(AOF) – European markets, which opened well, are now without a clear direction. Between caution and nervousness, investors will learn two major statistics by the end of the week: the first estimate of June inflation in the Eurozone (tomorrow) and the PCE index (Friday) in the United States. The Atos saga continues with the announcement of a new twist concerning its financial restructuring: the withdrawal of OnePoint and the return of Daniel Kretinsky. The CAC 40 lost 0.10% to 7,654 points while the EuroStoxx 50 gained 0.30% to 4,950 points.
Volkswagen
(-1.17% to 105.03 euros) posted the biggest drop in the Eurostoxx 50 index this Wednesday, after announcing a joint venture held equally with the American Rivian in the field of electric vehicles. The German group will invest up to $5 billion. Jefferies notes that this investment in Rivian results in a reduction in net cash flow forecasts for 2024 to 2.5-4.5 billion euros. The broker, however, remains a buy on the German manufacturer’s stock with a price target of 150 euros.
To the saga
Atos
experienced a new twist. The consortium led by Onepoint ended negotiations even though their financial restructuring offer was chosen 15 days ago to the detriment of that of businessman Daniel Kretinsky. The latter proposed to resume discussions with the company and its financial creditors. Atos also received from the representative committee of its bondholders a global financial restructuring proposal taking into account Onepoint’s decision. On the stock market, Atos shares remain volatile and lose 1.46% to 1.181 euros.
Bouygues
(-2.01% to 30.69 euros) brings up the rear of the flagship index of the Parisian market. JP Morgan, which maintains its Overweight recommendation on the stock, has revised its price target downwards, from 49 to 48 euros. The broker said it had reduced its earnings estimates for Bouygues in the telecommunications and real estate sectors.
Today’s macroeconomic figures
In June 2024, household confidence falls according to INSEE. At 89, the indicator which summarizes it, calculated from household responses (mainly received before the 10th of the month), drops by one point and remains well below its long-term average (100 between January 1987 and December 2023). In June 2024, households’ opinion on their past and future personal financial situation is almost unchanged compared to the previous month.
In the United States, data on new home sales in May will be released at 4 p.m. They will be followed at 4:30 p.m. by those on the weekly evolution of oil stocks.
At mid-session, the euro lost 0.21% to 1.0691 dollars.
