Tech gives us a little back -to -school depression

Sometimes, even when you are a little experienced, you can write nonsense. For example yesterday in this same chronicle. Therefore, I explained that the meeting between Europeans and Trump had not made the lines move much about a ceasefire in Ukraine. Nevertheless, It seemed to be the case. Moreover, except that the shareholders of the defense values took tech gives us little back a good return of the crank in the face. Similarly, Of -10% for the Italian Leonardo at -4% for French Thales. Therefore, The sector lost collectively 2.1%, the worst performance of all European specialties. For example, Temporary conclusion? However, The market has brutally integrated an increased probability of a negotiated outcome in Ukraine. Furthermore, which led to releases on the most profitable bet of the year on the old continent … However, and a bad perception of the situation by your servant. Consequently, As my neighbor Emile says. For example, “you better burst your head with a small glass of gnôle before writing your stuff, you would be more clear-sighted. Furthermore, Take a second as a precaution, it helps for style”.

The counter -formance of arms dealers was all the more visible since the rest of the European coast did the Fiesta yesterday. Nevertheless, towed by cyclical values. tech gives us little back LVMH, Renault, Bayer or Puma came out of their depression to offer a big rebound. Paris, Zurich, Warsaw and Stockholm won more than 1%. The concern is that Europe has chosen to wake up right as Wall Street seems to start doubt. The Nasdaq 100 dropped by 1.4%yesterday, weighed down by its ten larger techs, including the two IA stars, Nvidia (-3.5%) and Palantir (-9.4%). Additionally, The movement resulted in the S&P 500 down 0.6%, even if only 30% of the index values fell. But among these 30%were heavy goods vehicles. The Dow Jones played its usual shock absorber role by grabbing 0.02% thanks to the 3.2% increase in The Home Depot, which is 4^e most influential action of the old index. I remind you that the DOW has a slightly archaic operation. since it is a price index, which means that the highest actions in the highest are the tech gives us little back most weighing. As The Home Depot is worth around 400 USD the action while Nvidia is worth 175 USD. the action of the distributor has more weight in the DOW, even if its market capitalization is ten times lower.

This risk aversion thrust comes at a time when the average valuation of the S&P 500 has exceeded 22 times the expected results in 12 months. a return to the peak of the last 20 years, to be compared with an average of 15.9. It also occurs before September. which is statistically the least favorable of the year for the States in the United States on the basis of 98 years of data. Over the past five years, only the 2024 vintage has generated a positive yield (+2.2%), while the previous four had resulted in reductions ranging from -3.9% (in 2020) to -9.3% (in 2022). In optional traders. an indicator that tech gives us little back measures covers against a large fall compared to covers against a small drop has reached a three -year peak, according to information obtained by Bloomberg.

This prudence obviously also coincides with the prospect of an important speech by the president of the Fed. Jerome Powell, from the Jackson Hole symposium. The financiers still wonder if the central bank will keep a rigid bias by warning against inflationary risk. which would limit the potential for lower rate hoped by the market. Wall Street thinks that there are 85% chance that the US rates will move a quarter of a point in September. but the next blows are at least uncertain. Powell’s words will be very important, once again. Donald Trump has maintained the pressure by hammering on the social truth that the president of the Fed is harmful. while adding “there is no inflation, and all the signs indicate a significant tech gives us little back drop in rates”. His secretary to the Treasury, Scott Bessent, did not target Powell, but he distributed good and bad commercial points. If he estimated that the current status quo with China satisfies both parties for the moment. he has broken India and his oligarchs who benefit from the purchase of Russian oil. Russia which remains at the center of the geopolitical questions mentioned at the opening of this column: is Vladimir Putin really ready to make peace with Volodymyr Zelensky. and especially at what price?

In Pacific Asia, the American technological distrust weighs on the morale of the troops. If India and Australia manage to leave on small winnings, Taiwan dives 3% and Japan loses 1.5%. South Korea and Hong Kong give in between 0.5 and 1%. Europe is expected to decrease. with Wall Street indicators which continue to look down despite the correction of the Nasdaq yesterday.

The tech gives us little back CAC 40 returns 0.4% to 7,948 points at the opening. The SMI drops 0.4% too, at 12,163 points. The beautiful 20, however, resumes 0.2% after deciding the day before. Furthermore,

The economic highlights of the day

On the program today: the production price index in Germany. the consumer price index in the United Kingdom and in the euro zone, then in the United States, the stocks of gross doe and the consumer confidence index. The whole agenda here.

