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Morning meeting AOF France / Europe – On the rise thanks to Wall Street: GDP and company results in the crosshairs

(AOF) – European markets are expected to rise in the wake of Wall Street, which increased its gains in the second half of the session. However, after the close of the US indices, Amazon unveiled disappointing profits and Apple warned that supply problems would weigh heavily on its sales. In Europe, the GDP of the euro zone will be known at 11 a.m., knowing that that of France has disappointed… The results season continues with the activity figures of Seb, Accor, Safran, Rémy Cointreau… On the market exchange rates, the euro is recovering slightly.

The values ​​to follow today

Remy Cointreau

Rémy Cointreau generated revenue of €1.31 billion in fiscal year 2021-22, up 27.3% on an organic basis, including a 9.2% increase in the price-mix effect and an “exceptional” increase in volumes of 18.2%. The wine and spirits group thus generated organic growth of 29.4% compared to 2019-20. On a reported basis, sales increased by 30.0%.

Accor

For the first quarter of 2022, Accor recorded revenue of 701 million euros, up 85% at constant scope and exchange rates (lcc) year on year. Revenue was down 23% like-for-like compared to the first quarter of 2019. RevPAR (revenue per available room, a key indicator for the hotel sector) more than doubled (+108% in published data) compared to first quarter of 2021 but still shows a decrease of 25% compared to the first quarter of 2019.

Saint Gobain

Saint-Gobain’s quarterly sales reached a new record of 12.007 billion euros, representing growth of 16.4% over one year, at comparable structure and exchange rates. This performance reflects the good momentum of all the group’s segments, which all posted double-digit organic growth, accelerating compared to the second half of 2021, driven in particular by renovation in Europe and construction in the Americas and Asia. .

SEB

SEB announced that its sales during the first quarter of 2022 reached 1.915 billion euros, a turnover up 3.4% year-on-year, despite a high comparison basis (+31% in the first quarter of 2021 ). Organic growth was 0.4%, including around -4 points of Russia-Ukraine effects and changes in loyalty programs. Operating profit on activity for its part fell to 172 million euros at constant exchange rates and scope, after a record of 198 million a year ago.

Macroeconomic figures

In Q1 2022, GDP marked time (0.0% quarter-on-quarter, after +0.8%), linked to weak domestic demand: household consumption fell sharply (–1.3% after +0.6%), while investment slowed down slightly (+0.2% after +0.3%), indicated INSEE. The consensus was 0.3% for GDP growth. All in all, final domestic demand excluding inventories made a negative contribution of –0.6 points to GDP growth (after +0.5 points the previous quarter).

Investors expect inflation in April and GDP in the first quarter of the euro zone at 11 am.

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.

This morning, the euro gained 0.52% to 1.0544 dollars.

Yesterday in Paris

European stock markets rebounded on Thursday, in a context marked by a wave of quarterly publications. Capgemini, TotalEnergies, Unilever, Barclays, Nokia… investors applauded generally better-than-expected results, before experiencing two scares after mid-session: German inflation which accelerated in April, and US GDP contracting in first quarter, when it was expected to grow. The markets ultimately retained only the positive, the CAC 40 gaining 0.98% to 6,508 points, and the Euro Stoxx, 0.95% to 3,770 points.

Yesterday on Wall Street

US equity markets increased their gains in the second half of the session. The indices were supported by the solid results unveiled by Meta, Qualcomm and McDonald’s. These reassuring elements gave investors new impetus and allowed them to ignore the surprise contraction of US GDP in the first quarter. While economists were expecting growth of 1.1%, they discovered a drop of 1.4%. The Dow Jones closed up 1.85% at 33,916.39 points and the Nasdaq Composite gained 3.06% at 12,871.53 points.

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