Weighed down yesterday by profit warnings in the automobile sector, European stock markets should rebound for the first trading session of October. The CAC 40 should gain 0.20%. This Tuesday morning, investors will learn about the purchasing managers’ indices for the manufacturing sector in September in France and the euro zone. At 11 a.m., inflation figures in the euro zone will be revealed. On the values side, yesterday, several companies presented their results for the first half of 2024. On this occasion, Kaufman & Broad confirmed its 2024 objectives.
Values to follow today
JCDecaux
JCDecaux SE, the world’s number one outdoor communications company, announces that JCDecaux Top Media SA, of which it is the majority shareholder, has acquired 70% of IMC from its founders. IMC is one of the leaders in outdoor advertising in Central America and the number one in outdoor advertising in Costa Rica. As part of this operation, IMC’s historic shareholders contributed the 30% of their remaining shares in IMC in exchange for a 9% stake in a new joint venture bringing together all of JCDecaux’s activities in Central America. .
Kaufman & Broad
Kaufman & Broad confirmed its 2024 objectives during the publication of its third quarter accounts. The real estate developer anticipates a group turnover of around 1.1 billion euros, the difference compared to 2023 being explained by the base effect of the Austerlitz operation. The current operating profit rate should be between 7% and 7.5% and the group should remain in a positive net cash position.
Lacroix
In the first half of 2024, Lacroix generated a turnover of 350.3 million euros, down 7%. Over this period, Lacroix’s current Ebitda stood at 18.3 million euros, compared to 23.6 million euros. The group’s current Ebitda margin stood at 5.2% at mid-year, compared to 6.3% a year earlier. This decline is entirely due to Lacroix Electronics North America. Excluding the American subsidiary, Lacroix would have posted a current Ebitda margin of 7.9% of turnover.
Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield (URW) announced that it had reached an agreement to sell the office part of the Gaîté-Montparnasse mixed complex in Paris, to a joint venture created by Norges Bank Investment Management and Swiss Life Group for an acquisition cost total of 172.5 million euros. The transaction reflects a 4% discount to the last unallocated book value. The 12,500 square meters of offices, 100% leased to Wojo, a coworking operator of the Accor group, were completed in 2022 as part of a redevelopment.
Macroeconomic figures
At 9:50 a.m., the purchasing managers’ index for the manufacturing sector in September in France will be revealed followed by that in Germany at 9:55 a.m. The one in the euro zone will be known at 10 a.m.
In the euro zone, inflation data for September will be known at 11 a.m.
In the United States, the purchasing managers index (S&P) for the manufacturing sector in September will be revealed at 3:45 p.m.
In the United States, the Purchasing Managers’ Index (ISM) for the manufacturing sector in September, the Jolts report on job openings in August and data on construction spending in August will be released at 4 p.m.
Around 8:30 a.m., the euro lost 0.03% to 1.1132 euros.
Yesterday in Paris
European stock markets ended in the red and Paris underperformed. This morning, the Shanghai Stock Exchange jumped more than 8% thanks to new measures to support the real estate market in the midst of a crisis. The Paris Stock Exchange suffered from the warning from Stellantis and the prospect of an 8 billion euro levy on large groups as well as a tax on share buybacks. Only 2 members of the CAC ended up. The index, which fell 2% to 7635.75 points, however gained 0.06% in September. The EuroStoxx50 lost 1.23% this Monday to 5,005.09 points.
Yesterday on Wall Street
American indices closed the last stock market session of September in the positive after Jerome Powell’s speech. Before the National Association for Business Economics in Nashville, the head of the Fed declared that “the American job market remains solid and it does not need to slow down further but the Fed is in no hurry to reduce its rates”. Investors will read the US employment report for the month of September this Friday. The Dow Jones gained 0.04% to 42,230 points and the Nasdaq advanced 0.38% to 18,189 points.
source : AOF
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