Please find below a summary of what Investir is reporting in this weekend's edition (no. 2753, dated 10 October). This is a press review only: the views and recommendations are the newspaper's own.
Markets
The CAC 40 closed the week at 7,803.33, down 1.19%, its ninth weekly decline in a row. Investir attributes the move to renewed tension in the Gulf, with Brent back above $100 (a high of $105.92 on Thursday), and to pressure on French government bonds ahead of the budget vote. In his editorial, François Monnier writes that the gap between bonds and equities has widened since September: the US 10-year yield has gone from 4.75% to 5.3% while Wall Street set new records, and Europe, France in particular, has started to fall behind. He sees the banks' share prices, now back near their 200-day averages, as the signal to watch.
Cover story: 20 stock "matches"
The paper sets pairs of companies against each other and names one winner each time. Among them: Safran over RTX, Danone over Nestlé, BNP Paribas over Société Générale, Intesa Sanpaolo over UniCredit, Siemens over ABB, Vinci over ADP, Inditex over H&M, Orange over Deutsche Telekom, AstraZeneca over Novo Nordisk, Genfit over Abivax, Rio Tinto over Glencore, Veeva Systems over Dassault Systèmes, Palo Alto Networks over CrowdStrike, Capgemini over IBM and Accor over IHG.
Company news
Schneider Electric: the group is buying US industrial software publisher PTC for $22.6bn. The share lost 12.1% on the week. Investir calls the reaction excessive and keeps its buy advice, while trimming its price target to €340. It notes that J.P. Morgan has moved to neutral.
Air Liquide: the new medium-term plan, Beyond, targets 5% annual sales growth and 10% growth in recurring earnings per share to 2030, with a first share buyback of €4bn in 2027 and 2028.
Medincell: the FDA has approved the long-acting olanzapine developed with Teva for schizophrenia. The share gained about 31% on the week. The paper runs an interview with chief executive Christophe Douat.
Orange and telecoms: SpaceX has acquired low-band spectrum in the United States with the aim of becoming a mobile operator. US and European telecom shares fell on the news.
Canal+: the 2027 draft budget would end the reduced VAT rate, which the group puts at up to €200m a year. The competition authority has also notified grievances.
OPmobility: the supplier cut its 2026 guidance and the share fell 20.8% on Thursday.
OpenAI: Investir's figure of the week is $50bn of annualised revenue in September, citing Reuters, against the $70bn previously expected.
Sector focus: European autos
Ahead of the Paris motor show, which opens on Monday 12 October, the paper reviews the sector. It reports that Chinese brands took 23% of UK registrations in September, that electric cars reached 42% of French sales the same month, and that the Chinese domestic market is expected to fall 15% this year. Its picks are Renault, Ferrari and Valeo, with Stellantis and Forvia as speculative buys.
France: politics and rates
The paper examines the Rassemblement National's fiscal plan, about €140bn of savings and tax measures over five years, and quotes the Institut de l'entreprise, which judges only €7.5bn of it credible. It also reviews the tools available to the ECB after Christine Lagarde said the bank can act against disorderly market moves.
Real estate
A three-page report on SCPI describes a new period of stress: the French 10-year yield came close to 5% on 2 October, eleven funds have suspended the variability of their capital since January, and several large office funds cut their unit prices by more than 10% over the summer.
Next week, according to the paper's agenda
IMF and World Bank annual meetings in Thailand from Monday. Third-quarter sales from LVMH (Monday, after the close), Publicis (Tuesday), Pernod Ricard (Thursday) and Schneider Electric (Friday). In the United States, the large banks report from Tuesday. ASML reports on Wednesday and TSMC on Thursday. US inflation for September is due on Wednesday.
Kind regards,
Laurent Chekroun
Managing Director
Graham Advisors Sàrl
+41 79 350 71 09