(AOF) – European markets are starting the week up against a backdrop of a sharp decline in oil prices. The latter lost nearly 6% while the Israeli response to the Iranian attack on its soil did not concern Iran's energy sector. The earnings season continues. In Europe, Philips warned due to deteriorating demand in China. In France, Opmobility confirmed its annual objectives. Around 12 p.m., the CAC 40 gained 0.27% to 7517.97 points and the EurStoxx50, 0.12% to 4949.15 points. Due to the time change in Europe, Wall Street will open at 2:30 p.m.
China constitutes the Achilles heel of European company publications in the third quarter. Stronger decline in the AEX,
Philips
drops 16.76% to 24.54 euros after issuing a warning on its sales due to the “significant deterioration of demand in China”. This poor economic health of the Middle Kingdom is at the origin of the underperformance of the electronics group present in health in the third quarter. All its divisions disappointed, analysts point out. The personal health division was particularly affected, says Invest Securities.
In an automotive sector plagued by difficulties – the recent warnings from its competitor Valeo and Michelin bear witness to this –
Opmobility
reassures by confirming its annual objectives. Investors appreciate, propelling the OPmobility share (+6.23% to 9.55 euros) to first place in the SBF120 index. The automotive equipment manufacturer (formerly Plastic Omnium) generated turnover up 2.9% to 2.45 billion euros in the third quarter. OPmobility underlines that it “strongly outperforms”, by 9.5 points, automobile production in a “clearly declining” market.
Following the takeover bid launched on September 2, the distribution group Fnac-Darty announced that it held 71.5% of the capital of the Italian group Unieuro. On the stock market, the distributor's shares lost 4.86% to 25.45 euros. The offer will be reopened from November 4 to 8 to give “the opportunity for more shareholders to tender their shares under unchanged conditions”. “The group having exceeded the minimum threshold, it will be able to create an unlisted company and thus take Unieuro off the stock market” explains TP Icap Midcap. “It is therefore a half-success for the group which only slightly exceeds the minimum threshold. The founding family of Unieuro considered the offer too low.”
Today's macroeconomic figures
In the United States, the Dallas Fed manufacturing index for October will be published at 3:30 p.m.
Around 12:00 p.m., the euro gained 0.20% to 1.0816 dollars.
France
