ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/19/2025

Nexity : An opportunity to bounce back in the medium term as the industry battles through a storm

The decline in home reservations across the sector is nothing new (-40% in two years), and Nexity has adapted to this new environment (cost savings, adjusting commercial offerings, deleveraging). Interest rates continue to spark concerns, but this should be put into perspective given the weight of interest-free loans in the financing mix. 2026 should benefit from a pick-up in the building permits issued after the municipal elections and potentially the adoption of private landlord status. The stock has virtually bottomed out, offering a medium-term opportunity. We are raising our rating to Out...

Fed: the dumbest or the smartest interest-rate cut?

In July 2019 and September 2024, the Fed embarked on a series of rate cuts at a time when the US economy appeared to be threatened by recession. On each occasion, this helped to stabilise economic activity and employment conditions. The Fed is facing the same problem today, with serious downside risks on the labour market. Furthermore, inflation has still not returned to normal. Powell presented the rate cut as a “risk management” measure (a term familiar to one of his predecessors, Alan Greenspan). He did not commit too much to the future, but as a sudden surge in employment is unlikely, the...

Fed : est-ce la plus idiote ou la plus géniale des baisses de taux ?

En juillet 2019 et en septembre 2024, la Fed avait engagé une série de baisse de taux à un moment où l’économie US semblait menacée de récession. A chaque fois, cela avait permis de stabiliser les conditions d’activité et d’emploi. La Fed est confrontée au même problème aujourd’hui avec des risques sérieux sur le marché du travail. Par ailleurs l’inflation n’est toujours pas normalisée. Powell a présenté la baisse des taux comme une action de risk-management (un terme qui était familier chez un de ses prédécesseurs, Alan Greenspan). Il ne s’est pas trop engagé sur la suite mais comme on n’imag...

Oddo’s 2 Weeks Ahead_Friday 19 September 2025