100% French Stocks – Monday, June 2, 2025
After a May marked by a solid global rebound (S&P500 +6.15%, STOXX600 +4%), markets are starting June with caution. Asia is falling sharply this morning and European futures are following suit. US politics, geopolitics, and the ECB will set the pace this week.
CAC 40 PREOPEN: 7,714 pts (-0.47%)
Macroeconomic context:
- S&P500 posts its best May since 1990, +6.15%.
- US Senate set to review Trump tax law: budget concerns on Wall Street.
- US tariffs: partial return after a short court block.
- Growing US-China tensions, especially around Taiwan.
- ECB expected on Thursday for an interest rate cut.
- US jobs data on Friday, Chinese PMIs still gloomy.
Key actions today
Sanofi (SAN): Acquires Blueprint Medicines for up to $9.5bn.
Eutelsat (ETL): Reportedly preparing a capital increase; French government could raise stake to 30%.
Engie (ENGI): Departure of secretary general Claire Waysand (source: La Lettre).
Alstom (ALO): New signaling contract in Brazil with Viamobilidade.
Ipsen (IPN): Positive data on Onivyde in pancreatic cancer.
Transgene (TNG): Encouraging 24-month survival data with TG4050 vaccine.
Carmat (ALCAR): First commercial Aeson implants outside EU.
Ikonisys (ALIKO): Another delay in annual financial report release.
Automotive market: Registrations down 12.3% in May in France (source: PFA).
Corporate results expected today
Wavestone – Q4 2025 results Abivax – Q1 2025 results Catana Group – Q2 2025 results Nacon – Q4 2025 results
Analyst recommendations (FR only)
Recommendation changes
Upgrades
Euronext (ENX): Morgan Stanley remains at "overweight," target raised to €172.
Sanofi (SAN): Jefferies maintains "buy," target reduced but positive at $67.80.
Neutral
LVMH (MC): Anchor remains at "buy," target reduced to €567. Jefferies sticks to "neutral," target decreased to €460.
Schneider Electric (SU): Haitong remains at "outperform," target adjusted to €287.46.
Vallourec (VK): Jefferies remains at "buy," target cut to €21.
Downgrades
Nothing specific for French stocks today.
Your thoughts? Which stocks will you be watching today?
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Have a great session everyone!
Sylvain Mouilhaud – Stock Coach