(AOF) – European markets are again on the rise on Friday, driven by a new slew of quarterly results. In a context of rising long rates, cyclical stocks are celebrating in Paris, while defensive stocks are lagging behind. The numerous macroeconomic statistics, such as European inflation or German growth, did not hold any unpleasant surprises, unlike French growth. At mid-session, the CAC 40 advanced by 0.71% to 6,554.50 points, and the Euro Stoxx 50 by 0.88% to 3,810.20 points.
Safran (+0.66% to 106.16 euros) confirmed its 2022 targets despite the impact of the war in Ukraine. The suspension of all commercial exports to Russia and of all operations in this country represents a loss of activity of approximately 2% of revenue and an estimated impact of approximately 70 basis points on the margin . The increase in tensions in the supply chain and in inflation induced by the Russian-Ukrainian conflict is also reflected in a further rise in inflation for raw materials, transport and energy.
Saint-Gobain offers a rise of 2.07% to 56.73 euros on the Paris stock exchange, brought to its quarterly publication. The building materials specialist’s turnover reached a new record of 12.007 billion euros, representing growth of 16.4% over one year, at comparable structure and exchange rates. An amount 5% higher than consensus expectations.
Spie advances this morning by 4.4% to 22.90 euros, thus ranking on the podium of the SBF 120, thanks to the publication this morning of a better than expected quarterly report. The multi-technical services specialist has indeed published an EBITA for the first quarter of 2022 of 70.4 million euros, up 17.7% and 7% higher than the consensus. Its margin was thus 3.9%, against expectations of 3.8%, an increase of 20 basis points which, according to Jefferies, “bodes well for the management’s objective of ‘progress’ EBITA’ margin continues for the 2022 financial year”.
The macroeconomic figures of the day
Inflation in the euro zone in April rose to 7.5% in annualized data, according to a preliminary estimate, up 10 basis points compared to March. A figure, however, in line with analysts’ expectations. So-called “core” inflation, i.e. adjusted for the most volatile elements such as food or energy, was 3.5%, up 60 basis points compared to the month of March, and above the consensus (3.2%).
GDP growth in the euro zone stood at 5% in the first quarter of 2022, in annualized data, according to preliminary data from Eurostat. A figure perfectly in line with the consensus and which represents a slight acceleration compared to the previous quarter, when growth was 4.7%.
GDP growth in Germany was 3.7% in the first quarter, on an annualized basis, according to preliminary data from the Federal Statistical Office. This represents a marked acceleration from the previous quarter, when growth was 1.8%, while analysts’ consensus was for +3.6%.
In the United States, income, household consumption and the PCE price index in March will be known at 2.30 p.m., the Chicago area purchasing managers’ index at 3.45 p.m. and the consumer confidence index for the University of Michigan in April.
Around 12:15 p.m., the euro regained 0.62% to 1.0565 dollars.