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Damien Mezinis,
Photo credit © Reuters
(Boursier.com) – THE TREND
The CAC 40 has ended its race to balance this Wednesday, in a market without enthusiasm, to 4.983 points close … Concerning the trade dispute between China and the United States, the economic adviser of the White House, Larry Kudlow, said that Washington saw the meeting scheduled this weekend between Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 as an opportunity to "turn the page" of the trade war between the two countries. Wall Street is on the rise again, despite the new decline in oil prices, pending a speech by Jerome Powell tonight, before the Economic Club of New York.
ECO AND CURRENCIES
The US President has maintained his criticisms of the current Fed Chairman, Jerome Powell. Trump still feels that the Fed's rate hike is slowing and weighing on the US economy. "So far, I'm not, if only a little, satisfied with the appointment of Jay (Powell)," said even Donald Trump, quoted yesterday by the Washington Post. "Not even a bit, and I'm not blaming anyone, but I'm just saying that I think the Fed is far from doing the right thing," he said. "I'm doing business, and I do not want to be bothered by the Fed," also slipped the US President, who adds running on instinct.
According to the government report of the day on Wednesday, US GDP for the third quarter of 2018 has progressed as expected on an annualized rate of 3.5%, in line with its first estimate and in accordance with the consensus of place. The price index linked to GDP climbed at a rate of 1.7% (reading also confirmed and in line with the consensus). Lastly, real consumer spending rose by 3.6%, compared to 3.7% consensus and 4% for the initial estimate. This was the second reading (preliminary estimate) of three quarterly GDP in the United States.
In addition, the balance of US international trade in goods for the month of October 2018, also announced today, came out deficit of $ 77.2 billion, against -76.9 billion consensus and -76.3 billion $ for the revised reading of the previous month.
Sales of new homes in the US for the month of October 2018 amounted to 544,000 units, said the US government, while the consensus of place over the period was rather 575,000. A month earlier, sales in the nine totaled 597,000 units – a revision up, the previous reading at 553,000. In another register, the Richmond Fed manufacturing index for November 2018, which has just been unveiled, came out at 14, against a consensus of 15 and a level of 15, also, a month before.
Tenth consecutive week of growth in crude reserves in the United States! According to the US Department of Energy's report, commercial oil stocks, off strategic reserve, jumped 3.6 million barrels during the week ended Nov. 23, to 450.5 million barrels. The consensus was for an increase of only 1.1 million barrels. Gasoline inventories, on the other hand, fell by 0.8 million barrels, while stocks of distillate products (diesel and heating oil) increased by 2.6 million barrels.
On the foreign exchange market, the Euro is now worth $ 1,1285. On the oil side, the WTI barrel stands at $ 51 and the Brent appears at $ 59.3.
VALUES INCREASED
* Hot shot on Solocal which flies 14.3%.
* Fnac Darty (+ 13.2%). The group had already taken 4.7% yesterday following favorable comments from online trade players on Black Friday and Cyber Monday. Amazon reported "a record holiday shopping weekend". Monday has become the most important day in the history of the group "with the largest number of products ordered in the world". In France, if Fnac Darty did not communicate on the subject, Cdiscount, the subsidiary of Casino, said to have recorded a new traffic record during Black Friday with 10 million visits. The group also established a record of purchases with double-digit growth and 57 million euros of business volume.
* The biggest increase in the CAC40 today, Dbadault Systemes rises 3.4%.
* Hermes Internationalafter two consecutive correction sessions, it went up by 1.7%.
* On the CAC40, Sanofi also climbs 0.9% with Bouygues (+ 1%) or LVMH (+ 0.9%).
* AXA earns 0.7%. The insurer, which is organizing an investor day in London, has raised its dividend and return on capital objectives. The group is now targeting a dividend distribution rate of between 50% and 60% over the period from 2018 to 2020, compared to a previous target of 45% to 55%, and a solvency ratio of between 170% and 220%, against 170% -230% previously. By 2020, Axa also expects current equity profitability (ROE) of between 14% and 16%, compared to a range of 12% to 14% mentioned so far. The firm reaffirms its target range for the debt ratio, between 25% and 28%, as well as its objective of average annual growth of operating income per share between 3% and 7%.
* Renault earns 0.6%. The Renault chief executive is to remain the president of the Renault-Nissan alliance, French Finance and Economy Minister Bruno Le Maire told LCI on the Carlos Ghosn affair on Tuesday.
* Parrot. Noting the recent decline in the share price, Horizon, a company wholly owned by Henri Seydoux and his family, and Parrot's controlling shareholder with 36% of its share capital and 36.91% of its voting rights, has entered into a acquisition of shares with a shareholder representing 9.59% of the share capital of Parrot for a price per share of 3.2 euros. Following this acquisition, Horizon will hold 45.69% of the share capital and 46.71% of Parrot's voting rights. In accordance with stock market regulations and in order to offer liquidity to Parrot shareholders who wish to do so, Horizon intends to file with the Autorité des marchés financiers, as soon as possible, a take-over bid for the Parrot shares it does not hold at the same price of 3.2 euros per share, as well as an offer on the warrants at a price representative of the price offered for the shares. The share offer would result in a premium of 94.2% over the closing price of the Parrot share on November 26th.
VALUES FALLING
* Faurecia 5.4% by adding a new annual floor. Already under pressure yesterday due to the threat of higher tariffs on cars imported into the United States, the automotive supplier suffers this Wednesday from an unfavorable rating from Bernstein. The badysis office began monitoring Faurecia's "underperformance" by aiming at 30 euros, which means a potential decline of around 20 percent. Bernstein highlights the group's exposure to the seat segments and interiors, historically vulnerable to price declines. This fragile profile could result in disappointing results in the future, says Bernstein.
* Focus Home Interactive (-5%) intends to continue offering ambitious AA games. The budget of 1 to 7 ME initially allocated to the development of the games should progressively reach a new level of up to 15 ME. These higher budgets should allow to increase the quality of the titles, and thus generate a stronger engagement of the players via a more extensive gaming life cycle … In addition to collaborations with the most talented French studios, the company should soon be able to announce partnerships with new international studios.
* TechnipFMC yields 2.5% after two consecutive sessions in the green.
* Valeo loses 1.8%. The sector continues to bear the brunt of a news carrier because in addition to rumors of new tariffs on cars imported into the United States, Continental has reported a cautious outlook.
* LafargeHolcim fell 1.7%. As part of its objectives for the 2019 financial year, the group expects revenue growth of 3 to 5% on a comparable basis, in line with the objective of the 2022 Strategy, a growth in EBITDA at least 5% on a comparable basis, in line with the objective of the 2022 strategy. An acceleration in deleveraging, with a net debt target of twice the underlying Ebitda or less by the end of 2019.
* Danone loses 1.5%. Goldman Sachs has degraded Danone from "neutral" to "sell" with a target reduced from 67 to 61 euros.
© 2018, Boursier.com
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