Stock Market Pauses
Investors are awaiting the first quarterly results in the United States, with Citigroup and JMorgan Chase banks getting the ball rolling on Tuesday, awaiting Morgan Stanley, Goldman Sachs, Bank of America and Wells Fargo later in the week. Johnson & Johnson is also presenting its accounts today as one of the patients participating in clinical trials for its potential coronavirus vaccine contracted an unexplained illness. Apple is due to unveil new products this evening, including the iPhone 12, the brand’s first device to be equipped for 5G. IPhone accounts for about half of Apple’s sales. Amazon is also launching its two-day Amazon Prime Day on Tuesday.
The market continues to question the likelihood of agreement in Congress on a partial, or expanded, economic support plan. The Republican-dominated Senate says it is ready to vote on Donald Trump’s proposals for targeted aid to airlines, small businesses and households, while the House of Representatives has indicated that no vote is expected.
Chinese market capitalization at its 2015 level
In Asia, the CSI 300 of the main capitalizations of the Shanghai and Shenzhen stock exchanges hovered around equilibrium this morning, the day after a 3% gain in anticipation of Xi Jinping’s announcement of new measures to open the market. Chinese economy to foreign investors. Yesterday’s rally brought the market capitalization of Chinese places above $ 10,000 billion for the first time since 2015, according to data compiled by Bloomberg. According to customs data, Chinese exports expressed in dollars jumped 9.9% year on year in September, while imports rose 13.2%, against respectively + 10% and + 0.4% estimated.
On the statistics front, the ZEW institute is due to unveil its business climate index in Germany this morning in October. It will be followed by the IMF’s economic forecast, then by September inflation figures in the United States.
Unibail and Sanofi surrounded, Airbus degraded
Sanofi gains 0.9%. The group announced that Dupixent, developed with the American Regeneron, has obtained convincing results in a clinical trial in children with severe asthma.
The biggest increase in the Cac 40, Unibail-Rodamco-Westfield is up 3.3%. The commercial real estate specialist has reached an agreement to sell an office building in Issy-Les-Moulineaux, in the Paris region, to French institutional investors for 620 million euros.
TechnipFMC climbs 3.2% on the back of Jefferies’ rating from “underperformance” to “hold” on value.
Among analysts’ ratings, JPMorgan downgraded Airbus (-3.3%) from “neutral” to “underperformance”. Bernstein began monitoring L’Oréal (+ 0.3%) to “outperform” to target 340 euros. Jefferies raised its price target on Worldline (+ 0.6%) from 92 to 110 euros by maintaining its recommendation to “buy”.
Finally, CGG is up 2.1% after winning data management contracts representing an order book of around $ 10 million for its “Smart Data Solution” (SDS) business.
Stocks to watch Tuesday on the Paris Stock Exchange and in Europe, where benchmark futures are signaling an open without much change:
AIRBUS – After more than three months of negotiations, the main Airbus unions signed on Monday the majority agreement on the job protection plan launched at the beginning of the summer by the European aircraft manufacturer, he said. we learned from union sources.
J.P. Morgan has also downgraded its recommendation on the title, to “underperform” against “neutral”.
The European PHARMACEUTICAL SECTOR could react to the announcement by the American Johnson & Johnson of the interruption of clinical trials of its potential vaccine against COVID-19 because of an unexplained disease contracted by one of the participants.
* SANOFI – Dupixent, which Sanofi is developing with the American Regeneron, has obtained convincing results during a clinical trial on children with severe asthma, the French laboratory announced on Tuesday.
ROCHE plans to sell its new antigenic test for COVID-19 to laboratories before the end of the year, the Swiss pharmaceutical group announced on Tuesday.
UNIBAIL-RODAMCO-WESTFIELD – The commercial real estate group announced on Monday that it had reached an agreement with a consortium of French institutional investors on the sale of the SHIFT office building in Issy-les-Moulineaux for an amount of 620 million euros, as part of its 9 billion euros plan unveiled last month to strengthen its balance sheet. The transaction is due to close in January 2021.
CECONOMY – The German consumer electronics distribution group announced Monday shortly before the close to expect 2019-2020 annual results well above initial indications and market expectations thanks to a better-than-expected fourth quarter. The title ended the session up 5.78%.