Tuesday, Wall Street and the Paris Stock Exchange ended the session with declines of more than 1%, hit by banking shares. As for Asian markets, they all move in the red, the Tokyo Stock Exchange in mind, after the yen hit a high.

The deficit decreases

On the macroeconomic front, the Fed will release its Beige Book this evening at 20 hours.Although unemployment figures better than expected, released last Friday, the U.S. central bank should continue to keep interest rates low.

A second estimate released Wednesday by the Bank of France, the gross domestic product of France is expected to grow 0.3% in the third quarter. It is unchanged from the first.

The deficit of state budget reduction. It amounted to 93.1 billion euros at end-July against 108.8 billion a year earlier, according to figures from the Ministry of Budget.Moreover, the trade deficit widened to 4.2 billion euros in July against 3.718 billion the previous month, seasonally adjusted data.

On the currency markets, the euro is recovering, to 8:00, after losing 1.46% Tuesday: the single currency was worth 1.2720 dollars.

Bank stocks remain in the viewfinder

As for companies, no publication of results is expected this Wednesday. Scor has unveiled its strategic plan to investors 2010-2013. The group has set a target organic growth of around 5% per annum. The shares were up 1% to 17.22 euros.

Chris Viehbacher, the CEO of Sanofi-Aventis, has met with several shareholders of Genzyme said Tuesday that the French laboratory. One analyst, management will have met half of the shareholders of Genzyme Wednesday night and could then make a decision on his project.The value displays one of the largest increases of ACC 40: 0.58% to 47.10 euros.GDF Suez and Lafarge completed the podium around 9:30 respsectives with increases of 0.89% (26.52 euros) and 0.85% (39.10 euros).

The Board of Directors of EDF (+0.30% at 32.93 euros) has approved the sale of its electricity distribution network in British Hong Kong Cheung Kong consortium, which will reduce its net debt by 6 8 billion euros, said the group chaired by Henri Proglio Wednesday in a statement.

LVL Medical (+0.52% to 15.48 euros), whose action has been suspended from trading on Tuesday, has filed with the Autorité des marchés financiers (AMF) a draft bid on simplified maximum 6% of its capital at a price of 20 euros per share, in the program to repurchase its securities, may be read on Tuesday on the website of the AMF.

Bank stocks in free fall

Conversely, the bank stocks seem to be on Tuesday in upper range of the steepest declines the CAC 40. BNP Paribas lost 1.12% to 52.14 euros (after a decline of 2.17% Tuesday), Societe Generale was down 1.65% to 41.90 euros (-3.85% Tuesday), Credit Agricole a coward , 79% to EUR 10.39 (-2.32% to 10.58 euros) and Dexia drops 3.75% to 3.24 euros (-3.39% after Tuesday). Their American counterparts have lost between 2% and 4% on Tuesday, the biggest drop was conducted by Morgan Stanley (-3.71%).The Barclays shows a net decrease of 1.13% to 310.45 pence after falling 5.57%, following the appointment to head the controversial Bob Diamond.

France Telecom (-0.09% to 16.06 euros) issued 50 million of 3.375% with coupons expire in 2022, and the resale price of 99.35%, representing a return of 75 points base over the swap curve. The group also denied a merger with Deutsche Telekom, after Deutsche Bank has exceeded the threshold of 5% stake in telecommunications group.

Louis Welsh fear a falling dollar

Boeing has not ruled out Tuesday the possibility of reducing the price of its bid to build 179 tanker aircraft for the U.S. military. The reaction of the stock price of its European rival, EADS (-0.36% to 18.11 euros), is expected.In an interview published in Le Nouvel Observateur on Thursday, its president, Louis Welsh, expresses fears that the dollar weakened. The EADS subsidiary Airbus, sells aircraft in dollars, but supports most of its production costs in euros.

Artemis, the holding company controlling PPR (-0.28% to 106.90 euros), Tuesday issued 600 million euros of bonds exchangeable for existing shares PPR to lengthen the average maturity of its debt. Under the final terms of the transaction, the nominal value of bonds, set at 139.90 euros, shows a 31% premium over the reference price of the PPR share.

CNP Assurances (-0.21% to 14.12 euros) has issued 750 million euros in bonds paid 6.0% and maturing in 2040 with a premium of 347.2 basis points above the swap curve.

