Oddo BHF - La France de Macron II

Report

Oddo BHF

Bruno Cavalier

La France de Macron II

Emmanuel Macron a été réélu pour un second mandat de cinq ans. Pour la stabilité de l’Europe, ce résultat est bienvenu. Il y a bien assez de forces déstabilisatrices à ce jour, avec la guerre en Ukraine, l’emballement des taux US et les confinements chinois, pour qu’on y ajoute une crise institutionnelle. Au plan domestique, Macron affiche de grandes ambitions, comme de retenter une réforme des retraites (après l’échec de 2019) et d’accélérer la transition verte. Vu l’état des fr...

26/04/2022 1 FR

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

See profile

Analysts

Bruno Cavalier

Other Reports from Oddo BHF

Thomas Zlowodzki

Thomas Zlowodzki

Monthly round-up - July 2025 – trade “agreements” mainly benefit US equities

As we anticipated, the trade “deals” concluded in July mainly benefited US equities, which once again outperformed in July their European counterparts. In Europe, the strongest performances were recorded by cyclical sectors, particularly banks, but also energy, two sectors that we upgraded to Overweight at the beginning of July and in mid-June. Companies and sectors exposed to USD risk suffered, as did media (-6.3%). Value continues to outperform Growth, and European sovereign long rates continue to rise. We maintain our preference for US equities (Overweight) vs European equities (Marketweigh...

3h / 12m 3h / 12m 1 EN

Thomas Zlowodzki

Thomas Zlowodzki

Bilan mensuel - juillet 2025 – les « accords » commerciaux profitent surtout aux actions américaines

Comme nous le pressentions, les « deals » commerciaux intervenus en juillet bénéficient surtout aux actions américaines qui ont à nouveau surperformé (de 3%) en juillet les actions européennes. En Europe, les meilleures performances sont à l’actif de secteurs cycliques, en particulier les Banques, mais également l’Energie, deux secteurs que nous avons upgradés à Surpondérer début juillet et mi-juin. Les sociétés et secteurs exposés au risque USD ont souffert, à l’instar des médias (-6,3%). La Value continue de surperformer la Croissance, et les taux longs souverains européens de grimper. Nous ...

3h / 13m 3h / 13m 1 FR

Anne-Barbara Nicco

Anne-Barbara Nicco

Coty : Update following sale rumours and bleaker business environment

We are updating our assessment of the group's credit quality and our recommendations in the light of two recent developments: 1/ The bleaker operating environment since the beginning of the financial year, which is expected to slow the deleveraging process for at least a year. A rebound in growth and EBITDA is not expected before H2 2025-26 (calendar H1 2026). Leverage is expected to steady over the three months to end-June 2025 (i.e. -0.1 pt y/y, to 3.2x) and the consensus expects a decrease of 0.3 pts at end-June 2026 (subject to the 2025-26 guidance being met). We are therefore revising ou...

3h / 22m 3h / 22m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

La France de Macron II

Monthly round-up - July 2025 – trade “agreements” mainly benefit US equities

Bilan mensuel - juillet 2025 – les « accords » commerciaux profitent surtout aux actions américaines

Coty : Update following sale rumours and bleaker business environment

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe