Goodbye 2020?

Goodbye 2020?
Goodbye 2020?
Thrill seekers got bored yesterday: + 0.01% for the Nasdaq 100, + 0.02% for the CAC40. The confectioners’ truce seems to have taken a little lead this year on stock markets which have had their fill of roller coasters in 2020. In any case, we should not rely on the raw numbers to tell the story. challenge we faced. Take the MSCI World Index for example, which covers over 1,600 stocks and 23 developed stock markets. In 2020, it shows a gain of 10.8%, while its average annual growth over the past 50 years is slightly less than 9.5%. And I am not even talking about the indices of technological stocks, which made all counters panic.

Difficult to detect the dive / rebound sequence of 1is semester of 2020, the anguish of the populations, questions about economic development models, the spleen of traders or the anger of nursing staff. It is also difficult to imagine that these figures include economic shocks and a fortiori public debts out of control, where the slightest budget overrun was still taboo a year ago. This is how the financial markets chart their course and 2020 will become, as in previous years, a series of numbers amidst other series of numbers.

The course of the indices in 2020 also shows the need for investors, even small ones, to diversify their exposure. What was still very complicated twenty years ago has become very easy. Too bad to be stuck on a CAC40 at -6.6% when the average of the developed markets gains more than 10%.

Failing to gain height right away, let’s talk a little about the determinants of today’s session. The United States faces the second wave of the coronavirus with a record one-day deaths – more than 2,800 – and a messy day after the Thanksgiving crossover. Seen from Wall Street, this situation should push politicians to accelerate their negotiations on a new envelope of support, history of having ammunition until the vaccination begins to produce its effects, which will be judged on curves and not on the finger. wet as is currently the case. In Europe, we are still arguing over Brexit with threats from both sides of the Channel, while Boris Johnson is restoring his image to his compatriots a little with the first approval of the vaccine from Pfizer and BioNTech by a nation western. The perfidious Albion did not fail to point out that it was thanks to Brexit that she was able to act so quickly, by freeing herself from the bureaucracy of the European Medicines Agency. EMA who has also left London for Amsterdam because of the said Brexit.

Leading indicators were without any real trend this morning in Europe and the United States. Perhaps because of the blues of having lost in quick succession Diego Maradona, Anne Sylvestre and Valéry Giscard d’Estaing? Or maybe just because the 2020 games are almost done. The CAC40 lost 0.15% to 5575 points at the start of the session.

The economic highlights of the day

End services PMI indices are expected everywhere today. European retail sales (11:00 a.m.) will precede the Challenger study on layoffs (1:30 p.m.), new weekly unemployment benefit claims (2:30 p.m.) and ISM for services (4:00 p.m.).

The euro continues its ascent to 1.2124 USD. The ounce of gold goes back to 1834 USD. Oil is also recovering, to $ 48.28 Brent and $ 45.27 WTI. The American debt sees its yield rise to 0.94% over 10 years. Bitcoin retreats slightly around $ 19,100.

The main changes in recommendations

  • AB Volvo: UBS remains neutral with a target raised from 184 to 194 SEK.
  • Amundi: Citigroup switches from buying to neutral.
  • Applus: Morgan Stanley moves from overweighting to online, targeting EUR 8.75.
  • Boliden: Goldman Sachs resumes selling follow-up targeting 230 SEK.
  • CTS Eventim: Kepler Cheuvreux remains neutral with a target raised from 42 to 49 EUR.
  • Danone: JP Morgan moves from overweighting to neutral targeting 58 EUR.
  • Electricité de France: Bernstein goes from neutral to outperforming by targeting 16 EUR.
  • Eurofins Scientific: Morgan Stanley moves from online weighting to underweighting, targeting EUR 62.
  • Fluidra: HSBC moves from buy to hold targeting EUR 18.50.
  • Gerresheimer: Kepler Cheuvreux remains for sale with a target raised from 62 to 88 EUR.
  • Global Fashion Group: Baader Helvea starts buy tracking by targeting EUR 11.
  • Henkel: JP Morgan moves from neutral to overweight targeting EUR 100.
  • K + S: Kepler Cheuvreux remains a buyer with an objective raised from 10 to 13 EUR.
  • Kingspan: Exane BNP Paribas moves from neutral to outperforming targeting EUR 90.
  • Kojamo: JP Morgan moves from neutral to overweight targeting EUR 21.30.
  • Royal Dutch Shell: Bernstein goes from neutral to outperforming.
  • SGS: Morgan Stanley moves from online weighting to overweight targeting CHF 3,000.
  • Siemens Healthineers: Commerzbank switches from keep to buy targeting EUR 47.
  • ThyssenKrupp: Kepler Cheuvreux goes from selling to neutral aiming for 6 EUR.
  • Traton: UBS remains long with an objective raised from 22.50 to 24.580 EUR.
  • VAT Group: Credit Suisse raises its price target from CHF 134 to CHF 159.
  • Wacker Chemie: Baader Helvea remains for the purchase with a price target raised from 123 to 130 EUR.
  • Wärtsilä: HSBC switches from lean to hold by aiming for EUR 8.
  • Worldline: Morgan Stanley resumes online weight tracking targeting EUR 81.

