CAC40: unsuccessful end of quarter, Stellantis down -15

(CercleFinance.com) - Many stock markets have missed the last step of September and Q3, notably Tokyo this morning, which fell -4.
8% to regain last Wednesday's levels.

At -1.8%, towards 7.650, the CAC40 erased almost half of last week's gains (+3.8%) against a backdrop of geopolitical uncertainties rekindled by the death of Hezbollah's leader over the weekend, followed by continued bombing raids on Lebanon, in the midst of civilian populations, including in northern Lebanon.

The CAC40 ended September at almost the same level as on August 30, gaining 2% over the quarter, a performance comparable to that of the Nasdaq and Euro-Stoxxx50 (-1% on Monday, the '5.000 are preserved).
Wall Street reopened without direction, with the Dow Jones down -0.5%, the S&P500 up +0.1% (+5.2% over the quarter) and the Nasdaq unchanged.

In Europe, investors did not welcome the good German (+1.6%) and Italian (+1.2%) consumer price indices, nor did the bond markets, with -2.5pts on German Bunds at 2.115% and -1pt on our OATs at 2.915% (i.e. an 80pt spread over Germany), and only -1pt on Italian BTPs at 3.445%, despite very muted inflation.
In the US, T-Bonds are down +1.3pts to 3.766%.

Inflation figures for the eurozone as a whole are due on Tuesday, and should be good.
Traders will also be paying close attention this week to the PMI and ISM activity indices, as well as to the US employment report for September.

In stock news, Stellantis is weighing heavily on the CAC40 with -15% (annual low clearly breached): the group has reduced its 2024 targets to take into account its decision to amplify its actions to correct performance problems in North America, as well as the deterioration in the dynamics of the global automotive sector.

Vivendi has entered into bilateral structured financing agreements to cover its potential bond debt repayment needs, should its demerger project be completed.

Atos announces that its shareholders and financial creditors, meeting in classes of affected parties, have broadly supported the proposed accelerated safeguard plan, with all three classes voting in favor by the required majority.

TotalEnergies reports that it has commissioned Danish Fields and Cottonwood, two giant solar power plants with battery storage located in southeast Texas, new projects representing a combined capacity of 1.2 GW.

Oddo BHF reaffirms its 'outperform' rating on STMicroelectronics, with a price target reduced from €40 to €36, in the wake of lowered EPS estimates for 2024-26 of around 7% for the Franco-Italian semiconductor manufacturer.

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