European stock markets are expected to decline at the opening of the session on Tuesday, before the publication of inflation data in the eurozone. This indicator is important for the ECB and its monetary policy. Last night, its president Christine Lagarde said that there was no urgency to lower rates again. On the stock market side, Sodexo is maintaining its financial forecasts for 2024 after an increase in its turnover in the third quarter. For its part, Carrefour announced yesterday that it had finalized the acquisition of the Cora and Match brands in France.
Values to watch today
Argan
During the first half of 2024, Argan recorded a strong increase of 8% in rental income to 98 million euros. “This growth comes mainly from the revision of rents (+4.6%) on January 1, 2024 and the full-year effect of deliveries in 2023, supplemented by deliveries in 2024,” explains the French real estate company specializing in warehouse rentals. They increased by 9% in the second quarter.
Carrefour
Carrefour has completed the acquisition of the Cora and Match brands in France from the Louis Delhaize group. This transaction consolidates Carrefour’s position in the food distribution market in France, with 60 Cora hypermarkets and 115 Match supermarkets, mainly located in the Grand Est and Nord regions of France, where Carrefour has historically had little presence. These stores represent approximately 2.4% of the food distribution market share in France. The enterprise value of the transaction is €1.05 billion.
Renault
Ampere, a Renault subsidiary specializing in electric vehicles and software, announces the expansion of its battery offering, by integrating LFP (Lithium Iron Phosphate) technology alongside NMC (Nickel Manganese Cobalt), currently used by Renault. “These new technologies will reduce the cost of batteries by around 20% from the beginning of 2026,” Ampere stressed. This decision is an effective and innovative response to market volatility and technological developments,” the company said.
Sodexo
Sodexo’s consolidated revenues for the third quarter of fiscal year 2024 reached €6.1 billion, up 5.6% compared to the previous fiscal year, including a negative currency impact of -0.2% and a contribution from acquisitions net of disposals of -1%. Organic growth was 6.8%. Organic growth was impacted by an accounting change in the recognition of revenue from a significant contract in the Rest of the World region. Excluding this accounting change, organic growth for the quarter was +7.2%.
Macroeconomic figures
In the eurozone, data on inflation in June and on the unemployment rate in May will be published at 11am.
In the United States, the Jolts report on job openings in May will be published at 4 p.m.
Yesterday in Paris
European stock markets – and in particular French ones – rebounded thanks to a certain decline in political risk in France following the first round of the legislative elections. The Franco-German spread fell by around 6 basis points. The rebound in the Paris market benefited in particular the sectors sanctioned after the announcement of the dissolution: banking, construction, concessions and community services. The CAC 40 index gained 1.09% to 7561.13 points after reaching 7688.20 points this morning. The EuroStoxx50 rose by 0.85% to 4935.77 points.
Yesterday on Wall Street
US stock markets ended higher after the publication of two major statistics. The manufacturing purchasing managers index in June was almost in line with expectations. In addition, the ISM index for the same sector for the same month fell slightly. On the stock market, Boeing shares rose after the aircraft manufacturer bought the activities of US aerostructures producer Spirit AeroSystems (excluding those sold to Airbus) for $4.7 billion. The Dow Jones gained 0.13% to 39,169.52 points and the Nasdaq advanced 0.83% to 17,879.30 points.
source : AOF
■