Company news

In France

Important announcements

  • Orange will use the € 2.2 billion recovered following a tax dispute to strengthen its projects, improve its efficiency, launch an employee shareholding operation, distribute an exceptional coupon of EUR 0.20 and buy back the balance of the capital of Orange Belgium.
  • Worldline launches an employee shareholding plan.
  • Kering inaugurated its new operational center in the United States.
  • S&P downgrades Vivendi’s “BBB” credit rating outlook from stable to negative.
  • Engie has retained BNP Paribas, Credit Suisse and Lazard as advisory banks for the sale of its services activities, Bloomberg has learned.
  • Crédit Agricole issues € 1 billion in social bonds.
  • Rexel anticipates cash flow of at least € 500 million in 2020, more than expected.
  • Valneva is stepping up development of its Lyme disease vaccine candidate.
  • Mersen lands an order for € 2 million with Siemens Energy.
  • Eurazeo acquires the Johnson Estate real estate complex, located in the British capital, from Derwent London.
  • Solutions 30 is expanding in the United Kingdom by acquiring Comvergent Holdings.
  • Korian buys real estate assets in the Paris region and Center-Val de Loire.
  • Gaussin launches its range of intelligent RDV vehicles for rapid airport transport.
  • Quantum Genomics launches € 16m increase to € 4.50 per private placement.
  • Nextedia takes 22% of the capital of Sullivan Cloud.
  • Abeo signs a technological alliance with Vogo.
  • Lexibook is launching a range called “Acoustix” with Bluetooth headphones.
  • 1000Mercis is launching an OPR on 18.9% of its capital (500,000 shares), at EUR 18 per share.
  • Archos is re-promoting its digital safe for cryptocurrency, Safe-T Mini.
  • Predilife extends the subscription period to its capital increase to December 18.
  • Caisse Régionale du Crédit Agricole Mutuel d’Ille-et-Vilaine and Manutan have published their accounts.

In the world

Important announcements

  • Orange will buy back the remaining capital of Orange Belgium at EUR 22 per share.
  • Nestlé strengthens its ecological transition plan by unveiling its detailed objectives.
  • Amazon.com is considering taking over the podcast platform Wondery, according to the Wall Street Journal.
  • Two federal agencies are putting pressure on Google regarding the monitoring of some of its employee activists.
  • The Boeing Company’s B737MAX makes its maiden flight on an American Airlines aircraft with the press and industrial employees on board.
  • TUI AG signs a third bailout for an amount of € 1.8 billion, with the support of private investors, banks and the German government.
  • Gategroup finalizes the takeover of the European catering activities of Deutsche Lufthansa.
  • Merck sold its Moderna shares.
  • Leonardo Del Vecchio increases his stake in Mediobanca to around 11%.
  • Macquarie Group will buy Waddell & Reed for $ 1.7 billion.
  • LafargeHolcim is investing 100 MCHF in India in the recovery of heat produced by waste.
  • XPO Logistics will split into two companies.
  • Pershing Square will replace Homeserve in the FTSE 100.

It publishes today. Dollar General, DocuSign, Marvell Technology, Kroger, Fonterra, Countryside, SAS AB, Derichebourg…

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