La Bourse de Paris achève en légère hausse une semaine marquée par les résultats d’entreprises

La Bourse de Paris a terminé en hausse de 0,21% vendredi, à l’issue d’une semaine marquée par les premières salves de résultats d’entreprises européennes pour le deuxième trimestre, et par la pause de la BCE dans ses baisses de taux.L’indice vedette CAC 40 a avancé de 16,30 points et a terminé à 7.834,58 points. La veille, le CAC 40 avait terminé en baisse de 0,41%.”Bien que les indices boursiers américains S&P 500 et le Nasdaq aient atteint de nouveaux sommets jeudi, la dynamique ne s’est pas maintenue, une Banque centrale européenne (BCE) plus agressive que prévu ayant pesé sur le moral des investisseurs européens”, commente Kathleen Brooks, directrice de la recherche économique pour XTB.La BCE a maintenu ses taux d’intérêt inchangés jeudi, à l’issue d’un long cycle de baisses démarré il y a un an, pour prendre le temps d’évaluer les conséquences du bras de fer commercial entre les Américains et les Européens.Ce statu quo était largement anticipé par le marché, toutefois “le changement de posture” de l’institution, qui estime désormais que “des tensions sur la chaîne d’approvisionnement des entreprises pourraient avoir des risques inflationnistes” n’était “en revanche pas si attendu”, relève Romain Aumond, macroéconomiste de Natixis IM.”Christine Lagarde a douché les espoirs d’une nouvelle baisse des taux en septembre”, tranche Kathleen Brooks.LVMH en hausseConfronté aux guerres commerciales, le numéro un mondial du luxe en matière de chiffre d’affaires, LVMH, a vu ses ventes reculer de 4% au premier semestre à 39,8 milliards. Son bénéfice net a chuté de 22% à 5,7 milliards d’euros.LVMH, cinquième plus grande capitalisation boursière en Europe, a toutefois gagné du terrain en Bourse, “les investisseurs misant sur une possible amélioration à moyen terme”, explique Kathleen Brooks, directrice de la recherche économique pour XTB.Le titre a terminé en hausse de 3,92% à 488,70 euros.Les autres valeurs du secteur du luxe ont aussi gagné du terrain vendredi: Kering a bondi de 4,43% à 221,80 euros et Hermès a gagné 1,62% à 2.385,00 euros.Rémy Cointreau un peu moins pessimisteUn petit mieux mais un contexte toujours difficile: le groupe de spiritueux Rémy Cointreau (+8,06% à 62,35 euros) a annoncé relever son objectif annuel de résultat, dont le recul devrait être moins marqué que prévu après l’accord trouvé début juillet sur les prix du cognac en Chine.Michelin et Valeo en baisseMichelin a enregistré la pire performance de la séance sur le CAC 40, en terminant en forte baisse de 3,36% à 31,07 euros, après avoir publié des ventes en baisse de 3,4% au premier semestre, à 13 milliards d’euros. L’équipementier automobile Valeo a quant à lui chuté de plus de 15% dans la matinée avant de se reprendre en partie au cours de la séance, terminant finalement en recul de 5,37% à 9,78 euros. Ce dernier a fait état d’un bénéfice net en forte baisse de 26% à 104 millions d’euros sur les six mois de janvier à juin, un recul lié entre autres à des plans de restructuration en France et en Allemagne. “L’action de Valeo a été assez malmenée, c’est une surréaction”, a réagi vendredi le directeur général du groupe, Christophe Périllat, qui vient d’être reconduit dans ses fonctions pour un mandat de quatre ans.”Les fondamentaux de Valeo progressent. Un jour ou l’autre, la Bourse nous regardera par rapport à ces fondamentaux”, a souligné M. Périllat lors d’une rencontre avec des journalistes.Nexity s’envoleLe promoteur immobilier Nexity a publié un chiffre d’affaires de 1,3 milliard d’euros au premier semestre, en baisse de 18% par rapport à la même période en 2024, mais le groupe dit commencer à remonter la pente après une lourde restructuration. L’action Nexity s’est envolée de 13,54% à 10,90 euros. Depuis le 1er janvier, le titre affiche cependant un repli de 16,15%.

