Morning Meeting: AOF France/Europe Examines American Inflation


European markets are expected to rise slightly in the wake of Wall Street’s good performance yesterday. US inflation in June, expected at 2:30 p.m., will be the judge of the peace for the session. According to the consensus, it is expected at 3.1% on an annual basis against 4% in May. Excluding food and energy, inflation should slow to 5% in June after 5.3% in May. Before this publication, the dollar and long rates fell. In Paris, Thales is negotiating the takeover of Cobham Aerospace Communications for 1.1 billion dollars.

The values to follow today


Thales has entered into exclusive negotiations to acquire, for $1.1 billion, Cobham Aerospace Communications, a leading supplier of advanced communications systems, enabling safety communications for cockpits. The company is expected to generate revenue of approximately $200 million in 2023. The aerospace, defense and security equipment manufacturer points out that this operation will lead to an accretion in net earnings per share from the first year.


Vinci Construction, through its local subsidiaries – Eurovia SK, Eurovia CS and SMS – won the second lot for the northern bypass of the city of Pre_ov, Slovakia’s third largest city, in a consortium with Váhostav-SK and TuCon. The works – worth a total of more than 330 million euros (including 34% for Vinci Construction, leader of the consortium) – include the construction of 12 bridges, a 2 km tunnel and 10 km of road at 2 x 2 lanes. They will start in September 2023 for a duration of approximately four years.


At the end of the first half of 2023, Kalray recorded consolidated revenue of 15.3 million euros compared to 4.8 million euros at June 30, 2022, showing very strong growth of 219%, “which illustrates the good commercial dynamics of its markets in the field of storage (media, artificial intelligence, health, scientific research)”. Consolidated sales break down as follows: United States (52%), Europe – including the United Kingdom (46%) – and other countries around the world (2%).


SNCF Energie, a subsidiary of SNCF Voyageurs, and Voltalia, an international renewable energy company, have announced the signing of a new long-term electricity sales contract covering the entire production of a wind farm of 37, 4 megawatts. SNCF Voyageurs and Voltalia have entered into a new Corporate PPA. SNCF Voyageurs, via its internal electricity supplier SNCF Energie, is thus acquiring for a period of 25 years the production of a wind power plant located in France in the Nouvelle-Aquitaine region.

Macroeconomic figures

In the United States, the consumer price index for June will be published at 2:30 p.m., crude oil inventories at 4:30 p.m. and the Fed’s Beige Book at 8 p.m.

This morning, the euro gained 0.21% to 1.1031 dollars.

Yesterday in Paris

European markets continued to rebound on the eve of the publication of US inflation figures. Those of June in Germany were confirmed at 6.8% over 12 months in harmonized data. Regarding inflation in France, François Villeroy de Galhau, Governor of the Banque de France, estimates that it will continue to fall and return to around 2% by 2025. On the stock side, Renault ended up slightly after seeing its worldwide sales progress in the first half. The CAC 40 gained 1.07% to 7,220.01 points and the Eurostoxx 50 rose 0.71% to 4,286.56 points.

Yesterday on Wall Street

US indices ended up slightly. Less than 24 hours from the publication of US inflation figures for June, investors have limited their risk taking. Long rates eased slightly, with a 10-year yield down more than 2 basis points, to 3.92%. Today’s economic agenda is blank. On the value side, Activision jumped because Microsoft is now on track to finalize its takeover. The Dow Jones gained 0.93% to 34,261.42 points while the Nasdaq Composite gained 0.55% to 13,760.70 points.

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