(AOF) – American indices rose after the publication of inflation figures in November. A measure of inflation closely monitored by the Fed, the PCE index came out lower than expected on an annual basis: +2.4% against a consensus of 2.5%. In the wake of today's statistics, long rates fell. On the value side, FedEx crumbled despite the announcement Thursday evening of the split of its freight activity and the lowering of its annual outlook. The Dow Jones index gained 1.18% to 42,840.26 points and the Nasdaq Composite gained 1.03% to 19,572.60 points.
The action
FedEx
(-0.05% to $275.73) fell very slightly even though the package delivery specialist announced the separation of its freight activity, FedEx Freight. The latter will become a new company listed on the stock exchange. The split is expected to be executed within the next 18 months. FedEx Freight generated $9.4 billion in fiscal year 2023/2024. “The proposed separation will enable better strategic, operational and financial execution for each company and its stakeholders,” FedEx said in a statement.
Macroeconomic figures
The American PCE price index increased by 2.4% in November on an annual basis against a consensus of 2.5% after 2.3% in October. In the core version, it increased by 2.8% on an annual basis against 2.9% expected after an increase of 2.8% in October.
American household income increased by 0.3% in November over one month, after an increase of 0.7% in October and against a consensus of +0.4%. At the same time, household spending increased by 0.4%, after an increase of 0.3% in November and against a consensus of +0.5%.
The University of Michigan consumer confidence index came in at 74 in December as expected after 71.8 in November.
Values to follow
Eli Lilly
Eli Lilly is expected to rise by more than 10% in pre-market trading on Wall Street after its Danish competitor Novo Nordisk's anti-obesity product delivered disappointing results. CagriSema, the potential successor to Wegovy, led to a weight loss of 22.7%, compared to 25% expected, in the Redefine 1 clinical trial. Eli Lilly's trizepatide (Zepbound and Mounjaro brands) demonstrated in November a Sustained average weight loss of 22.9% over the three-year treatment period.
Nike
Nike reported adjusted earnings per share of 78 cents per share for the fiscal second quarter, compared with a consensus of 63 cents, up from $1.03 a year earlier. The brand's revenues at the comma amounted to 12.35 billion dollars, where the consensus was targeting 12.1 billion dollars after 13.4 billion a year before. The American firm expects a double-digit drop in turnover in the third quarter.
Tesla
The director of the Tesla Gigafactory in Shanghai, Song Gang, has left his position according to a letter sent to staff on Wednesday. In 2018, he took orders for this site, which is the group's largest factory in terms of production, also exporting to Europe. According to Reuters, he would join the Envision group, a renewable energy specialist headquartered in Shanghai.