Wall Street closed due to "Labor Day"

Anyway, the CAC 40 should, like the Asian markets, thus starting the week on a good note, after the U.S. unemployment figures, less bad than expected.But this note could be shy, because of the close of trading on Wall Street (due to Labor Day) and the absence of macroeconomic significance. The meeting could be rather quiet on Monday. A meeting between EU finance ministers in Brussels is expected to strengthen the stability pact and economic governance.

The bank benefits from the renewed optimism

It is the same on the microeconomic front. Only the results of the first half of BioMerieux the program: the diagnostics specialist announced a first-half profit rose 4% to 72.1 million euros and confirmed its full-year organic growth (6%) and margin operational (between 17% and 18%) in 2010.The shares climbed 2.92% to 83.21 euros.

In this context a bit more optimistic due to unemployment figures U.S. banking stocks are well oriented: BNP Paribas gained 0.97% to 53.99 euro, Societe Generale was up 0.86% to 44.75 euros and Credit Agricole shows a gain of 1.24% to 11.02 euros.

Around 9:40, the three largest increases CAC 40 are Suez Environnement (2.69% to 13.35 euros) and Veolia Environnement (2.28% to 19.74 euros)

Laughs Natixis, Dexia and Lagardère cry

Friday evening, the Scientific Council of indices for the Paris Bourse has announced that Natixis and Publicis will integrate the CAC 40, from 20 September. For the company headed by Maurice Levy, it is a return: the group of advertising methods had already been part of the CAC 40 between 2004 and 2006 guaranteed payday loan.If Natixis rises 5.27% at the Paris Stock Exchange to 4.66 euros, the rise of Publicis is more limited: + 1.39% to 34.91 euros. The two companies will display two of the three most significant rise in the CAC Next 20.

The two companies replace digitally Dexia (-1.71% to 3.38 euros) and Lagardere (-1.72% to 28.25 euros), which appeared in the CAC 40 since 1999 and 1994 respectively. They join the CAC Next 20, that is to say, the main hall of the Paris stock exchange index. Dexia Lagardere are the two largest declines the CAC 40 with LVMH (-0.70% to 97.43 euros), after the Paris Court of Appeal reduced the fine that eBay scoop 38 to 5.7 million.LVMH must repay more than 32 million euros.

Dexia and Lagardere will be replaced in the CAC Next 20 Atos Origin (-0.17% to 32.79 euros) and Land Regions (-0.29% to 76.50 euros).

Boiron: Trading suspended

Areva (0.47% to 326 euros) is still grappling with Siemens, as part of the output of the German capital of the company chaired by Anne Lauvergeon.

Sanofi-Aventis (+0.30% at 46.87 euros) would be willing to slightly increase its proposal to $ 69 per share on Genzyme, the biotechnology company if willing to negotiate, Dow Jones reported on Sunday.

PSA Peugeot Citroen (-0.23% to 21.78 euros) has started building a new factory in China with its partner Dongfeng Motor, China's export and thought from 2011, said Saturday he responsible for Asia.

Nissan, Renault (+0.06% at 34.45 euros) holds 44.3%, was willing to ally with Chinese automakers in the field of electric cars.

Venezuelan President Hugo Chavez on Saturday approved the payment of 690 million dollars (535 million euros) Casino (1.98% to 67.92 euros) and other shareholders of the supermarket chain Exito nationalized in January.

Also note that the rating action Boiron was suspended Monday on the Paris market at the request of the company and pending a statement to be published that day. The title has been suspended from 25.35 euros. On 31 August, the homeopathic laboratory has reported a net semi-annual 5.13 million euros in fall of 62.4% compared to first quarter 2009. What had caused the fall of stock prices by 8% the next day.

Evolution of the euro / dollar over the last year.

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.

Sodiaal launched the Yoplait brand in 1965. In 2002, the dairy cooperative (Candia, Rich Mountain), through a serious crisis, had to sell 50% stake in its branch yoghurts and PAI commit to leave the choice of leaders. Today in better health, she would regain control.Not sure it is able to spend as much cash as the only means of payment accepted by PAI. Especially as it finalizes the acquisition of Entremont. "The conditions for resumption Entremont n'obéreront not our ability to maneuver on Yoplait, Le Figaro said in February its director general, Claude Sendowski. Sodiaal has the clear desire not to leave the ultra-fresh. "

