Thursday, May 19, 2022
Home Business Morning meeting AOF France / Europe – Caution before US employment

Morning meeting AOF France / Europe – Caution before US employment

(AOF) – An opening close to equilibrium with a bearish bias seems to be looming for European equity markets. In Tokyo, the Nikkei has yet to close with a gain of 0.69%. Not enough to compensate for the fall of Wall Street yesterday. Investors are worried about the outlook for the global economy. Galloping inflation forces central banks to act strongly, even if it means tipping the world into recession. In this context, the US private employment figures are awaited with keen interest this afternoon. The yield of the 10-year US slackens this morning but remains above 3%.

The values ​​to follow today


Eiffage, through its subsidiary Eiffage Énergie Systèmes, has entered into an agreement to acquire 70% of Snef Telecom. Subsidiary of Snef and national reference player on the French mobile telecommunications market, Snef Telecom achieved a turnover of nearly 200 million euros in 2021, with around 1,000 employees spread throughout the territory.


Sales were up 1%, at 31.3 billion euros on a like-for-like basis in the first quarter. Turnover in health was up 6%, at 4.4 billion euros. Commercial insurance revenues excluding AXA XL Re (-12% to 1.5 billion euros) increased by 4%, to 10.7 billion euros and those of personal protection, by 3%, to 4.3 Billions of Euro’s. The turnover of life insurance, savings, retirement fell by 3% to 8.4 billion euros.


JCDecaux’s adjusted revenue for the first quarter of 2022 increased by 50.3% to 683 million euros, compared to 454.3 million euros in the first quarter of 2021. Excluding the positive impact changes in exchange rates (no impact of changes in scope in the first quarter of 2022), adjusted revenue increased by 45.7%. Street Furniture, the outdoor communication specialist’s leading item, grew by 55.3% (+52.6% organically) to 347.5 million euros.


Rubis achieved revenue in the first quarter of 2022 of 1.473 billion euros, up 49% year-on-year. Activity was driven mainly by the rise in oil prices, but also by the strong growth in volumes (+10%), up from pre-Covid levels. The hydrocarbon distributor has generally benefited from the recovery of tourism in the Caribbean region, specific growth reservoirs (LPG-fuel) in Europe and a good commercial dynamic in the network of stations in East Africa.

Macroeconomic figures

Investors will learn at 2:30 p.m. of the US employment report in April.

Around 8:30 a.m., the euro lost 0.23% to 1.0521 dollars.

Yesterday in Paris

Sharply higher at the opening, European equity markets finally ended in the red. The Old Continent did not resist the fall of Wall Street caused in large part by soaring interest rates. The US 10-year yield soared nearly 11 basis points to 3.07% and crossed the symbolic 3% threshold for the first time since November 2018, thus dragging European rates down with it. Investors understood that the Fed would continue to normalize its monetary policy. The CAC 40 fell 0.43% to 6,368.4 points. The Euro Stoxx 50 lost 1.05%.

Yesterday on Wall Street

US stock markets fell on Thursday. After the euphoria comes the migraine. Investors doubt the ability of the Fed to curb inflation without causing a recession in the US economy. In this context, the figures for private employment in April and the next statistics on inflation will have to be watched very closely. In the meantime, and a sign of the ambient stress, the interest rate market went into overdrive: the yield on the 10-year American bond rose above 3%. The Dow Jones lost 3.12% to 32,997.97 points and the Nasdaq 4.99% to 12,317.69 points.


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