After biting the nose in the first hour of trading, the benchmark index of Wall Street still has erased much of its losses. At closing, it fell by 0.56% to 10,213.62 points. The S & P 500 fold, from 0.37% to its 1071.69 points. While the Nasdaq managed to regain the green, scrounge 0.04% to 2179.76 points.

U.S. stocks have relapsed this week, especially Thursday and Friday amid renewed fears of further slowdown in activity, even recession.

"There is an internal struggle within the market right now, between the flow of economic indicators is rather disappointing for 48 hours and the balancing force that represents the multiplication of impressive announcements of mergers and acquisitions," noted Craig Peckham, Jefferies ."The market tries to anticipate a downward revision to corporate profits, which has not yet taken place, added the analyst.

Thursday night the U.S. stock markets were sharply accused the coup after the publication of bad numbers, especially on the employment front. In fact, new listings weekly unemployment rose by 12,000 for up to 500,000, while economists had forecast a drop instead. This setback has undermined all European stock exchanges, down nearly 2% on Thursday evening. The stock, Wall Street head, are more worried about the U.S. recovery is becoming increasingly threatened, yesterday, two other macroeconomic indicators have further disappointing disappointment consecutive ill-digit unemployment in the industrial activity Philadelphia region has not improved as the markets would have liked.The composite index of leading indicators the Conference Board is certainly left in timid increase, but suggests "a very slow recovery until the end of the year."

The earnings season gives way to mergers and acquisitions …

On the corporate side, while all the companies in the Dow Jones have now released their quarterly earnings, mergers and acquisitions also certainly inspire markets.But if they reassure investors about the health of businesses able to play cash on the table, they can not counter the extreme distrust aroused by signs of a growing number of weak U.S. recovery.

GAP (2.48% to 18.15 dollars) is reaping the fruits of this Friday's announcement the day before the quarterly earnings above expectations, thanks to the rebound in sales recorded by its brands Banana Republic and Old Navy.

PT (-0.86% to 40.42 dollars) and Dell (0.11% to 12.05 dollars) will be closed on the ball quarterly results.HP has shone with a quarterly profit up 6%, and Dell has not been left behind, with sales and earnings above expectations for the second quarter and expects a continued recovery in demand professionals for PCs in the coming quarters.

The world leader in microprocessors, Intel, announced on Thursday that he offered the world's number two computer security, Mc Afee (-0.07% after 57% yesterday), $ 7.6 billion .

While the hostile bid from BHP Billiton (-0.97% to 66.70 U.S. dollars) Potash (-0.75% to 147.72 dollars) continues to make waves on the Stock Exchange (Fitch Ratings has put on hold BHP Billiton), the offensive yesterday from Dell, the German publisher of software Wirecard rose Friday on the Frankfurt Stock Exchange after the entry by traders of a possible interest of Visa for the company.The title Wirecard advanced 2.05% to 8.71 euros while the action Visa German Stock Exchange fell by 0.35% to 55.69 euros. Visa back on Friday from 0.39% to 71.35 dollars.

Boeing (-0.59% to 64.24 dollars). The United States announced Thursday that they were using, like the European Union a month earlier, the ruling in June by the World Trade Organization (WTO) in the dispute over public funding for the aircraft manufacturer Airbus. It was also learned that Thai Airways talks with Boeing and EADS for 30 aircraft

At the end of last week, the Japanese telecoms group Softbank and formalized an investment of 150 million dollars in Zynga.It is accompanied by the creation of Zynga Japan as a joint venture, whose aim is to convert users of the Archipelago to the "social gaming" while Zynga benefit from the expertise of his partner in Nippon mobile Internet , Eldorado for future online services. Masayoshi Son, Softbank's CEO, welcomed the collaboration point of departure for the creation of "a gigantic social gaming in Japan.

The announcement comes shortly after the official unveiling by the blog Techcrunch specialist, an investment of Google in the same start-up to an amount between 100 and 200 million dollars. At half-word, the Google CEO Eric Schmidt has confirmed this agreement in an interview with the Wall Street Journal. "We have not announced, but you can expect to partner with Zynga," he said.This will be crucial for launching the Google Games, a social network based online game giant online search would be developing. In addition to these equity investments, Zynga has signed agreements with editorials Facebook and Yahoo! Last May by which its games are broadcast to a wide audience.

Valued at 4.5 billion

Selling virtual goods in its games, Zynga have generated 350 million dollars since the beginning of the year, with half operating profit. In 2011, its revenues could reach one billion dollars.Another indicator of investor confidence: Zynga has surpassed the 100 million players in just two and a half years, when it took four and a half years to Facebook to pass this course.