UK, France, Germany say Gaza ‘humanitarian catastrophe must end now’

The leaders of Britain, France and Germany said Friday the “humanitarian catastrophe” in the Gaza Strip “must end now”, as the war-ravaged Palestinian territory faces a deepening crisis. “We call on the Israeli government to immediately lift restrictions on the flow of aid and urgently allow the UN and humanitarian NGOs to carry out their work in order to take action against starvation,” they said in a joint statement released by Berlin.British Prime Minister Keir Starmer, French President Emmanuel Macron and German Chancellor Friedrich Merz said that “the most basic needs of the civilian population, including access to water and food, must be met without any further delay”. “Withholding essential humanitarian assistance to the civilian population is unacceptable,” they said.”Israel must uphold its obligations under international humanitarian law.”More than 100 aid and human rights groups warned this week that “mass starvation” was spreading in Gaza after more than 21 months of war. Israel has rejected accusations it is responsible for the deepening crisis in Gaza, which the World Health Organization has called “man-made”.Israel placed the Gaza Strip under an aid blockade in March, which it only partially eased two months later while sidelining the longstanding UN-led distribution system.The European leaders also stressed that “the time has come to end the war in Gaza. “We urge all parties to bring an end to the conflict by reaching an immediate ceasefire.””We stand ready to take further action to support an immediate ceasefire and a political process that leads to lasting security and peace for Israelis, Palestinians and the entire region,” they said.Starmer had earlier said he would hold an “emergency call” on Gaza Friday with Macron and Merz.Palestinian militant group Hamas triggered the conflict with its October 7, 2023 attack in Israel. The Hamas attack resulted in the deaths of 1,219 people, most of them civilians, according to an AFP tally based on official figures.Israel’s military campaign in Gaza has so far killed 59,676 Palestinians, mostly civilians, according to the health ministry in the Hamas-run territory.Of the 251 hostages taken during the attack, 49 are still being held in Gaza, including 27 the Israeli military says are dead.

Stock markets mark time as Trump puts EU-US trade deal at 50/50

Stock markets marked time Friday as the latest trade-related rally lost steam as US President Donald Trump rated the chances of Washington striking a trade deal with the European Union at barely 50/50.Wall Street indices were marginally higher in morning trading as the S&P continued its recent hot streak as investors  digested a mixed batch of corporate earnings.London, after a strong run on positive corporate news, finished slightly lower as did Frankfurt, while Paris closed just ahead after Asia lost ground.Equities have enjoyed a strong run for much of July on expectations that governments around the world will reach agreements with the United States to dodge threatened tariffs before next Friday’s deadline.But Trump cautioned that in his view striking a deal with the European Union to reduce import tariffs will be a challenge.”I would say that we have a 50/50 chance, maybe less than that, but a 50/50 chance of making a deal with the EU,” Trump told reporters at the White House.In the meantime, “there is no unifying theme across financial markets this month — instead markets are moving to the beat of their own drums,” concluded Kathleen Brooks, research director at XTB.Tesla, which had lost eight percent Thursday on lower profits and a “rough” outlook from CEO Elon Musk, regained  almost five percent.Sentiment had been lifted earlier in the week by the announcement of a Japan-US deal, as well as signals that the EU could be closing in on its own accord with Washington.The “momentum has not been kept up, and European stocks are weaker at the end of the week,” noted Brooks.Trade optimism stayed cautiously upbeat overall, as Brussels and Washington tried to steer towards a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. However, “there has been no confirmation from the US side. Thus, sentiment towards European assets could be fragile as we lead up to that August 1 tariff deadline”, Brooks added.The EU is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of retaliatory counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after a two-day rally and Hong Kong declined following five days of gains. Shanghai was also down. While the S&P 500 and Nasdaq hit new records Thursday, another round of strong jobs data suggested the US Federal Reserve might have to delay cutting borrowing costs.The dollar extended gains against its major peers. The US president once again pressed Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday.In corporate news, German auto giant Volkswagen said US tariffs had cost it 1.3 billion euros ($1.5 billion) in the first half of the year as it reported falling profits.After an initial drop, shares in the carmaker rose four percent in Frankfurt. German sportswear maker Puma saw its shares tumble around 16 percent after slashing its sales forecast and warning of a full year loss.- Key figures at around 1555 GMT -New York – Dow: UP 0.2 percent at 44,764.12 pointsNew York – S&P 500: UP 0.2 percent at 6,378.79New York – Nasdaq Composite: UP 0.2 percent at 21,106.04London – FTSE 100: DOWN 0.2 percent at 9,119.32 (close)Paris – CAC 40: UP 0.2 percent at 7,834.58 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,233.08 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)Dollar/yen: UP at 147.77 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1727 from $1.1756Pound/dollar: DOWN at $1.3426 from $1.3507Euro/pound: UP at 87.34 pence from 87.01 penceWest Texas Intermediate: DOWN 1.0 percent at $65.37 per barrelBrent North Sea Crude: DOWN 0.8 percent at $68.62 per barrel

