The surge in commodity prices, starting with oil, further weighed on investor morale. the Cac 40 The week started with a modest increase of 0.16%, to 6,570.54 points, in a transaction volume of nearly 3 billion euros. Across the Atlantic, where only the equity markets are open – the bond market is closed due to Columbus Day -, the Dow jones 0.3% advance. North Sea Brent is trading around $ 84 a barrel in London, a three-year peak, while in New York, the benchmark WTI briefly crossed the $ 82 mark for the first time since November 2014 In China, coal futures hit a record high. This latest increase is fueled by climatic events, in particular flooding following torrential rains. If this benefits values linked to commodities such as TotalEnergies (+ 2.01%) or Eramet (+ 9.05%), these movements weigh on the market as a whole.
First quarterly results
In addition to the inflationary risk, the uneven recovery between countries and shortages, especially of semiconductors, call for caution. This is reinforced by the expectation of the publication, in the coming days, of inflation figures in the United States, China, Germany and France. The week will also be peppered with corporate results for the third quarter. In France, the luxury giant LVMH will open the ball Tuesday evening. The FactSet consensus anticipates billings of just over 15 billion euros over the July-September sequence, against nearly 12 billion a year earlier, an increase of 25%, driven by the acquisition of the American jeweler Tiffany and internal growth that is still strong. Thursday, Publicis will be in the driver’s seat. In the United States, the big banks (JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley and Wells Fargo) will be on the grill, as will asset manager BlackRock. Analysts said bank profits in the S&P 500 index are expected to have risen about 20% year-on-year over the summer, while falling 20% sequentially. Overall, corporate earnings from S&P 500 companies are expected to rise 27.6% year-on-year in the third quarter, according to FactSet.
Sea serpent, coming together Carrefour-Auchan is still talking about him. The listed distribution giant (-2.9%) rejected a public exchange offer (OPE) from its competitor Auchan formulated at a price of 21.5 euros per Carrefour share, or 16.5 billion euros for 100% of the capital, including more than 50% in cash and 30% in Auchan shares.
Apart from the flagship index, CGG soared by 17.63%. Boosted by rising oil prices, the turnover of the oil services group jumped 72% between the second and third quarters, to 270 million dollars (233 million euros). Over one year, billings are up 35%.