European markets are down. Investors are worried about the deteriorating economic outlook after several disappointing statistics were announced yesterday in the US. Therefore, the US data at 14:30 is eagerly awaited. Christine Lagarde put a little more pressure on the indices by declaring in Davos that inflation is too high in the eurozone. In Paris Accor resists the decline thanks to Barclays. Towards midday, the CAC 40 lost 1.26% to 6,994 points while the EuroStoxx50 lost 1.43% to 4,115 points.
In Europe, Dr. Martens it slumped 25.91% to 156.01p on the London Stock Exchange after issuing a profit and turnover warning for the year ending March. The FTSE 250-listed shoemaker cited “significant” operational problems after identifying a bottleneck at its Los Angeles distribution center caused by a “combination of people and process issues.”
In Paris, the title Accor recorded one of the largest gains in the SBF120, gaining 1.75% to 29 euros after gaining more than 20% since the beginning of the year. It is today that Barclays made public its decision to switch to ‘Performance online’ on the hotel group instead of ‘Underperformance’ previously, with a high price target at 29 euros. Accor yesterday announced the sale of its remaining 3.3% stake in H World Group Limited, formerly known as Huazhu Group Limited, for $460 million.
Virbac (+4.75% to 264.60 euros) hailed the “exceptional performance” in the last quarter, “unexpected in a market experiencing a sharp slowdown”, which allows it to “slightly exceed top-of-the-range turnover” in 2022 . now provides for a ratio between “current operating result before depreciation of assets deriving from acquisitions” and “revenues” of approximately 15% at constant exchange rates, with a reduction in debt of approximately 35 million euros excluding dividends, on a perimeter and constant changes. This ratio is expected to be between 14% and 15% in 2022. This target was reduced in October.
Macroeconomic data of the day
Investors expect the release of the minutes of the latest ECB Monetary Policy Committee at 1.30pm.
In the US, the weekly jobless claims, December building permits, December housing starts, and January Philadelphia Fed manufacturing index will be known at 2:30pm.
In the middle of the session the euro gained 0.29% to 1.0826 dollars.
source: AOF
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