(Boursier.com) – A small movement on Thursday on the Paris Stock Exchange, when the market is idle this afternoon. However, the CAC40 rose 0.7% to 6,345 points after recent statements by the Fed, which did not change the monetary situation. Some lucrative purchases are still reported in the automotive and aerospace industries. On the other hand, Vallourec is down 8% due to the sudden placement of securities …
ECO AND CURRENCY
Therefore, the Federal Reserve published its minutes of its May 3 and 4 meeting on Wednesday evening, reaffirming its intention to continue raising rates by half a point for at least two meetings. On May 4, he raised the rate of “Federal Funds” by half a point (50 basis points) to increase it between 0.75% and 1% …
“All participants have reaffirmed their firm commitment and determination to take the necessary steps to restore price stability. “, according to the message. Members of the Fed’s Monetary Policy Committee (FMOC) therefore, it is estimated that the Fed may need to quickly raise rates above what is considered “neutral” for the economy (neither stimulating nor restrictive), the level of which, according to experts, is about 2.5%. FOMC members noted that “tight monetary policy may be appropriate depending on the evolution of economic prospects and the risks involved.”
Currently, financial markets expect that at the end of 2022 the rate of “collective funds” will range from 2.5% to 2.75%, which would correspond to a “neutral” level. However, the Fed said it would go beyond that if inflation did not slow down. In an interview with the Wall Street Journal last week, Fed Chairman Jerome Powell said the Fed would continue to raise rates until it saw “clear and convincing evidence” of a 2% reduction in prices to the Fed’s medium-term target.
Oil prices rose even more after announcing a sharper-than-expected drop in crude oil inventories in the United States last week. Barrel of American light oil WTI (July futures) rose 0.5% to $ 110.85 on Nymex, while Brent from the North Sea peak at 114.80 dollars.
According to the US Department of Energy, domestic oil reserves, excluding strategic reserves, for the week ended May 20, fell by 1 million barrels to 419.8 MB. The consensus was on a 0.7 MB reduction. Gasoline stocks fell by 0.5 million barrels (-0.6 million barrels) and distillates increased by 1.7 million barrels (+0.9 million barrels of consensus).
regarding currencies, euro returns to $ 1.0695 after a 1.6% increase over the previous 2 sessions thanks to a new, more “hawkish” tone of ECB President Christine Lagarde …
ECONOMIC INDICATORS FOR MONITORING
– US GDP for the first quarter. (14:30)
– Weekly registration of the unemployed. (14:30)
– Promises to sell housing. (16:00)
– Kansas City Fed Production Index. (17:00)
Growth of values
Aramis : + 4.5% with Faurecia, Assystem (+ 3.5%)
Valeo : + 2.5% with LFE, Orpea
Infotel (+ 2%) reached a turnover of 74.4 IU in the 1st quarter of 2022, which is a significant increase of + 15.3% in one year.
The banking sector accounted for 41.5% of operations during this period, positioning Infotel as a major partner in this market segment with the deployment of new projects in several major accounts, such as BPCE, Crédit Mutuel Arkéa and Oney Banque. The industrial sector accounts for up to 25.3% of service activities, confirming the growth of this segment, including increased activity on AIRBUS helicopters, increased service center for Stellantis and increased platform for Nissan.
Services for the transport sector accounted for 17.7% of revenue while maintaining a high level of operating activity. The insurance sector accounts for 12% of turnover and includes, among the various projects in the quarter, the operational implementation of the Salesforce Support Center for COVEA. Infotel has also launched the RPA (Robotic Process Automation) Skills Center. These new feature offerings may soon be extended to other major accounts.
Infotel clarifies that OAIO, the group’s Digital and Innovation Consulting Agency, which supports its clients in their digital projects, from design to implementation, also published dynamic activity during the period, including launching a digital support program (support, consulting, training) and co-creation. digital instruments for Crédit Mutuel Arkéa.
Wavestone : + 2% from Airbus, TechnipEnergies
Seb : + 1.5% from Beneteau, Renault, Safran, LVMH, TotalEnergies, Savencia, Thales, Vinci, Accor and Bastide
AXA (+ 0.8%) successfully completed the placement of institutional investors in the issue of subordinated bonds Reg S in the amount of 1.25 billion euros maturing in 2043 to finance the general needs of the group, including refinancing of existing debt, including 4.45% subordinated bonds in the amount of $ 500 million maturing in 2025 from AXA XL, as well as a 3.25% subordinated bond worth € 500 million maturing in 2047 (maturing in 2027) from AXA XL.
The initial fixed rate is 4.25% per annum until the end of the 6-month prepayment period (March 2033), then the interest rate becomes variable on a 3-month EURIBOR basis with a margin that includes an interest margin of 100 basis points. The operation met the high demand of investors, and the issue was signed almost twice. Bonds are entitled to capital from a regulatory point of view and with rating agencies within appropriate limits. The transaction was structured in such a way that the bonds were entitled to Tier 2 capital in accordance with Solvency II. The bond rating is expected to be A- / Stable for Standard & Poor’s, A3 (hyb) / based on updates for Moody’s and A- / Positive for Fitch, reflecting, in particular, the recent upside risk rating of long-term counterparty AXA. SA from S&P and Fitch, following the transformation of AXA SA into the Group’s internal reinsurer. The bond settlement date is scheduled for May 31.
FALL OF VALUES
Vallourec fell 8% after several investors announced the placement of shares in the steel pipe manufacturer at a price of 12.20 euros per share, a discount of 12.5% compared to Wednesday’s closing price.
Air France-KLM falls by 6%, then 2CRSI (-3%) and STM (-2%)
In the first half of 2021/2022 Derishbur (-1%) is 2.5 billion euros, which is 54% more than in the previous year.
This increase is mainly due to the division of environmental services by + 70%, and to a lesser extent from the increase in the contribution of income from the activities of multiservices by + 9%.
Current EBITDA in the first half of the year amounted to 250.6 ME, which is 45.2% more than last year.
Current operating income amounted to 174.6 IU, which is 55.4% more than in the first half of last year. The net result of the consolidated enterprise is 118.3 IU, of which 117.8 IU is accounted for by the shareholders of the consolidated enterprise, ie + 60% compared to the previous year.
Transgene : -1% from Dried, Valneva.