Renault, Hermès and Danone in the developer


The Parisian market is expected to progress slightly at the start of the session, but the trend appears very fragile to be categorical on such a start in 30 minutes. Especially since Wall Street and Tokyo ended up in the red, the rise in long-term bond yields weighing more and more heavily on market sentiment. Which was further disappointed yesterday by the unpleasant surprise of jobless claims in the United States, up to 861,000, while the market expected them to fall.

On the securities side, Danone, Renault and Hermès published their 2021 accounts this morning and the fortunes are diverse, from historic losses to a very strong rebound in activity at the end of the year … Will the fates be also diverse for what is welcoming investors? To be continued!


The New York Stock Exchange lost ground on Thursday as investors took profits after recent highs, especially in tech stocks that are trading at record highs. The weekly employment figures were a big disappointment in the United States, while the markets worried about the sharp rise in interest rates. Fed officials, however, continue to assure that the central bank does not believe in a surge in inflation and that it will support the markets for as long as necessary in the face of the Covid-19 crisis.

At the close, the Dow Jones fell 0.38% to 31,493 points, ending a series of three straight records. The broad S&P 500 index fell 0.44% to 3,913 pts, its third consecutive decline, and the Nasdaq Composite, rich in technology and biotech stocks, dropped 0.72% to 13,865 pts, again the third bearish session in a row.

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France :
– French final index of consumer prices. (8:45 am)

United States :
– Flash US manufacturing PMI index. (3:45 p.m.)
– US services PMI flash index. (3:45 p.m.)
– Resales of existing housing. (4:00 p.m.)

Europe :
– German producer price index. (08h00)
– European balance of current accounts. (10h00)

The euro / dollar parity reached 1.2094 this morning. A barrel of Brent is trading at $ 63.19. An ounce of gold is traded at $ 1,769.


Hermès saw its activity accelerate in the fourth quarter thanks to the strength of demand in Asia, which more than offset the decline observed in other regions, and particularly in France. During the last three months of 2020, its turnover increased by 15.6% at constant exchange rates, to 2.1 billion euros, a marked acceleration compared to the increase of 7% observed in the third trimester. Asia ex-Japan saw sales jump 47.4%, driven by Greater China, Korea and Australia. But turnover fell by 18.2% in France and 9.7% in Europe as a whole, regions affected at the end of the year by new health restriction measures to fight against coronavirus epidemic. For 2020 as a whole, Hermès saw its consolidated sales decline by 6% at constant exchange rates, to 6.39 billion euros. The luxury current operating margin stood at 31% in 2020 against 34% the previous year.

Renault: Despite a better oriented second part of the year, the manufacturer suffered a record net deficit last year to 8.05 billion euros for a turnover down 21.7% to 43.5 billion euros (-18.2% at comparable exchange rates). The contribution of associated companies, long one of the receipts of Renault’s past success, amounted to 5.14 billion euros, mainly reflecting the losses of Japanese partner Nissan. The consensus was for a loss of 7.85 billion euros for revenues of 43.8 billion euros.

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Danone: In the fourth quarter of 2020, sales fell 1.4% like-for-like (after a 2.5% decline in the third), weighed down by a 15.6% drop in the Waters division. For the full year 2020, sales fell 1.5% like-for-like, to 23.62 billion euros, and the current operating margin fell to 14%, from 15.2 % in 2019. Current net income fell 13% to 2.19 billion euros.

Tarkett: Sales are down -12% in 2020 and -9.5% at constant exchange rates and perimeter, reflecting a gradual recovery during H2. Adjusted EBITDA was 277.9 ME in 2020, stable compared to 2019, including 14.8 ME in insurance compensation received in December covering the loss of Q2 linked to the cyber attack. Adjusted EBITDA margin is 10.6%, up 120 basis points from last year thanks to significant savings and lower purchasing costs. The net loss amounted to -19.1 ME, including depreciation of H1 assets.

Gecina: recurring net income, Group share is down compared to the end of 2019 (-3.9% per share) mainly due to the volume of disposals made in 2019 and 2020 (1.4 billion euros), as well as losses temporary rental income from buildings with high potential vacated for restructuring. These effects are partly offset by the new rents received on buildings recently delivered as well as non-recurring early departure indemnities.

Valeo has released its detailed 2020 results after already announcing its preliminary accounts in mid-January. The consolidated net income Group share for the 2020 financial year is a loss of -1,089 million euros (-6.6% of turnover). This net result turned positive again by 126 million euros in the second half, or 1.3% of sales. Over the year as a whole, the operating margin excluding the share of earnings of equity-accounted companies amounted to -372 million euros, or -2.3% of sales.

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