Cac 40 withstands and maintains the threshold of 6200 points, Market News

As the Paris stock market stabilizes, investors want to believe the worst of the bad news is over. The Cac 40 is also set to end its best week in a month, while its year-to-date decline fell to 13% from about 18% at the end of June.

The market barely shuddered at the twice-than-expected hike in key ECB rates. That became inevitable. Governing Council member Peter Casimir expects a hike of 25-50 basis points in September, depending on ” economic events in the eurozone and beyond “. The Fed will go into action next week. With quarterly releases rising on both sides of the Atlantic.

In the middle of the session Bedroom 40 occupies 0.18% to 6212.07 points with a business volume of 820 million euros. in Dax German and FTSE Eb Italian has similar variations. Contracts future on American indices indicate a decrease on Wall Street at the opening.

The market welcomed yesterday’s resumption of Russian gas flows to the Old Continent, while braving political uncertainty in Italy, the eurozone’s third-largest economy. Mario Draghi resigned as president of the Council, and the president of the republic, Sergio Mattarella, dissolved parliament, paving the way for parliamentary elections scheduled for September 25.

Reduction in activity in the euro area

Private sector activity in the eurozone worsened in July, with Germany paying the heaviest price, while France managed to maintain its expansionary phase. S&P Global’s preliminary composite PMI (synthesis of manufacturing and services) index fell 2.6 points to 49.4 for the region as a whole, the lowest level in 17 months. A number below 50 reflects reduced activity. A corresponding survey for the United States will be released this afternoon.

Snap’s much lower-than-expected results sent a chill after Wall Street closed last night. The social network’s stock fell nearly 30% premarket amid concerns about the prospects for online advertising. Other big names in the sector, such as Meta (Facebook) and Alphabet (Google), fell 5% and 3% respectively. In this context, Twitter’s results, expected before the opening of Wall Street, will be closely watched.

Gecina Raises Its Predictions, Ubisoft Sanctions

Hetsina increased by 4.3%. The real estate company revised its target for net current earnings per share this year to €5.55, an increase of 7% excluding disposals compared to 2021. For its part, a commercial real estate company Unibale-Rodamco-Westfield grows by 4.2%.

Ubisoft is stable. The video game publisher has confirmed its annual targets, while delaying the launch of Avatar: Pandora’s Box until the next financial year. The group is still aiming for “net bookings” – the equivalent of turnover – in “significant growth” for the year that started on April 1. In addition, Deutsche Bank lowered its target price for the title from 60 to 50 euros.

Somfy a drop of 13.2%. The home automation specialist reported a de facto stagnation in its turnover at €434 million in the second quarter. The group also indicated that, according to its current estimates, the operating margin could be lower than in the first half. Societe Generale has moved from “buy” to “hold” value.

Engie occupies 0.4%. The energy company announced that it has set the framework for negotiations with the Belgian state regarding the potential expansion of two nuclear units, Doel 4 and Tihange 3. The two parties signed a “non-binding letter of intent” with the aim of “finalizing this binding agreement by December 31, 2022 year”.

Publicis occupies another 1.4%. JPMorgan raised its recommendation from “neutral” to “overweight” and increased the target price from 63 to 70 euros.