan that could be voted on as early as this week.
The health crisis also remains in people’s minds with the exponential rise in infections with the Delta variant of the coronavirus around the world. In France, the Constitutional Council will deliver its judgment Thursday on the extension of the health pass, before its possible implementation from Monday, August 9.
Axa is up 3.6%. The insurer announced a doubling of its operating income to 3.64 billion euros in the first half of 2021, exceeding analysts’ expectations at the same time. The group indicates that this performance allows it to exceed its pre-crisis level of results.
BNP Paribas, Crédit Agricole and Société Générale gained between 1.2% and 1.8%. HSBC this morning reported earnings more than doubled to $ 10.8 billion in the first half of the year.
Renault rose 2.8%. HSBC has raised its recommendation on the title to “keep” to “buy” and its target price of 38 to 43 euros. New car registrations, however, fell 35.3% over one year in France in July.
Neoen gives up 4.7%. The producer of renewable energies has downgraded its gross operating surplus (EBITDA) forecast for the current financial year, after a 15% drop in this result in the first half, despite a strong rebound of activity in the second quarter.
Bolloré bends by 2.3%. The conglomerate diversified in transport, logistics and media reported a 13% increase in turnover in the first half, at constant exchange rates and perimeter, driven by all of its activities.
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