Promises in the Torpit Auûtienne

Is this the September approach, whose poor stock market reputation is no longer to be demonstrated? In any case, investors have started to adopt a slightly more wait -and -see position in recent days. Yesterday, the American market stagnated (-0.01% for the S&P 500) while the European market scored a little ground (+0.08% for the Stoxx Europe 600), but with strong local disparities, since the CAC 40 French lost 0.5% while the FTSE 100 British gained 0.21%. Since Friday the meeting between Trump and Putin in Alaska, the pressure rose to find out what was going to happen on Monday evening, after an interview between the European block flanked by Volodymyr Zelensky and the President of the United States. In the end, much did not happen. THE team Zelensky played seduction and Donald Trump lent himself to the exercise, without entering his usual emphasis and spectacular statements too much.

The White House pushed for a peace solution negotiated in Ukraine via a meeting between Zelensky and Putin. She refused to provide direct military guarantees but said she was ready to coordinate security commitments made by Europeans. It is not a surprise: the United States no longer wants to pay without return for the defense of others. The summit between Ukrainian and Russian leaders could be organized within two weeks, said German Chancellor Friedrich Merz. Trump said he will agree to join the duo once he has laid the foundations for an agreement, in order to play the mediators.

All this remains very vague. The reaction of the markets speaks volumes about the hot analysis: the futures Americans preferred to stay on vacation, while European advanced indicators were limply bullish. Oil has dropped down because a ceasefire in Ukraine could make Russia, a large producer, again frequentable, which would be beneficial for the offer. But the decline did not erase the earnings of the day before, a sign that investors are waiting to see. The Kremlin keeps its hand on the calendar and on the course of operations. On the Paris Polymarket platform, which makes it possible to take the pulse of the feeling of the street, the probability of a cease-fire in Ukraine has gone from 35 to 39% by the end of the year, and from 45 to 51% by March 31, 2026. There is also a certain skepticism.

As long as Zelensky and Putin did not record their meeting in marble, the markets have no reason to react more. In geopolitics more than elsewhere, promises only engage those who listen to them.

The attention of investors will quickly refer to monetary policy while the date of the Jackson Hole symposium is getting closer. The annual Summit of Central Bankers is starting on Thursday, but it was Friday that was circled in red with a much -awaited speech by Jerome Powell, the president of the Fed. The financiers hope that it will be a question of the strategy of evolution of the rates of the American central bank, by strongly wishing that the speech corroborates their hopes of several softenings by the end of the year. The term contracts are currently incorporating two drops in 2025, but recent experience shows that it is a variable geometry prophecy, very sensitive to macroeconomic statistics that will fall by mid-September. This will be an opportunity to see if Powell always masters the delicate art of the central banker: suggest everything without really saying anything.

The rest of the news of the day is dominated by the confirmation by S&P of the sovereign notation “AA+” of the United States, accompanied by a stable perspective. This is a good point for the White House, since the agency believes that the additional customs duties and the Trump administration’s tax law are an almost zero -sum game.

In the markets of the Asia-Pacific region, two distinct camps are visible. Australia, Taiwan and South Korea retreat from 0.5 to 1%. The Sydney Stock Exchange is penalized by the fall of its Pharma star, CSL, after the announcement of a close to cost reduction and its project to split its vaccine division. Chinese and Indian places are continuing their ascent in moderate proportions. Tokyo is close to balance.

The CAC40 finds the 7,900 points when opening thanks to an increase of 0.2%. The SMI is quieter (+0.05%) at 12,080 points. The beautiful 20 is on the 4,800 points, down 0.2%.

The economic highlights of the day

In the United States, the stats on building permits (2:30 p.m.) will precede a speech from the “dissident” of the Fed, Michel Bowman (8:10 pm Time of Lacomte-en-Bauges). The whole agenda here.