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

The main changes in recommendations

• Aberdeen Group: RBC Capital Passes from market performance underperformance with a target of courses from 140 GBX to 195 GBX.
• Cbrain: Abg Sundal Collier goes from buying to keep with a lens of 230 DKK lessons.
• Eurazeo: Berenberg remains to be purchased with a reduced course target from 95 to 85 EUR.
• HelloFresh: Deutsche tech gives us little back Bank remains to be preserved with a reduced course target from 11 to 9.50 EUR.
• HUBER+SUHNER: Research Partners remains to be preserved with a course of course raised from 126 to 131 CHF.
• Intersa Sanpaolo: Citi remains to be purchased with a price of courses noted from 5.10 to 6.50 EUR.
• JYSKE BANK: ABG SUNDAL COLLIER passes to keep buying with a price of courses noted from 695 DKK to 767 DKK.
• KBC Group: ODDO BHF remains in outperformance with a price target noted from 110 to 120 EUR.
• LVMH: CICC goes from outperformance to neutral with a reduced course target from 550 to 480 EUR.
• NIBE INDUSTRIER: Inderes goes to lighten to sell with a target of 40 sek lessons.
• PRYSMIAN: Deutsche Bank maintains its purchase recommendation and raises the price of courses from 78 to 85 EUR.
• Straumann: Deutsche Bank remains to be preserved with a reduced course target from 120 to 113 CHF.
• Swiss Life: Oddo tech gives us little back BHF passes from outperformance to keep with a price of 900 CHF lessons.
• Trifork Group: Abg Sundal Collier passes to keep buying with a price of courses from 95 DKK to 115 DKK.
• United Utilities: Barclays of market weighting to overlap with a price of courses from 1280 GBX to 1535 GBX.
• Vinci: DZ Bank AG Research remains to be purchased with a target of courses from 142 to 150 EUR.
• Watches of Switzerland Group: Barclays remains to be overlooked with a reduced course target from 555 to 425 GBX.

In France

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

• Saint-Gobain sells land belonging to CSR in Australia for 320 murder.
• Jean-Laurent Poitou will replace Ben Page as Managing Director of Ipsos.
• The owner of Carmat files a takeover offer. which should not prevent the liquidation of the tech gives us little back company in its current structure.
• Drone Volt and Totalenergies conclude a partnership.
• Nacon launches his PlayStation 5 license simulation pack.
• The main publications of the day : nothing … the rest here.

In the vast world

Important ads (and less important)

D’Europe

• ALCON has an increase in net profit. its turnover in the first half.
• Geberit records a slight decline in his half -yearly profit.
• Mowi publishes results below expectations but notes its annual slaughter forecast.
• Ithaca Energy revives its annual production forecasts.
• Asr Nederland goes beyond half-year forecast thanks to the solidity of his life insurance activity.
• Emmi records a drop in his profit in the first half, but his turnover increases.
• ISS advises shareholders of the Richemont financial company to vote against the president’s re -election.
• Fitch noted the long -term credit note from Astrazeneca from A to A+.
• Immobilien tag will make a capital increase and issue convertible bonds.
• Peabody puts an end to his agreement to acquire Anglo American tech gives us little back steel coal assets.
• Anheuser-Busch Inbev will invest $ 15 million in a brewery in the United States.
• Avolta obtains a license for 20 more shops at Atlanta airport.
• The Idorsia Tryvio added to the latest US clinical guidelines on hypertension.
• Artnet is about to withdraw from the Frankfurt Stock Exchange.
• The main publications of the day : Alcon. ASR, ASR Dutch, Rockwol, Mowi…

North America

• Nvidia is working on a new AI china china that surpasses the H20, Reuters learned.
• Ford Motor and SK Innovation are looking for customers for the excess battery production of their common Kentucky factory.
• Meta Platforms divided its AI teams into four to strengthen their creativity.
• Black Hills and Northwestern energy energy will merge in an agreement of $ 3.6 billion.
• Nexstar Media will buy Tegna for 3.5 billion dollars in cash.
• Chevron will merge Hess’s exploration team with his, said his CEO to Bloomberg.
• The main publications of the day : The TJX Companies. Progressive tech gives us little back Corporation, Lowe’s Companies, Analog Devices, Target, Estée Lauder, Baidu, Raymond James…

Of Asia and elsewhere

The rest of the global publication agenda here.

Lectures