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In Germany, the PMI composite index came out in May, at first estimate (flash) at 31.4 points. Economists had forecast 34.1 after 17.4 in April. The services index reached 31.4 points. The consensus was 26.6 after 16.2 in April. The manufacturing index stood at 36.8 points against a consensus of 39.2 after 34.5 in April.

The Dax started 1.2 percent weaker at 11,088 points. After the gains of the past few days, doubts about a rapid recovery of the economy came to the fore again.
Thomas Altmann, portfolio manager at Wealth Management QC Partners, refers to the Japanese export data: “An export decline of more than 20 percent is a massive economic impact. The data shows how much global trade has come to a standstill. After such a slump, the recovery path becomes long and rocky. ”

In contrast, Lufthansa shares rose by 5.7 percent. The company, which is suffering badly from the Corona crisis, is about to reach an agreement with the federal government on a multi-billion dollar rescue package. The airline said it was worth a volume of up to nine billion euros. Without government funding, Lufthansa claims to be bankrupt.

Deutsche Bank lowered the price target for Jenoptik from EUR 28 to EUR 22 for the first quarter, but left the rating on “Hold”. The technology company is fundamentally well positioned and healthy, but 2020 will be another year in which the development should accelerate towards the end, wrote analyst Uwe Schupp in a study available on Thursday.

First transmission of the original study: May 21, 2020 // GMT

The annual inflation rate in the Euro zone was revised down in April (0.3% after 0.7% in March).

The Renault title rebounded 6.16% to 17.98 euros while according to the Canard Enchaîné, the group could close four sites in France. A perspective that led Edouard Philippe to assert that the government would be “uncompromising” on the “preservation” of sites in France.

The Peugeot title recovered (+ 0.30% to 11.615) and Michelin lost another 1.75% to 86.66 while Standard & Poor’s lowered the prospect of its long-term rating from A – to “Negative ”

The agency estimates that sales could fall 15% this year. The banking sector also ended in the green despite a difficult start to the session, BNP Paribas (+ 1.66% to 28.82), Crédit Agricole (+ 0.60% to 7.066) and Société Générale (+ 2.99% at 12.726), due to the uncertainties concerning the adoption by the 27 of the Franco-German stimulus plan.

Airbus ended up in the green (+ 1.51% to 55.05) and Air France-KLM again dropped 0.48% to 3.748.

The bioMerieux diagnostic specialist (+ 3.54% to 131.50) will cut its dividend in half to 0.19 euros per share in order to free up resources to support “solidarity actions”.

The title Vallourec fell again by 5.24% to 0.8434, penalized by the changes in recommendations of Bank of America from Neutral to Underperformance and Goldman Sachs from Neutral for Sale, with a target at 0.80.

CNP Assurances lost 1.66% to 8.905, weighed down by the downgrade of the global reinsurance sector by the rating agency S&P Global Ratings from Stable to Negative.

The CAC40 index thus gained 0.87% to 4,496.98 points in an average volume and down 3.2 MDE traded.

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