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Arnaud Bivès,
Photo credit © Reuters
(Boursier.com) – THE TREND
The Parisian market will open up in the wake of Wall Street which has resumed the hair of the beast last night with gains of nearly 3% for Nasdaq and Dow Jones! The Paris index will try to start above 5,000 points. It is the boss of the US Fed that has given appetite to investors by explaining that interest rates, at their current level were probably just below the level of equilibrium. Jerome Powell has clearly changed tone yesterday and is therefore more cautious than previously on the continuation of the Fed's monetary tightening cycle, suggesting that a pause was near. And the market could switch in anticipation of 4 expected rate hikes for 2019 and expect less now.
This optimism regarding the monetary policy of the Fed is however tempered this morning on the stock markets (Tokyo took only + 0.39%) by fears about the future meeting of Saturday between Trump and Xi Jinping. The pendulum is back in the direction of pessimism while the US Trade Representative, Robert Lighthizer, announced that it was studying the means at its disposal to raise tariffs on Chinese car imports, up to the rates set by China on imported US vehicles.
In this context, the Paris index is expected on a positive note thirty minutes from the opening, according to data precedence indicators. The 5,000 points will again be in the line of fire.
WALL STREET
US stocks rebounded sharply Wednesday in the hope that the Fed will soon pause in its cycle of rising rates, against the backdrop of rising risks to global growth. Trade fears have been sidelined after Jerome Powell, head of the Fed, said the rates were currently "just below" the neutral level. Oil started falling again after a further rise in US crude inventories, while the dollar retreated and technology stocks recovered some of the ground lost in recent weeks. Apple (+ 3.8%) managed to maintain its world premiere market capitalization Microsoft (+ 3.7%) tries to delight him since 3 sessions.
At closing, the index Dow Jones jumped 2.5% to 25,366 points, while the broad index S & P 500 gained 2.30% to 2.743 pts and that index Nasdaq Composite, rich in technology and biotechnology stocks, climbed 2.95% to 7.291 pts.
ECO AND CURRENCIES
La France :
– Household consumption expenditure on goods for October. (8:45)
– Old housing price indexes, third quarter. (8:45)
– Quarterly national accounts, second estimate of the third quarter. (8:45)
United States :
– G20 meeting.)
– Weekly jobless claims. (14.30)
– Personal income and household expenditure. (14.30)
– Promises of housing sales. (16.00)
Europe:
– Consumer prices (flash) in Spain. (9:00)
– Employment figures in Germany. (9:55)
The euro / dollar exchange rate reached $ 1.1382 this morning. The barrel of Brent is trading $ 58.76. The ounce of gold is treated $ 1,213.
VALUES TO FOLLOW
Wendel publishes a revalued net badet on November 16, 2018 of 6.715 million, or 145.1 euros per share, down 17.7% since the beginning of the year. Consolidated sales amounted to 6.2 billion euros over 9 months, up + 3.8%, of which + 3.1% organic.
Saffron Thursday announced its ambition to become the world's leading aeronautical equipment supplier within 15 years by beating its US rival United Technologies and promised a new round of R & D spending and an increase in shareholder return. Safran added, during an investor day, that it did not plan major new acquisitions after the acquisition of Zodiac Aerospace which made him, according to his calculations, the world number two in the sector. "Organic growth will be the priority," the group said in a statement.
Vallourec "formally" denied Wednesday press reports that it would prepare a social plan of great magnitude in France, the producer of seamless steel tubes confirming, however, work to strengthen its competitiveness in Germany.
Soitec Wednesday reported a current operating income up 85% to 41.6 million euros in the first half of 2018-2019 and left unchanged its annual outlook.
Veolia successfully issued 750 million euros at 11 years. This bond, maturing in January 2030 (11 years and 1 month), bears a coupon of 1.94% and was issued at par. The quality of the order book and its very large size (up to 2.4 billion euros) enabled Veolia to reach a size of 750 million euros, while substantially reducing the margin of issue .
EDF On November 28, 2018, its subsidiary Sofilo completed the sale of a portfolio of more than 200 office and business badets to investment vehicles managed by Colony Capital. This portfolio, whose badets are located in Ile-de-France and in the regions, has a total surface area of approximately 430,000 m2. The operation was accompanied by an operating lease by the EDF group. The closing of this transaction closes the realization of the EDF group's badet disposal plan for 2015-2020 of 10 billion euros.
ANALYSTS
JP Morgan goes back to 'underweight' to 'neutral' on Total but with a target price revised down from 54 to 49 euros.
Goldman Sachs goes from 'neutral' to 'buy' on Adecco with a price target lowered to 67 CHF.
Morgan Stanley goes from underperforming to online Iliad with a target price adjusted from 100 to 110 euros.
IN SHORT :
Covivio : finalization of the merger with Beni Stabili.
Frey redeems and cancels real estate bonds.
Cellnovo : new collaboration agreement with Roche.
© 2018, Boursier.com
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