Trade on agenda as Trump heads to Scotland for diplomacy and golf

US President Donald Trump departed for Scotland on Friday for a mix of diplomacy, business and leisure, as a huge UK security operation swung into place amid planned protests near his family-owned golf resorts. The president, whose mother was born in Scotland, is expected to split his time between two seaside golf courses bearing his name, in Turnberry on the southwestern coast and Aberdeen in the northeast.Air Force One was due to arrive around at 8:20 pm local time (1920 GMT) with the president and White House staff, and Trump has no public events scheduled for Saturday or Sunday, the White House said.However, he is due to meet with UK Prime Minister Keir Starmer during the trip.”We’re going to do a little celebrating together, because we got along very well,” Trump told reporters as he left the White House Friday, calling Starmer “a good guy” doing “a very good job”.He said they would discuss “fine tuning” the bilateral trade deal struck in May, and would “maybe even improve it”.But the unpredictable American leader appeared unwilling to cede to a UK demand for flexibility over reduced steel and aluminium tariffs.Trump has exempted London from blanket 50 percent tariffs on imports of both metals, but the fate of that carve-out remains unclear.”If I do it for one, I have to do it for all,” Trump told reporters, when asked if he had any “wiggle room” for the UK on the issue. The international outcry over the conflict in Gaza may also be on the pair’s agenda, as Starmer faces growing pressure to follow French President Emmanuel Macron and announce that Britain will also recognise a Palestinian state.- Protests -Trump is expected to return to the UK in September for a state visit — his second — at the invitation of King Charles III, which promises to be lavish.During a 2023 visit, Trump said he felt at home in Scotland, where his mother Mary Anne MacLeod grew up on the remote Isle of Lewis before emigrating to the United States at age 18.The affection is not necessarily mutual.Residents, environmentalists and elected officials have voiced discontent over the Trump family’s construction of a new golf course, which he is expected to open before he departs the UK on Tuesday.Police Scotland, which is bracing for mass protests in Edinburgh and Aberdeen as well as close to Trump’s golf courses, have said there will be a “significant operation across the country over many days”.Scottish First Minister John Swinney, who will also meet Trump during the visit, said the nation “shares a strong friendship with the United States that goes back centuries”.He added it would provide Scotland with a “platform to make its voice heard on the issues that matter, including war and peace, justice and democracy”.Trump has also stepped into the sensitive debate in the UK about green energy and reaching net zero, with Aberdeen being the heart of Scotland’s oil industry.In May, he wrote on his Truth Social platform that the UK should “stop with the costly and unsightly windmills” as he urged incentivising drilling for oil in the North Sea.- US discontent -The trip to Scotland puts physical distance between Trump and the latest twists in the case of convicted sex offender Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial.In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is now facing backlash from his own MAGA supporters who demand access to the Epstein case files.Many support a conspiracy theory under which “deep state” elites protected rich and famous people who took part in an Epstein sex ring. But Trump is urging his supporters to move on from the case.The Wall Street Journal, which published an article detailing longstanding links between Trump and the sex offender, is being punished by the White House.Its reporting staff plans to travel to Scotland on their own and join the White House press pool. But it has now been denied a seat on Air Force One for the flight back home.While Trump’s family has undertaken many development projects worldwide, the president no longer legally controls the family holdings.But opponents and watchdog groups have accused him of many conflicts of interest and using his position as US president to promote private family investments, especially abroad.The American NGO Citizens for Responsibility and Ethics in Washington said in May that 21 development projects were already underway abroad during Trump’s second term.

