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Mid-session analysis AOF France/Europe – Slight decline before the results of Goldman Sachs and Morgan Stanley

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Mid-session analysis AOF France/Europe - Slight decline before the results of Goldman Sachs and Morgan Stanley

(AOF) – European markets fell back modestly pending the results of Goldman Sachs and Morgan Stanley. Currently, US index futures are falling slightly. The start of the session was marked by the announcement of very weak Chinese growth in 2022, but better than expected in the fourth quarter. The ZEW index also clearly surprised. In Paris, Renault fell back slightly after announcing a further drop in sales volumes in 2022. Around 12 p.m., the CAC 40 lost 0.30% to 7,022.38 points while the EuroStoxx50 lost 0.31% to 4 144.31 points.

The German fashion group Hugo Boss (-2.13% to 59.32 euros in Frankfurt) exceeded its sales and profit targets for the whole of the 2022 financial year. According to preliminary data, the brand thus achieved a record turnover of 3.66 billion euros over this period, reflecting strong growth of 31%. Its operating profit (Ebit) jumped 47% to 335 million euros. For its 2022 sales, Hugo Boss previously targeted a range between 3.5 and 3.6 billion euros, with an increase in EBIT of 35-45% to 310-330 million euros.


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Renault announced its fourth consecutive year of declining registrations with a 9.4% decline in 2022 compared to 2021, citing “a context of supply constraints”. The title of the car manufacturer lost 0.27% to 37.215 euros. The diamond brand reports that its global sales stand at 1,466,729 units, including 832,605 in Europe and 634,124 internationally, and points out that it is the third brand in the electric vehicle market in Europe and the second for sales of hybrid vehicles.

catana “opens its new 2022/2023 financial year on solid foundations” with activity up 34.89%. The pleasure craft specialist reports that it is recording “a sustained level of activity” “in all its compartments”, after a significant market share gain in 2021/2022, materialized by historic growth of 46%. Quarterly revenue for the new fiscal year stands at 40.12 million euros, compared to 29.74 million for the 1st quarter of the previous fiscal year, which makes it possible to maintain a “double-digit growth outlook” for 2023. On the stock market, the Catana share rose 6.45% to 6.77 euros.


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The macroeconomic figures of the day

The ZEW index of German investor sentiment on the economic outlook came in at 16.9 in January, significantly beating the consensus of -15. It had risen to -23.3 in December.

The rise in consumer prices in Germany reached 9.6% over one year in December, after +11.3% in November, announced this Tuesday Destatis, the federal institute of statistics, confirming its first estimate.

The growth of the Chinese economy fell in 2022 to one of its weakest levels in nearly 50 years, or 3%. The strict “zero Covid” policy has in particular penalized activity in the countries. This figure is well below China’s target of around 5.5% and it marks a marked slowdown compared to 2021 when GDP grew by 8.4%. However, the Chinese economy was more dynamic than expected in the fourth quarter, recording growth of 2.9% on an annual basis, clearly exceeding the consensus of 1.6%.

The New York Fed’s January manufacturing index is due at 2:30 p.m.

Around 12:00 p.m., the euro lost 0.05% to 1.0818 dollars.

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