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Economy

European Stock Markets Witnessed Fourth Consecutive Decline, Central Banks in Focus – Euronext CAC40

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-06-22 15:47:39

European stock markets fell for the fourth time in a row on Thursday, in limited variations, as central banks toughened their tone without the general trend of monetary policy being called into question.

Paris fell by 0.79%, London by 0.76% and Frankfurt by 0.22%. Government borrowing rates have risen sharply in Europe, except for those in the United Kingdom.

Euronext CAC40
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#Fourth #consecutive #drop #European #stock #markets #TV5MONDE

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Economy

European Stock Market Decline Continues as Central Banks Tighten Monetary Policy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-06-22 15:47:39

European stock markets fell for the fourth time in a row on Thursday, in limited variations, as central banks toughened their tone without the general trend of monetary policy being called into question.

Paris fell by 0.79%, London by 0.76% and Frankfurt by 0.22%. Government borrowing rates have risen sharply in Europe, except for those in the United Kingdom.

Euronext CAC40

1687456682
#Fourth #consecutive #drop #European #stock #markets

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Economy

Impact of Nova Bus’s Withdrawal on NFI Group: Analyst Recommendations and Price Movements

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-06-22 16:08:53

The NFI Group should benefit from the withdrawal of Nova Bus from the American public transit bus market. (Photo: 123RF)

What to do with the titles of Couche-Tard, TFI International and NFI? Here are some recommendations from analysts likely to move prices soon. Note: the author may have a totally different opinion from that expressed by the analysts.

Alimentation Couche-Tard (ATD, $65.30): fuel will drag profits down

Weaker demand for fuel in the United States will drag earnings per share down, as much for the fourth quarter of 2023 as for the financial year 2024, estimates the firm Stifel GMP.

Analyst Martin Landry said he expects earnings per share of $0.43 for the fourth quarter, below market consensus ($0.49) and down 21% compared to the same quarter in 2022.

This forecast is greatly propelled by a margin on gasoline in the United States which he believes will be lower than expected, although he probably admits to being on the more conservative side of this forecast.

He adds that fuel sales volumes have declined by an average of 2.5% in the United States over the past four quarters due to high retail prices, reduced mobility trends and the process of creating a new picture.

While promotional efforts by Couche-Tard might boost volumes, the analyst doesn’t see much upside potential beyond its 1% annual growth estimate. For comparison, volumes remained neutral at 7-Eleven during the period covering the Quebec company’s 2023 fiscal year.

If volumes were to remain stable, fuel margins will remain historically strong. However, they will suffer from the comparison with 2022: they should drop from $0.46 per gallon to $0.37 per gallon (-20%) this year.

On the merchandise side, Martin Landry expects same-store sales growth of 3.5% in the United States, mainly driven by inflation. If cigarettes face headwinds, the Fresh Food program increases and grows sales.

Stifel GMP maintains its buy recommendation for Couche-Tard stock as well as its target price of $74.

TFI International (TFII, $138.53): Recovery stuck in traffic

1687455544
#Watch #CoucheTard #TFI #International #NFI

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Economy

European Central Bank rate hikes one after another… UK’Big Step’

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-06-22 15:42:11

Central banks of European countries raised interest rates one following another on the 22nd.

The UK raised its benchmark interest rate by 0.5 percentage point, bringing interest rates to 5% per annum, the highest level in 15 years.

Andrew Bailey, governor of the Bank of England, the central bank of England, warned of further rate hikes shortly following the monetary policy meeting that day, saying, “We are committed to getting inflation back to our 2% target, and we will take the necessary decisions to achieve that.”

Initially, the financial market strongly predicted a 0.25%p interest rate hike at this monetary policy meeting.

However, it is analyzed that the ‘big step’ was decided when the consumer price increase rate was higher than expected the previous day.

The UK’s consumer price index (CPI) for May, released on the 21st, was 8.7%, maintaining the same level as April.

It was higher than the expert forecast (8.4%), and recorded a higher-than-expected inflation rate for the fourth month.

In the midst of this, Switzerland and Norway raised their key rates by 0.25%p and 0.5%p, respectively.

Turkey raised its benchmark interest rate by 6.5 percentage points to 15%.

In the midst of this, Jerome Powell, chairman of the US Federal Reserve System (Fed), attended a hearing on the US House Financial Services Committee on the 21st and predicted an additional rate hike.

VOA News

1687455062
#European #Central #Bank #rate #hikes #UKBig #Step

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