Decisive day with 13 Cac 40 semesters and the results of Amazon and Apple, Not to be missed tomorrow

Thursday promises to be crucial for market operators, who will face a flurry of half-yearly publications. The opportunity to see if the economic context, disturbed by galloping inflation, monetary tightening, shortages and the energy crisis, will have got the better of corporate profits and the optimism of their leaders. Particular attention will be paid to the confirmation of the annual objectives, because the most pessimistic economic outlook raises the specter of an economic recession by the end of the year.

In Paris, no less than thirteen Cac 40 stocks, including TotalEnergies and L’Oreal, and six of the Next 20 (see tables below) will reveal their results at the end of June. Many SBF 120 companies will also comply with the exercise, namely ADP, Altarea, Casino, CGG, Coface, Imerys, Ipsen, JCDecaux, Korian, Houses of the world, McPhy Energy, Neoen, Sopra Steria Group, Technip Energies and TF1.

Bedroom 40
Liquid air We will be watching developments in the Electronics and Industrial Merchant branches, which were dynamic in the first half.
ArcelorMittal According to analysts, the steelmaker should deliver an exceptional semester, before a period of marked slowdown.
Capgemini One to watch is the company’s ability to exceed the margin target due to higher wages and the resumption of travel and marketing.
L’Oreal The market will be attentive to the evolution of sales in China, expected to be well oriented despite the restrictions, thanks in particular to e-commerce.
Orange Business should remain stable in France, solid in Africa and still under pressure in Spain.
Saffron Oddo BHF is confident about the engine manufacturer’s after-sales and cash conversion excluding customer advances in the second quarter.
Sanofi Dupixent should continue to grow. The consensus calls for a 16.5% increase in earnings per share in the second quarter.
Schneider-Electric The group is part of the sector that could suffer from a squeeze on margins due to inflation.
Stellantis The manufacturer should have met its objective of generating an operating margin of more than 10%.
STMicroelectronics In April, the semiconductor maker was targeting $3.75 billion in second-quarter revenue and a gross margin of 46%.
Unibail-Rodamco-West The valuation of assets according to experts will be scrutinized closely. The indexation of rents should cushion the effect of the rise in interest rates.
TotalEnergies Given the continued high level of oil and gas prices, the results should still be excellent. Surtax to follow.
Vivendi Oddo BHF expects continued growth at Canal+ Group and Havas and a slight decline at Editis, given the base effect.
Next 20
Accor Considering the end of the pandemic almost everywhere in the world except in China, the group’s RevPar should have progressed well.
Office Veritas The FactSet consensus is optimistic about the group’s results. Estimates for the first half have been revised upwards.
EDF The tariff shield and its implications should have weighed heavily on the electrician’s accounts.
Euronext Market volatility is expected to have a positive effect on the stock market operator’s income.
Score The reinsurer has already warned that the drought in Brazil would weigh nearly 200 million euros on its accounts.
Solvay The Belgian chemist announced on Monday that he anticipates a better than expected second quarter and that he will raise his objectives for 2022.

Several international quarterly publications are also on the program, with manufacturers Nissan and volkswagenas well as companies Samsung, Shell and Pfizer. Across the Atlantic, Wall Street will scrutinize the results of the two “Gafam” Amazon (second trimester) and Apple (third), unveiled after the closing, as well as the publications of MasterCard and Dow Jones companies Intel and Merck & Co.

Telephone meeting between Biden and Xi Jinping

In the United States, still, the market will follow the outcome of the telephone meeting between Joe Biden and Xi Jinping, which should take place this Thursday. The White House could consider reducing tariffs on Chinese products, as these taxes weigh on the purchasing power of households and the activity of small businesses.

Such a decision could reinvigorate the growth of the gross domestic product (GDP) of the United States over the next few quarters. In the meantime, we will be informed, at 2:30 p.m., of a new estimate of that of the second quarter. It is expected to rise slightly (+0.4% in annualized data, according to the Bloomberg consensus) after a contraction of 1.6% in the first quarter. The world’s largest economy could technically find itself in a recession if the second quarter marks a further decline. If she recognizes that the economic slowdown is perceptible, Janet Yellen, the US Treasury Secretary does not share the use of the term: ” What a recession really means is a general contraction of the economy. And even if this number is negative, we are not currently in a recession. “.

Among the other indicators of the day across the Atlantic, we will monitor the component of household consumption of GDP, expected to grow by 1.2% in the second quarter (against +1.8% in the first) as is that of inventoriesbut also the new jobless claims for the past week, forecast almost stable at 250,000.

After months of rising, inflation in Germany could finally stabilize in July, in particular due to the drop in prices at the pump in recent weeks. consumer price index (in harmonized data) is thus expected to increase by 8.1% over one year, against 8.2% the previous month. Nothing to improve the business climate in the euro area, which is expected to drop 2 points over one month, to settle at 102, still in July. In France, the market will follow the industrial production and import price index unveiled in the morning.

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