European markets ended close to equilibrium on the eve of the highly anticipated US employment report. It will be scrutinized even more than usual, since Jerome Powell indicated yesterday that the extent of the next monetary tightening will depend on the next statistics. The higher-than-expected weekly jobless claims were appreciated from this perspective. In Paris, Dassault Aviation dominated the SBF 120 thanks to its results while JCDecaux was sanctioned. The CAC 40 fell 0.12% to 7,315.88 points and the EuroStoxx50 ended stable at 4,288.31 points.
On the Frankfurt Stock Exchange, the title of Hugo Boss fell 1.67% to 63.78 euros after the publication of annual results marked by the announcement of a slowdown in sales in 2023. The operating profit (Ebit) of the German fashion group jumped 47 % to 335 million euros compared to 228 million euros in 2021. As a result, the group’s EBIT margin increased significantly, by 100 basis points, to reach a level of 9.2%.
A Paris, Dassault Aviation finished at the top of the SBF 120, jumping 12.21% to 179.20 euros thanks to a much better than expected 2022 performance. The aircraft manufacturer unveiled consolidated net income up 18.3% to 716 million euros, including a contribution from Thales of 275 million euros against 266 million euros a year earlier. Adjusted operating profit reached 572 million euros compared to 527 million euros in 2021. UBS points out that operating profit exceeded expectations by 23% thanks to defense sales 7% higher than consensus.
Biggest drop in the SBF 120, J.C. Decaux plunged 16.9% to 18.93 euros in a declining Paris market. The advertising display giant has forecast a slowdown in growth in the first quarter and not to pay dividends in 2023. Last year, the group achieved a net profit group share of 132.1 million euros compared to a loss of 14.5 million euros in 2021. Adjusted operating margin increased by 42.8% to 602.9 million euros, but came out below the consensus of 615 million euros.
The macroeconomic figures of the day
211,000 jobless claims were recorded last week in the United States, compared with a consensus of 195,000 after reaching 190,000 the previous week.
U.S. gas inventories fell 84 billion cubic feet of gas over the past week from a drop of 81 billion the previous week. Specialists were counting on a decline of 80 billion cubic feet of gas. According to estimates from the EIA, (Energy Information Agency), the working gas in storage was 2,030 billion cubic feet (Bcf) as of Friday, March 3, 2023.
At the close, the euro gained 0.32% to 1.0576 dollars.
source : AOF
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