Sustainability Weekly du 11 au 15 octobre 2021

La semaine passée, Emmanuel Macron a annoncé le plan "France 2030". Plan d'investissements de 30 Md€ sur 5 ans, il met notamment l'accent sur la décarbonation de l'industrie (hydrogène vert) et contient un volet sur le nucléaire (SMR). En parallèle, l'AIE a publié son World Energy Outlook : il affirme que le fossé entre les engagements (déjà insuffisants) des Etats et leur mise en œuvre est "inquiétant". La semaine dernière a par ailleurs vu les cimentiers s'engager à atteindre l...

FX Daily: Momentum is with the hawks

There has been no let-up in the upside pressure on commodity prices and inflation rates continue to accelerate around the world. The market is moving to price earlier and more aggressive tightening cycles, leaving bond markets under pressure and the currencies of central bank first-responders bid. Expect the dollar to stay bid as the Fed cycle is repriced

TeamViewer AG : Management board reshuffle – CFO to leave and new sale...

>Pressure on supervisory board to act has increased - After the shocking warning almost two weeks ago, TeamViewer’s supervisory board has reacted and unanimously decided: (a) on a three-year extension to CEO Oliver Steil’s contract until October 2024; (b) that CFO Stefan Gaiser is to leave the company on mutual consent upon the expiry of his contract in 2022 – a structured search process has been initiated to find a successor; and (c) on the expansion of the current m...

Valneva : Résultats positifs de son candidat vaccin contre la COVID-19

>2 premiers critères d’évaluation atteints - Valneva publie ce matin ses résultats de phase III, COV-COMPARE, évaluant son candidat vaccin contre la COVID-19 vs celui d’AstraZeneca. Les critères primaires évalués ont été atteints. Plus précisément l’essai a rempli ses deux critères d’évaluation principaux : VLA2001 a démontré une supériorité face au vaccin d’AstraZeneca, en termes de moyenne des titres d’anticorps neutralisants (GMT ratio=1.39, p

INVEST SECURITIES - HUGO BOSS : T3 au dessus des attentes, guidances 2...

ODDO : Monday valuation & performance recap – luxury sector

>Recent price trends and relative performance - Table 1 page 2 recapitulates monthly price trends for European luxury stocks, peers and key market indices. Luxury stocks on a weighted average are now up visibly over October - +8.0% - after having lost -7.9% in August and a further -3.1% in September. The sector is outperforming the market month to date (the Stoxx 600 being up a more modest +3.2%). The biggest gains come from Prada (up 15.1%), Richemont (up 12.8%...

Chile's rightist presidential candidate Kast gains ground on leftist B...

Chile's leading rightist candidate, José Antonio Kast, is making up ground on the long-time opinion poll leader, leftist, Boric, with a month to go before Chile's 21 November general election. In the latest Cadem poll, Kast scored 21% versus 20% for Boric. This is the first time since the party nomination elections in July that Boric has not led in an opinion poll conducted by Cadem. This is consistent with our view that a closely contested second-round presidential vote on 19 December is lik...

Vilmorin & Cie : Potential value...

>Road show feedback - Record full-year results and of excellent quality...These results came in at the high end of the guidance range with an improvement at each of the group’s divisions. The 110bp improvement in the underlying operating margin is due to a 120bp increase in the underlying operating margin at the vegetable seeds activity and growth of a similar magnitude for field seeds. For vegetable seeds, the group benefited from a favourable product/geographic mix ...

The Commodities Feed: Oil and metals keep on rising

Your daily roundup of commodities news and ING views

L'Oreal : Q3 and the shortage of profitable growth defensive stocks sh...

>Scarcity! - We believe that valuation remains a deterrent in terms of the fundamentals.But the scarcity effect should provide support for the stock. Few values offer a resilient growth profile, are less sensitive to inflation fears (high gross margin and target of consumers with strong purchasing power), have a surplus net surplus cash situation that is favourable in the event of a hike in interest rates, benefit from the premiumisation trend without being expos...

ODDO : Q3 low-point before the beginnings of a rebound

>A very challenging Q3 on the production front (-10% vs Q2) but priced in - Q3 marked a continued deterioration in the automotive production environment on the back of supply chain disruptions (notably semiconductors). Therefore, and despite having already downgraded our 2021 LVP scenario in early September (+6%), we revised it down further on 05/10 and now expect full-year production to show only slight growth (+1.5%), which is now relatively consensual/consistent wi...

Rio Tinto Plc : A tougher than expected Q3 2021. Expectations on the d...

>Vigilant optimism from management - After nine months dotted with operational difficulties, notably unfavourable weather conditions, the prolonged impact of Covid and a shortage of labour, management had to reduce its production guidance 2021. On the macroeconomic front, the short-term global growth outlook remains favourable, fuelled by the pick-up in world trade, solid fiscal spending, ever-accommodative monetary policy and the gradual roll-out of vaccination progr...