is finally up a bit, but Sanofi is still down

(Boursier.com) — TREND

The CAC40 continued to rise on Thursday, up 0.33% to 6,544 points, not without fluctuations throughout the session… The latest US producer price data released this afternoon confirmed the fact that inflation is likely to have peaked in the United States , even if it should remain high for many more months, prompting the Fed to raise rates again, but probably to a lesser extent…

ECO AND CURRENCIES

Thus, the producer price index fell by 0.5% in July compared to the previous month, where the consensus was positioned at +0.2%. Excluding food and energy, the index increased by 0.2% for the month and by 7.6% for the year. The levels, lower than the previous month, and the expectations of economists… Despite this lull on the inflation front, several officials of the institution – from the “hawk” Neel Kashkari to the “dove” Mary Daly – left no doubt that the Fed will continue to tighten its monetary policy , until the inflationary pressure subsides for a long time…
“Despite the Fed’s unflinching rhetoric, this release gave investors hope that the pace of U.S. interest rate hikes is slowing and that the storied soft landing may be less elusive than expected,” Lewis Grant, head of global equities at Federated, told Bloomberg Hermes.

According to CME Group’s FedWatch barometer, the market now sees a 67.5% chance of a 50 basis point rate hike at the end of September, and a 32.5% chance of a 75 basis point rate hike (between 2.75% and 3%). . In the bond markets, rates change in a different order. The yield on the 10-year U.S. Treasury note rose 6.5 basis points to 2.84%, while the two-year yield, which is more sensitive to changes in the Fed’s rate, fell 2.5 basis points to 3.19%. The dollar lost another 0.4% against a basket of currencies, while the euro rose to 1.0330/$.
WTI crude oil for September delivery is currently up 0.6% at $92.50 on the Nymex exchange, while Brent is back at $99.

GROWTH OF VALUES

Manufacturer of biological biocides Amoeba rose 33% as the group informed the market that the US Environmental Protection Agency (US EPA) issued a positive preliminary decision after evaluating Willaertia’s application file for the authorization of magna C2c Maky as a biocidal active ingredient in cooling systems. EPA has concluded that the amoeba Willaertia magna C2c Maky and Biomeba products containing it may be approved in the United States for biocidal use in closed cooling systems, for microbial sludge (bioslime) control, corrosion control caused by microorganisms. control of general microbial flora in cooling tower waters. Subject to the final administrative steps required to complete the US EPA procedure, marketing authorization for the products is expected no later than the end of 2022…

IIS an increase of +8.6%. Professionals in engineering professions achieved turnover of 238.5 ME during the first quarter of their 2022-2023 fiscal year, which is up 27.4%. The SII highlights that all geographic entities contributed to this positive result, with the sole exception of Spain, whose benchmark was high. This growth was driven by the highest activity figures in almost three years, changes in the workforce related to recruitment levels in the previous financial year and excellent commercial performance by all teams. SII strongly confirms the forecast expected for the first half of this year as a whole: double-digit organic revenue growth, which is now expected to exceed 20%, and an operating margin of 9 to 10%, subject to an evolution without significant changes in the health and geopolitical situation .

Fermentalg up 7.6%, followed by McPhy (+5%) with Rallye, Nanobiotix and Inventiva (+4.5%)

Genfit : +4% with Forsee Power, Casino

World line earns 3.5%. The payments specialist, which pleasantly surprised the market in the first half of the year, has the backing of JP Morgan, which reiterated its “overweight” view on the stock and its €59 target. Analysts are mostly positive on the issue, with 21 as a “buy”, 2 as a “hold” and just 1 as a “sell,” according to the Bloomberg consensus. The 12-month average target is set at €57.39. Overall, the Nasdaq’s strong rally yesterday, along with falling bond yields, is benefiting the tech sector.

TechnipEnergies : +3.5% with Innate

TotalEnergies is up 2.8% with Brent reaching over $99 a barrel.

Big Ben : +2.8% with Vallourec, Veolia

Tarkett : +2.5% with Eramet, CGG, Verallia, Nicox

guillemot : +2%, followed by LDC, Lagardère, Ateme

GTT : +1.5% from M6, Believe, Orpea, Carrefour

FALLING OF VALUES

The biggest drop in the CAC40, Sanofi still down 3.3%, in the red for a fourth straight session. In recent days, bad news has been piling up around the pharmaceutical giant. The group must first consider the completion of recruitment for clinical trials of tolebrutinib, an experimental treatment for certain forms of multiple sclerosis and myasthenia gravis, following the opinion of the independent data monitoring committee (independent data monitoring committee). The latter demanded the suspension of recruitment for all court sessions, without specifying the reasons for this interruption. On Tuesday, UBS added fuel to the fire by downgrading the file to “neutral”. The Swiss bank sees few major catalysts for the rest of the year and says major development programs such as amcenestrant and tolebrutinib have “recently encountered headwinds.” While the stock was viewed favorably in a challenging Q2 context, it appears to lack the desire to attract additional buyers, especially with the potential Zantac case looming over the company. UBS lowered its target from 118 to 103 euros. It’s the sword of Damocles surrounding Zantac that seems to account for much of the current pressure on the stock. Sanofi is not the only one concerned, as Haleon and GSK are also outraged in Europe over fears of a lawsuit in the United States… Zantac, a heartburn drug whose active chemical is ranitidine, is suspected of raising levels of the suspected carcinogen, N-nitrosodimethylamine (NDMA ).

Elior fell almost 3% with Euronext

Michelin : -2.5% with Eutelsat, Rothschild, Euroapi and Synergie (-2%)

Valneva decreased by 1.5%. Valneva expects total sales to reach between €340 million and €360 million in 2022, taking into account the ongoing recovery of travel vaccine sales, the recognition of revenue related to supply contracts with the European Commission and the United Kingdom, and the addition of the Advance Agreement procurement with the European Commission of the Valneva vaccine against COVID-19. Sales of products from the Valneva Travel Vaccines franchise are expected to reach EUR 70-80 million, while sales of the COVID-19 vaccine are expected to reach EUR 30-40 million.

Argan : -1.5% from Arkema, Elis, Ipsen, Bic Thermador

country house : -1%, followed by Bic, Accor, FNAC Darty, Getlink and Manitou with Amundi

Leave a Comment

Your email address will not be published.