The quotes are those of the day around 7:00, the links allow you to have real time:

The main changes in recommendations

• ABN AMRO: ING Bank remains to be preserved with a price target noted from 17.30 to 24 EUR.
• Adyen: Oddo BHF remains in outperformance with a reduced course target from 2200 to 2050 EUR.
• Assura: Peel Hunt goes from right to buy with a 60 GBX course target.
• BBVA: Bestinver Securities maintains its purchase recommendation and raises the target of courses from 14.95 to 17.90 EUR.
• Do & CO: Wood & Company Financial Services goes to buy with a price of courses noted from 205 to 253 EUR.
• Dowlais Group: RBC Capital goes from outperformance to market performance with a price of courses noted from 70 to 77 GBX.
• Flughafen Zürich: Grupo Santander remains to outperformance with a course of course raised from 239 to 259 CHF.
• Galderma Group: Jefferies maintains its purchase recommendation and raises the price of courses from 112 to 160 CHF.
• HelloFresh: Grupo Santander remains to outperform with a reduced course target from 14.43 to 13.35 EUR.
• Intertek Group: Panmure Liberum starts monitoring with purchase with a price target of 5579 GBX.
• Koskisen: Inderes goes to accumulate to lighten with a price of courses noted from 8.25 to 9 EUR.
• Merck KGAA: Barclays switches to overcoming market weighting with a reduced course target of 150 to 120 EUR.
• Meto Bank: RBC Capital Passes of market performance in outperformance with a price target of 155 GBX.
• Novo Nordisk: TD Cowen remains to be purchased with a reduced course target from 105 to 70 USD.
• OC Oerlikon Corporation: RBC Capital remains at market performance with a reduced course target of 4 to 3.30 CHF.
• SWECO: DNB Carnegie initiates the coverage with a purchase recommendation and a price lens of 210 SEK.
• Salvatore Ferragamo: Citi remains to be preserved with a reduced course target of 5.30 to 4.65 EUR.
• Sats: Seb Bank starts monitoring with purchase with a price target of 44 Nok.
• Stifel Stifel remains to buy with a reduced course target from 140 to 130 CHF.
• TGS: Fearnley Securities goes to buy with a reduced course of 100 Nok at 65 Nok.
• Totalnergies: Rothschild & Co Redburn maintains its purchase recommendation and raises the price of courses from EUR 59 to EUR 62.
• Vestas Wind Systems: RBC Capital remains in outperformance with a price of courses noted from 128 to 139 DKK.
• Zalando: Baader Helvea goes to accumulate to buy with a reduced course target from 37 to 32 EUR.

In France

Important ads (and less important … I specify that the information is given hot before opening and does not prejudge the color of the actions during the session)

• Vinci wins a contract in Australia on the Eastern Freeway.
• Aéroports de Paris announces a slight growth in traffic in July.
• Biomérieux obtains the authorization of the FDA for its Spotfire test.
• Frey, allied with Street Cale, bought three Italian outlets for 410 murder and their specialized management company.
• Eagle Football signs Dominik Greif for 4 murder.

• The OPA project simplified at 0.033 EUR of Novaagro on Agrogeneration has been deposited.

• Buy-louer buys Solana.
• Metavisio lifts 1.5 gross murder via an operation reserved for 0.01 EUR and announces to end its Ocabsa program.
• The main publications of the day :… The rest here.

In the vast world

Important ads (and less important)

D’Europe

• MediBanca obtains the agreement of the ECB for the acquisition of Banca Generali.
• Glencore invests massively in copper in Argentina.
• Skanska wins a $ 249 million contract for work on a bridge in New York.

• Moody’s place under Revue pour enrontrique La Note B3 by Peach Property.

• COLOPLAST displays net profit in the third tax quarter, but an increasing turnover.
• Docmorris records increased loss in the first half.
• Medartis raises his annual forecasts.
• Basilea has a declining net profit in the first half, but its turnover increases.

• The Cantonal Bank of Geneva slowed down by interest rates in the first half.

• Idorsia will buy 755 million Swiss francs from convertible bonds.
• The main publications of the day : Coloplast, Investment AB Latour, PSP Swiss, DocMorris, Basilea…

North America

Of Asia and elsewhere

• BHP increases its profit thanks to Chinese copper demand.
• CSL will lay off up to 15% of its workforce and sell its flu vaccine division.
• Woodside has a 24% drop in its profit in the first half due to the drop in prices and damping costs.

• The South African company MTN is the subject of an American investigation concerning its activities in Afghanistan.

• Santos signals a delay in the finalization of the agreement with the consortium led by a subsidiary of DNOC.
• Fujitsu signs a license agreement with Palantir.

• Shein plans to repatriate his seat in China to seduce Beijing in order to be able to make an IPO in Hong Kong, after receiving a more than lukewarm reception in New York and London.

• The main publications of the day : Xiaomi Corporation, BHP, Pop Mart International, Woodside, CSL, WuXi Biologics…

The rest of the global publication agenda here.

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