Tour de France: Arensman s’impose encore, Pogacar et Vingegaard se neutralisent

Le Néerlandais Thymen Arensman a remporté sa deuxième étape dans le Tour de France 2025, sous la pluie vendredi à La Plagne, en gardant deux secondes d’avance sur Jonas Vingegaard et Tadej Pogacar qui se sont neutralisés toute la journée.Déjà vainqueur de la 14e étape à Superbagnères, le grimpeur d’Ineos a accéléré à 14 kilomètres du sommet de cette dernière journée de montagne, raccourcie et amputée du col des Saisies en raison d’une épidémie touchant les bovins, pour résister jusqu’au bout au retour des favoris qui ne se sont pas attaqués.Beaucoup plus conservateur que par le passé, Pogacar a lancé deux petites accélérations mais s’est pour le reste contenté de défendre son maillot jaune. Vingegaard n’a pas bougé du tout lors de cette étape, très décevante à ce niveau.Le Danois s’est seulement payé le luxe de finir pour une fois devant Pogacar qui n’a pas disputé le sprint et a été bousculé involontairement par un agent de sécurité juste après l’arrivée.Le Slovène de 26 ans, qui compte 4:24 d’avance au classement général sur le Danois, s’oriente tout droit vers une quatrième victoire dans le Tour de France, autant que Chris Froome et à un succès du record.Il ne reste plus que deux étapes qui, sauf accident ou énorme coup de théâtre, ne devraient pas bouleverser le classement général.L’Allemand Florian Lipowitz a quasiment assuré sa place sur le podium en terminant quatrième de l’étape, dans les roues de Vingegaard et Pogacar, alors qu’Oscar Onley, qui s’était rapproché à 22 secondes la veille, a craqué dans le dernier kilomètre.Arensman, 25 ans, s’est chargé d’assurer le suspense avec un raid solitaire exceptionnel. Le Néerlandais n’a jamais compté plus d’une trentaine de secondes d’avance. Mais, allant au bout de lui-même, a tenu bon jusqu’au bout avec un courage admirable.”Je suis totalement détruit, a-t-il réagi. Déjà gagner une étape du Tour de France en étant échappé est incroyable. Et là je sors du groupe maillot jaune face aux meilleurs du monde. J’ai l’impression de rêver, je ne sais pas ce que je viens de faire.””C’est Tadej et Jonas. Tout le monde sait que ce sont les meilleurs du monde, presque des extraterrestres et moi je suis juste un humain. Mais je viens de les battre, c’est juste fou”, a-t-il ajouté.Le Français Kévin Vauquelin, 17e de l’étape, a conservé sa septième place au général après avoir “géré (s)a montée”.Dépassé par le Norvégien Tobias Johannessen, il a profité du craquage complet de Primoz Roglic qui était parti dans l’échappée et était seul en tête dans la vallée précédant la montée finale avant d’exploser.

How might Trump’s tariffs hurt Brazil?

With Donald Trump’s punitive tariffs against Brazil poised to take effect within days, Latin America’s largest economy is bracing for a virtual embargo on its planes, grains, and crude oil.The mercurial US president has penciled in 50 percent tariffs on Brazilian goods starting August 1, swatting aside centuries-old ties and a US trade surplus which Brasilia put at $284 million in 2024.Trump has not attempted to hide the political motivation behind the sanctions — citing a judical “witch hunt” against his right-wing ally, ex-president Jair Bolsonaro.The former artillery officer is on trial, accused of plotting a coup after losing re-election in 2022 to now-President Luiz Inacio Lula da Silva.While Brazil’s seasoned trade diplomats rush to avoid a damaging trade war that would hurt the country’s already slow-growing economy, key sectors are bracing for impact.- Who will feel the pain? -Brazil is the world’s largest exporter of beef, chicken, soybeans, corn, coffee, sugar and orange juice.Its main exports to the United States are crude oil, semi-finished iron and steel products, coffee and aircraft.The agriculture sector alone is projecting losses of $5.8 billion, according to the Confederation of Agriculture and Livestock. Other sectors, such as aeronautics, fisheries and defense, allocate more than half of their exports to the US market and may suffer “an impact on jobs,” according to economist Felipe Salto, former secretary of finance of Sao Paulo state. In the aeronautics sector, the tariff hike is “almost an embargo” and may lead to a “workforce adjustment similar to the Covid-19 pandemic,” according to Francisco Gomes Neto, CEO of Brazil’s Embraer, the world’s third-largest aircraft manufacturer.- When will the impact be felt? – Trump has become notorious for changing his mind on tariff rates, for stalling deadlines, and for claiming epic deals that fail to materialize. He may yet change his mind again.But in Brazil, the impact of his threats is already being felt.There is a preventive suspension of shipments of meat, fruit, fish, and grains, according to industry sources.About 77,000 tons of fruit are sitting in containers awaiting a diplomatic resolution before they spoil, according to the Brazilian Association of Fruit Export Producers. New shipments of beef to the United States are “under analysis” as they would only arrive after August 1, the powerful Brazilian Beef Association said. – Making a deal? -The political nature of the spat seems to make a last-minute deal less likely. Brazil has insisted the case against Bolsonaro will go ahead unless prosecutors decide otherwise.Trump “doesn’t want to talk,” leftist Lula lamented recently, reiterating that his Plan A is to continue “negotiating.” Lula has tasked Vice President Geraldo Alckmin with reaching out to the White House.But a Brazilian negotiating proposal sent in May has received no response, according to Brasilia.Ricardo Alban, president of the National Confederation of Industry, believes Brazil will continue trying to negotiate as long as possible.Its “largest bilateral trade relationship in manufactured products is with the United States,” he said.- Damage control? -As a Plan B, Lula’s government is already considering offering credit lines for tariff-hit companies. In the longer term, Brazil is trying to “restructure” its trade ties with countries beyond the United States, top government official Rui Costa said recently.The European Union, Mexico, and Canada are all potential partners. When it comes to increasing exports to China, economists see a more difficult path for some sectors.”It’s easier to redirect oil or coffee production to other countries than aircraft parts,” said Marcos Mendes of the Insper research center. “Highly specialized sectors will suffer more,” he explained.Lula promised to apply “reciprocity” if Trump’s tariff threat materializes, measures that could deepen the economic impact on both economies.