Start-up of more than 600 employees, Zynga announced so far have raised $ 219 million in four rounds. Its first fund in February 2008, amounted to 10 million dollars. Zynga then publishes the poker game Texas Hold'em on Facebook. In July 2008, another round table that will raise 29 million dollars. Zynga is beginning to diversify its offer and in April 2009, is the leading application on Facebook with 40 million active users. Launched in June of that year becomes Farmville August 2009 the first game on Facebook to cross the milestone of 10 million players.Finally, last December, the Russian fund Digital Sky Technologies, also a shareholder of Facebook, participating in a new fundraiser, Tiger Global, Institutional Venture Partners and Andreessen Horowitz, for a total of 180 million dollars. With today an investment of over $ 520 million, valuing Zynga have reached 4.5 billion dollars.

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The group's operating margin reached 4% of turnover to 780 million euros.Renault also released a free cash flow positive at 1.4 billion euros, which remains the "principal purpose" of the group in the second half as Carlos Ghosn, president and CEO of the group.

Renault worldwide sales rose also by 21.7% and its global market share of 0.15 percentage points to 3.8%.

While claiming to be cautious "in an unusually uncertain," Renaut listing provide a "global marketplace in 2010, up about 8% compared to 2009, despite a drop in European market estimated between 7% and 9% compared last year.

Eurozone growth moderate and uneven in 2010

This choice is further agreed that European fears about debt had reappeared in recent weeks. "A change of course is not expected until at least the first half of 2011. As long as fiscal policy is restrictive and low growth, monetary policy needs to be expansionary so accommodating, "said Nicolas Bouzou, economist and founder of Aster. He added: "Higher interest rates would be justified if the growth in the euro area was between 2% and 2.5%. It is still far away. "

A trend confirmed by the ECB president himself Thursday during a news conference. It forecasts economic growth still modest and uneven in the euro zone in 2010.

Previously, the Bank of England had done the same, maintaining its rate at 0.5%.

The Fed could raise rates before the end of the year

The situation in the United States could change, according to Nicolas Bouzou. "The Fed is expected to increase by 50 basis points more than its interest rates before the end of the year." Therefore, the ECB does she not have him engage the right? "No, because the situation is different overseas. While the job market is still fragile but current levels of growth in the U.S. require a bit of back interest rates to prevent inflation from too much to leave again the rise, "he says.He considers, however, that higher interest rates the Fed would be beneficial for Europe. "It would accentuate the depreciation of the euro and thus encourage European exports," says the economist.

The shortfall of the state would it 2.35 billion euros a year on some 130 billion collected last year under the VAT.

Disagreement on Figures

As for wages, increments and other benefits provided under the industrial agreement signed by the five unions of employees and three of five business organizations in the sector would reach one billion euros accumulated since March 1, date of application of the agreement. Some 21,700 jobs have also been created, the government said.This figure is disputed by the union FO who believes him, he must subtract the 15,000 net new jobs recorded on average each year for ten years in this industry.

The measure would also have saved 25000 companies, nearly one third of the 80,000 restaurants in trouble before the reduction in VAT, as the specialist firm Gira Board.

Second lowest rate reduced

Twelve countries now have a reduced VAT on food in Europe. Since the authorization granted in 2009 by the European Commission. Only France and Belgium have taken the plunge. On 1 January 2010, Belgium has lowered its rate of 21-12% in food, drinks. Before the green light from Brussels, ten other member states had historically lower VAT in restaurants.With a rate of 5.5%, France has the second highest in the restoration reduces the lowest in Europe, just behind Luxembourg (3%).

Keeping a stable euro

The boss of EADS look very closely monitoring the crisis of the euro. While the costs of aerospace group are charged in Euros and aircraft orders paid in dollars, the decline of the euro is good news in the medium term. However, Louis Welsh stressed the importance of stability of the euro.If he refuses to make any predictions on the future of the euro, the president of EADS warned European governments against excessive rigor.

The more so that the defense is particularly affected by fiscal efforts put in place either side of the Rhine. In Germany, the Defence Minister Karl-Theodor zu Guttenberg said that large spending cuts would be made. In France, the government should cut sharply in the 2011-2013 budget of the defense. According to Les Echos, fiscal discipline could cost between two and five billion euros to the defense the next three years.

"National priorities different"

Another concern expressed by Louis Welsh, the risk of every European country favor of "different national priorities," which would jeopardize the common defense different programs, such as the A400M military transport aircraft."That adds up to be a domino effect for the sector," warned the skipper of EADS. As negotiations dragged on, the group hopes to finalize the contract on the A400M customers with the seven countries (Germany, France, Spain, Great Britain, Belgium, Luxembourg and Turkey) "by the end of July," adds Does it pay day loan cash advances. The first copy of the A400M will be delivered to France in early 2013.

In this interview, Louis Welsh hopes to resume delivery of EADS Tiger combat helicopters to Germany this year. Berlin had suspended its order for 80 helicopters built by Eurocopter subsidiary of European giant last week due to technical problems. An order valued at 3 billion euros. "We deliver two new machines to the German pilot test in July.If the tests have a positive outcome, we can deliver five Tiger this year. "

Tensions around the tanker contract

Regarding the close battle opposing EADS Boeing to provide tanker aircraft to the U.S. Army, Louis Welsh rising tone. "We receive daily obscure and unfounded accusations of Boeing in the U.S.," says he. The American manufacturer EADS last Tuesday accused of attempting to develop trade relations with Iran and other countries hostile to the United States. Boeing advocates also believe that development aid granted to EADS and Airbus by European governments are illegal. "The growing nervousness Boeing shows that we have a chance to win," Louis Welsh analysis.

