The tech inflated to block, the rest caps

The trajectory of the American clues speaks of itself: the promises of artificial intelligence sweep everything in their path, in a context where the results of the companies are rather promising and where the inflationary fears are relegated to the background, at least in the short term. This renewed enthusiasm for technological values propels the major American clues to new records, while European actions remain at the quay. Result of the races, the Nasdaq 100 explored unknown lands beyond 23,200 points and the S&P 500 has scored a new high point at 6336 points. After the semiconductor sector last week, the other tech giants took over yesterday, in particular Alphabet, Amazon and Meta. Note that this buying fever does not diffuse to all the American clues. Despite a good relaxation of American rates yesterday, the average values remain shunned compared to the stars on the side. Proof of this is, the Russell 2000 lost ground yesterday. One more fact that illustrates the growing concentration of markets around a few technological giants.

The situation at Wall Street contrasts with the opposite bank of the Atlantic. Most European markets fell yesterday or, at best, closed close to balance. Paris gave in 0.31%, Frankfurt did a Surlace and London nibbled 0.23%. All this gives a Stoxx Europe 600 in small decrease of 0.1%. A session without much relief in short. It must be said that recent news revolves around the retaliation measures that Brussels is preparing in the event of failure of commercial negotiations with the United States before the fateful deadline of 1^is august. In this context, it will be necessary to wait a few more sessions to see if the results of the largest European capitalizations will take up the ascendant on the current talks to dictate the trend. SAP, the largest capitalization of the old continent, will enter the track tomorrow evening if I believe the Zonebourse agenda, before LVMH, Roche, Nestlé and Totalenergies later in the week.

For the rest, the dynamics at work recently continue:

• The dollar is under pressure everywhere.
• The yield of US state bonds continues its reflux.
• Precious metals are on the rise despite the market libido for risky assets. The Olympic form of gold is strongly linked to the previous two points.
• Cryptocurrencies are at the party and benefit from the support of the American legislator.
• Oil wedges due to an offer deemed abundant.

Let’s go back to the session that opens, which will be calm in indicators but rich in corporate publications. In Europe, the Unicredit Italian bank, the Swiss Givaudan and the equipment specialist for the manufacture of ASM International semiconductors are on tablets. The United States will not be outdone, with The Coca-Cola Company, Phillips MorrisRTX Corporation, Texas Instruments ou Intuitive Surgical.

The routes are quite disparate at the Levant. Shanghai and Hong Kong grab a few points at the end of the course. Sydney and Bombay oscillate around balance. Tokyo and Seoul are in more marked withdrawal. European advanced indicators suggest that a moderate decline.

The economic highlights of the day

On the macro program, a line to monitor, that of the confidence of consumers of the Conference Board. The whole agenda here.

The quotes are those of the day around 7:00 am:

The main changes in recommendations

• ACS, Actividades de Constucción Y Servicios: Morgan Stanley maintains its market weighting recommendation with a price of courses from 46.22 to 62 EUR.
• Antofagasta: Morgan Stanley maintains its market weighting recommendation with a price of courses noted from 1780 to 1940 GBX.
• ASHMORE Group: Morgan Stanley maintains its market weighting recommendation with a price of courses from 152 GBX to 160 GBX.
• Azimut Holding: Barclays maintains its market weighting recommendation with a price of courses noted from 23.20 to 24.70 EUR.
• BBVA: Citigroup maintains its purchase recommendation with a price of courses noted from 13.80 to 15.10 EUR.
• BE Semiconductor Industries: HSBC maintains its recommendation to keep with a price of courses noted from 95 to 122 EUR.
• Belimo Holding: Morgan Stanley maintains its market weighting recommendation with a price of courses from 723 to 845 CHF.
• Burberry Group: HSBC maintains its purchasing recommendation with a price of courses noted from 1450 to 1600 GBX.
• Danske Bank: Goldman Sachs maintains his neutral recommendation with a price of courses noted from 250 to 255 DKK.
• ENEL: Jefferies remains with purchase with a price of courses noted from 8.60 to 9.50 EUR.
• Eon: Morgan Stanley degrades its recommendation to overcome market weighting with a price target of EUR 18.
• Evotec: Deutsche Bank maintains its recommendation to keep with a reduced price target from 7 to 6 EUR.
• Hensoldt: Morgan Stanley maintains its recommendation to undergo with a price of courses noted from 45 to 78 EUR.
• Infineon Technologies: Goldman Sachs maintains its purchase recommendation with a price of courses from EUR 38 to EUR 41.50.
• Legrand: Deutsche Bank maintains its purchase recommendation with a price of courses noted from 123 to 130 EUR.
• Roche Holding: Bank vontobel AG maintains its purchase recommendation and reduces the price of courses from 303 to 299 CHF.
• RYANAIR HOLDINGS: AlphaValue/Baader Europe maintains its sales recommendation with a price of courses noted from EUR 20 to EUR 20.10. JP Morgan maintains its recommendation to overcome with a price of courses noted from 28 to 30 EUR.
• Rémy Cointreau: Morgan Stanley maintains his recommendation to undergo with a reduced course target of 45 to 43 EUR.
• Salzgitter: Morgan Stanley maintains its recommendation to undergo with a reduced course target from 16 to 15.60 EUR.
• Stellantis: Deutsche Bank maintains its recommendation to keep with a reduced price target from 10 to 8 EUR.
• Swatch Group: Citigroup remains in neutral with a reduced course target from 147 to 143 CHF.
• Tag Immobilien: Citigroup maintains its purchase recommendation with a price of courses noted from 22 EUR to 22.30 EUR.

In France

Important ads (and less important, etc.)

In the vast world

Important ads (and less important)

D’Europe

• Astrazeneca will invest $ 50 billion by 2030 in the manufacture of drugs and R&D in the United States.
• Givaudan improves its sales and profits in the first half, the vigor of the Swiss franc weighs.
• Akzo Nobel revises its profits due to market uncertainties.
• Lindt revives its growth forecasts.
• Norsk Hydro exceeds expectations in the second trimester.
• Julius Bär Gruppe displays a net profit of $ 370 million in the first half.
• EQT acquires the Spanish activities of Adevinta for a valuation of 2 billion euros.
• Universal Music Group confidentially files a request for the Introduction on the Stock Exchange in the United States.
• Unicredit plans to bring his participation in Commerzbank to 28%.
• BBVA provides for the launch of the period of acceptance of its offer on Banco de Sabadell in September.
• Munich Re unveils a better net profit than expected in the second quarter.
• Ericsson joins Ooredoo Kuwait to modernize the mobile billing system.
• Galp Energia, SGPS publishes a drop down in the second half.
• Avio signs new contracts with MBDA for a total of 60 million euros.
• The main publications of the day : SAPUnicredit, Givaudan, ASM International…

North America

• OPENAI supported by Microsoft and the United Kingdom signed a new AI agreement to strengthen security and infrastructure.
• JPMorgan Chase plans to grant loans leaning against the assets in cryptocurrencies of its customers, according to the Financial Times.
• Apple launches an online store in Saudi Arabia.
• Meta calls against requests for VAT payment from Italy according to Reuters.
• Costco Wholesale will open a global skills center in Hyderabad, India.
• Coinbase Globale launches perpetual term contracts on its platform.
• Oracle Corporation is in talks for a cloud contract of $ 100 million with Skydance-Paramount, according to Bloomberg.
• The main publications of the day : The Coca-Cola Company, Philip Morris, RTX Corporation, Texas Instruments, Intuitive Surgical…

Of Pacific Asia and elsewhere

• China recorded a 2.4% drop in smartphone shipments in the second quarter according to Reuters.
• SoftBank and Stargate of Openai are lowering their IA data centers projects due to internal disputes according to the WSJ.
• Samsung Electronics broke a pre -order record with the Galaxy Z Fold 7 and Flip 7.
• BHP withdraws from the nickel project in Tanzania, Lifezone announces.
• The main publications of the day : HD Hyundai Electric Co, Indian Railway Finance…

The rest of the global publication agenda here.

Lectures