The Paris Stock Exchange closes Tuesday’s session lower, under the influence of profit warning From Wal-Mart due to inflation, the greater pessimism of the International Monetary Fund about the global economy, and Europe that will have to rationalize its gas consumption even more. The CAC 40 lost 0.42% to 6211.45 points, in a market but limits initiatives, preferring not to adhere to a clear direction, ahead of the big economic meeting tomorrow evening: the US central bank’s interest rate decision.
EU energy ministers have already reached an agreement to cut their consumption by 15% between August 2022 and March 2023, due to uncertainty over supplies from Russia. However, exceptions have been granted for some countries. An announcement made at midday, which comes less than 24 hours after Russia announced a new halving of gas shipments to Europe, according to threats already made by Vladimir Putin last week. As of tomorrow morning, Nord Stream 1 gas pipeline will operate at only 20% of its capacity compared to 40% currently.
“I don’t think the risk of cutting Russian gas is materially priced in European stocks.Paul Jackson, Head of Asset Allocation at Invesco, said on Bloomberg TV. If supplies are cut off sharply, it will lead to a severe recession and I don’t think that price has been priced yet.”he added.
As we mentioned last weekrecalls Jim Reed, strategist at Deutsche Bank, With a capacity of 40%, Germany can survive the winter even if light rationing is required. At 20%, significant rationing may be required, unless gas exports are reduced [aux partenaires européens]And the Which would be very difficult to do politically. »
Gas prices in Europe rose 20% in two days. total energya player in oil but also gas, closed slightly higher against the trend.
On Wall Street Walmartwhich now expects a 11% to 13% decline in its profit this year, down 9%. The world’s leading retailer said its customers are prioritizing spending on food, fuel on clothes and other more profitable discretionary spending as inflation erodes household budgets. Amazon lose 4%. At the European level, the Stoxx 600 retail index showed the largest sectoral decline.
Amazon will release its second-quarter accounts Thursday evening. Several other major companies are due to deliver their version this week. Alphabet and Microsoft will unveil their quarterly accounts this evening, after Wall Street shuts down. The Meta Platform (Facebook) and Apple will follow tomorrow and Thursday. In France, 28 Cac 40 items must participate in the workout between this evening (Michelin, LVMH) and Friday.
Disappointing Soitec publications
Dassault Systems Today it rose 0.8%. The program’s publisher raised its forecast for diluted net earnings per share for 2022 after a second quarter in which its results generally beat those of its leaders and analysts.
Except for CAC 40, Soitec It’s down just over 8%. The semiconductor manufacturer confirmed its goals for the 2022-2023 fiscal year but saw a marked slowdown in growth in the first quarter ending at the end of June. Revenue was €203 million, up only 12% as announced and 6% with fixed range and exchange rates. Credit Suisse analysts indicate that annual revenue growth may noticeably slowed down To come out 14% without consensus.
Edenred Gained 3.6%. The payment voucher specialist indicated that he aims to achieve a record operating surplus (Ebitda) for 2022, between 770 and 820 million euros, after the results of the half-year witnessed a sharp increase.