On the home front, EADS is not in lack of challenges.Decidedly optimistic, Louis Welsh ensures that the timetable for the A350, the future long-haul Airbus, will be honored with a commercial launch planned for 2013. Furthermore, the production of A380 superjumbo is now "under control". The program will return a profit within five years, says Louis Welsh. But everything will depend on developments in the euro-dollar.

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Net revenue (equivalent to sales) reached 1.63 billion euros, up 28%, and Natixis confirmed its revenue target of more than 6 billion for the whole year.

As the fourth quarter of 2009, the portfolio of illiquid assets of more than thirty billion inherited from the crisis has only slightly affected the result (-16 million euros).

BPCE: Exposure to Greece to 2.1 billion euros

The parent company Natixis, BPCE, published a group net profit of 1.01 billion euros in first quarter 2010 against a loss of 1.149 billion euros in the same period a year ago.Its revenues rose 64% to 5.973 billion euros in the first quarter against 3.641 billion euros in the first quarter 2009 paydayloans.

In a statement issued last Thursday, the group announced that its BPCE exposure to Greece package totaled 2.1 billion euros, of which 882 million euros through its subsidiary Natixis. BPCE exposed to 1.4 million euros to the Greek sovereign debt and Natixis to 160 million euros.In contrast, private debt is fully supported by Natixis to the tune of 722 million euros.

BPCE: 25 billion euros of GDP by 2013

The group aims BPCE net banking income of 25 billion euros by end-2013 from two thirds of the commercial banking business and insurance and third trades Natixis.

At the Paris Stock Exchange, Natixis closed down 0.82% to 3.75 euros in a market down by 0.73%.

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Fran?ois Perol "BPCE must inspire confidence"

While the huge oil slick button that Friday the odds of a Louisiana still traumatized by Hurricanes Katrina and Rita, Barack Obama has sent two of his ministers on the spot "to ensure that BP and the government are doing everything they can, not just respond to this incident, but also to determine the causes. " The president has promised am?riain mobilize all the resources "of the country, including the military.

Enormous resources implemented

The flow of oil leaking from offshore wells was revealed on Thursday five times higher than previously thought, or 5,000 barrels per day, according to the National Oceanic and Atmospheric Agency (NOAA).And the damaged area has been classified as difficult to access for effective cleaning.

For the moment, "the consequences of the accident remain unclear and can not yet be quantified, but BP is ultimately responsible for funding the cleanup operations, analysts said. But the anti-spill operation implemented by the American state and the group is described by BP itself as "the largest in history."

The company has already implemented substantial resources (two drilling platforms, 32 boats, five helicopters, 1,000 persons, etc.). The U.S. Navy has provided seven booms and pumping systems for coastguards. Air assets are also mobilized.

After several failed missions carried out using robotic devices to help fill the leak, BP and the Coast Guard decided Wednesday to carry out "controlled burning" to limit the growth of the water cash advance loans. BP is now focusing on the establishment of a lid on the underwater drilling but the installation should take a month.

Stall Award

Sign that the situation is critical for the group: Stock investors have not waited to dispose of their shares.Since April 20, when the explosion of the platform, the BP shares have lost 12% to the London Stock Exchange, falling from 655.4 to 577.5 pounds.

Also listed on Wall Street, stocks dropped 13% BP and rate 52.6 dollars at the close of U.S. markets on Thursday.

After Exxon Valdez and Erika

In the history of oil spills can be compared with that of Louisiana, the disaster of the Exxon Valdez in 1989 in Prince Williams Sound in Alaska and the sinking of the Erika in 1999, whose responsibilities incumbent on Exxon Mobil and the French Total.

Exxon Mobil eventually pay only 500 million euros to force delays in judicial proceedings.The tanker had been sentenced in 1994 to $ 5 billion in damages to the 30,000 inhabitants of the region, the equivalent of one year's profits for the oil group.

At Total, the fine of 375,000 euros has been confirmed by the Court of Appeal in Paris last March. On the front of compensation payable to the 80 plaintiffs, Total paid 170 million euros.

British Petroleum is already the subject of a complaint by the shrimpers of Louisiana for "negligence" and "pollution". They require 5 million in damages.

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Recently, several funds have made large acquisitions, including three over 500 million euros, which have been well received by markets. There was the takeover of Sebia by Cinven for 800 million euros of the Spotless by BC Partners for 600 million and Astorg entered Gras Savoye up to 500 million. Eurazeo would not miss the recovery.

In announcing its 2009 results in March, Eurazeo had 704 million euros of net cash by allowing its chief executive, Patrick Sayer: "consider opportunities to enter and support our interests in expansion.

For some, Eurazeo could resume portfolio assets of a competitor. The company is already a shareholder among others, Rexel, Accor or Danone.

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