After an eventful week, the Cac 40 calmed things down a bit, yielding 0.44%, ending at 6,765.52 points on the eve of the weekend. The volume of trade totaled 4 billion euros. Thanks to a gain of 2.39% on Wednesday, it manages to post a positive weekly balance sheet of 0.38%.
Unchanged trajectory
Basically, the areas of concern remain the same: the health crisis and its share of developments and health restrictions, and the prospect of an acceleration of the tapering of the US Federal Reserve (Fed). It is not said that the employment figures, published this Friday, are deviating from its path. In November, the world’s largest economy created only 210,000 new jobs in the non-agricultural sector, against 550,000 anticipated by the consensus formed by Bloomberg, after 546,000 (revised from 531,000) in October. Those data “ suggest that the labor market recovery was faltering even before the potential impact of the new Omicron variant, possibly due to rising infection rates in the Northeast and Midwest », Decrypts Andrew Hunter, senior US economist. The least dynamic sectors in terms of employment are leisure, hotels and retail trade, which is not benefiting from the prospect of Christmas this year. On the wage side, the hour is not on the decline but the average hourly rate has increased “only” by 0.3% from one month to the next and by 4.8% over one year, which is below market expectations.
On the health front, concerns about the virulence of the Omicron variant remain as the number of infections multiplies in the province of Gauteng in South Africa, mainly affecting young people, the least vaccinated category. Scientists in the country have indicated that existing vaccines should remain effective against the strain. GlaxoSmithKline has also reported laboratory tests suggesting that its treatment with antibodies will be effective against Omicron.
Record contract for Dassault Aviation in the Emirates
Solutions 30 took the lead of the SRD, gaining 7.11%. The meter and fiber optic installer announced that the conciliation procedure with the banks ended in a “positive” manner. Dassault Aviation followed closely, with a gain of 6.48%. Group CEO Eric Trappier has signed an agreement for the sale of 80 Rafale to the United Arab Emirates Air Force on the sidelines of Emmanuel Macron’s visit to Dubai. This is the most important contract signed by Dassault Aviation. Thales, which equips the Rafales with high-performance sensors, took 1.16%.
A l’inverse, Safran yielded 3.41%. JPMorgan lowered its price target on the engine manufacturer’s title from 155 to 145 euros while maintaining its opinion to “overweight”.
Valneva picks up
Bureau Veritas lost 1.5%. The certification specialist presented its medium-term financial outlook ahead of a day dedicated to investors. By 2025, it targets an adjusted operating margin above 16% at constant exchange rates, against 13.4% in 2020, but it was 16.3% in 2019.
Hors SRD, Valneva plunged 14.48%. « The title suffers simply because the effectiveness of their product does not keep its promises »Explains Mikaël Jacoby, head of trading at Oddo BHF cited by Reuters. According to a British study published on Friday, the booster doses of Pfizer and Moderna against Covid-19 provide the highest immune response when given 10 to 12 weeks after the last injection. The study also shows that the booster dose of Valneva does not provide an additional immune response for people previously vaccinated with Pfizer vaccine.
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