Iran says it held ‘frank’ nuclear talks with European powers

Iranian diplomats said they held “frank and detailed” nuclear talks on Friday with counterparts from Germany, Britain and France, who have threatened to trigger sanctions if Tehran fails to agree a deal on uranium enrichment and cooperation with UN inspectors.The meeting in Istanbul was the first since Israel launched an attack on Iran last month targeting key nuclear and military sites, sparking a 12-day war and leading Tehran to pull away from working with the UN watchdog.The European diplomats were seen leaving the Iranian consulate shortly before 1100 GMT after spending several hours inside.Israel’s offensive — which killed top commanders, nuclear scientists and hundreds of others and in which residential areas and military sites were struck — also derailed US-Iran nuclear talks that began in April.Since then, the European powers, known as the E3, have threatened to trigger a so-called “snapback mechanism” under a moribund 2015 nuclear deal that would reinstate UN sanctions on Iran by the end of August.The sanctions trigger expires in October, and Tehran has warned of consequences should the E3 opt to activate it.Iran’s Deputy Foreign Minister Kazem Gharibabadi, who attended the talks alongside senior Iranian diplomat Majid Takht-Ravanchi, wrote on X that he had used the meeting to criticise the European stance on the 12-day conflict with Israel.He said the snapback mechanism had also been discussed, adding: “It was agreed that consultations on this matter will continue.”Takht-Ravanchi told state news agency IRNA the Iranian side had demanded “punitive sanctions” be lifted “as soon as possible”.Before the talks, a European source said the three countries were preparing to trigger the mechanism “in the absence of a negotiated solution”.The source urged Iran to make “clear gestures” on uranium enrichment and resuming cooperation with the UN nuclear watchdog.- ‘Common ground’ -Gharibabadi warned earlier in the week that triggering sanctions — which would deepen Iran’s international isolation and place further pressure on its already strained economy — would be “completely illegal”.He accused European powers of “halting their commitments” under the 2015 deal, which the United States unilaterally withdrew from in 2018 during President Donald Trump’s first term.”We have warned them of the risks, but we are still seeking common ground to manage the situation,” said Gharibabadi.Iranian diplomats have previously warned that Tehran could withdraw from the global nuclear non-proliferation treaty if sanctions were reimposed.Israeli Foreign Minister Gideon Saar has urged European powers to trigger the mechanism.Israel’s June 13 attack on Iran came two days before Tehran and Washington were scheduled to meet for a sixth round of nuclear negotiations.On June 22, the US joined Israel’s offensive by striking Iranian nuclear facilities at Fordo, Isfahan, and Natanz.Before the war, the US and Iran were divided over uranium enrichment — with Tehran describing it as a “non-negotiable” right, while Washington called it a “red line”.The International Atomic Energy Agency (IAEA) says Iran is enriching uranium to 60 percent purity — far above the 3.67 percent cap under the 2015 deal and close to weapons-grade levels.Tehran has said it is open to discussing the rate and level of enrichment, but not the right to enrich uranium.A year after the US withdrew from the nuclear deal, Iran began rolling back its commitments, which had placed restrictions on its nuclear activities in exchange for sanctions relief.Israel and Western powers accuse Iran of pursuing nuclear weapons, a charge Tehran has repeatedly denied.- ‘New form’ -Iran insists it will not abandon its nuclear programme, with Foreign Minister Abbas Araghchi describing the position as “unshakable”.Though he claimed enrichment had come to a halt because of “serious and severe” damage to nuclear sites caused by US and Israeli strikes, the full extent of the damage sustained in the US bombing remains unclear. Trump claimed at the time the sites had been “completely destroyed”, but US media reports based on Pentagon assessments cast doubt on the scale of destruction.Since the 12-day war, Iran has suspended cooperation with the IAEA, accusing it of bias and failing to condemn the attacks.Inspectors have since left the country but a technical team is expected to return in the coming weeks after Iran said future cooperation would take a “new form”.Israel has warned it may resume strikes if Iran rebuilds facilities or moves toward weapons capability.Iran has pledged a “harsh response” to any future attacks.