Although the maintenance of capital Sodiaal Yoplait seems acquired its takeover is not. Therefore, the output of PAI can be done if Sodiaal agrees to let his future co-shareholder control of management of Yoplait, owned by PAI contract. The investment funds and Sodiall long-standing opposition to a crucial point: IBP transfer this control along with its 50%? "The purchaser will have management control, said a potential buyer.No one will pay a high price for simply looking out the window. If this had been resolved, the assignment would be curly for two years … "

Lactalis ambush

To break the impasse, he would have agreed to cede Sodiaal stake in Yoplait. Lactalis cheese group (President, Galbani) has formed a joint venture with Nestle yoghurts, has never hidden his interest in the brand. Funds, Permira and BC Partners as it prepares the sale of Picard might be interested. The U.S. company General Mills, the largest franchisee of Yoplait for thirty years, would look into the matter. Yoplait has developed both through subsidiaries and franchise agreements. "Yoplait is the largest in the United States in France," says one at General Mills.

Pending a change in the capital, PAI and Sodiaal could agree on other tracks.Yoplait, which completed its debt, could start to borrow to buy back a portion of its capital. The company considers a prey, could also become predatory, and engage in acquisitions, for example by acquiring franchisees in emerging countries. In March 2009, Yoplait has repurchased 68.6 million shares of EUR (49%) of British Dairy Crest, in their joint venture founded in 1991, which sells in Britain and Yop Little tricksters.

The Directorate General of Civil Aviation (DGCA) has asked airlines to remove 50% of flights at the airport of Orly and 20% of those expected at Roissy Charles de Gaulle.

In a statement, Air France announced that 100% of long-haul flights will be provided, and that 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly. "We can not exclude some flight cancellations throughout the day.Delays will also be possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

For now, the information is covered in a trickle. The DGAC said that a strike slogan added "stormy weather that could disrupt traffic". More details are expected early Tuesday afternoon.

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC.They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Following the movements of the beginning of the year, negotiations were begun with the unions and a mediator, Gilles Savary. On Monday, a final meeting of conciliation before the strike failed to find common ground. "The executives had no room for negotiation, it was a meeting for nothing," said Olivier Joffrin (CGT).The Ombudsman shall submit a report in late July but the unions are pessimistic. But the CGT denounced a "forced passage in the middle of July."

"FABEC is necessary, besides the five other countries and partners for their unions are very favorable," assures yet a spokesman for the DGAC.

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The group will remove the center of Marseilles (25 posts), Pantin (149), Rennes (194) and Tours (51). In four cities, where two centers exist, they will be merged, with the result at Le Mans 41 positions eliminated, 169 Lyons, 71 and 61 in Orleans in Toulouse. Finally, the site of Bordeaux will be cut by 69 positions. Teleperformance be explained today "structural overcapacity" and puts forward an operating loss of 36 million euros in 2009 in France for a turnover of 300 million.The group attributes this poor performance by "a slowdown in demand for its key markets" and "the loss of significant commercial contracts during 2009.

A social plan for 585 positions had already been applied to the company in France in 2009 and had been strongly challenged by unions in the courts, which had delayed its implementation for several months. This new plan is not a surprise. Teleperformance, which has six subsidiaries in France, decided in 2009 to merge. "They wanted to go too fast last year in the merger, where the resistance of employees. Result, management has been changed.But we continue to fight, "said Eric Dufaud, delegate of the union SUD.

Relocation

"I put everything from scratch with the intention of returning to profitability and secure a future for the industry of call centers in France," said Jean-Herve early June Jenn, new president of the group since April. Its purpose is to provide value-added services, refining and expanding the range of services offered to justify the higher prices in France and abroad. A call center agent costs about 30 euros an hour in France, against 15 euro in Tunisia.

All call centers have an offshore development center, because their large customers have one obsession: to lower prices. Teleperformance is so well established in Tunisia, are among the largest private employers in the country.He also opened last year a call center in Morocco and plans to accelerate the movement. "If the principals do not respond or if the government does not legislate, it's the call center industry is likely to go abroad," says Eric Dufaud.

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"Teleperformancereste cautious for 2009

But the revolt against the old promise of Jacques Chirac, applied from 1 July 2009 thanks to the activism of Nicolas Sarkozy, also scolded the Assembly. Without naming the VAT on food, the general rapporteur for the Budget, Gilles Carrez (UMP), has questioned "a number of consumer items that are 5.5% and that should not be at 5.5 %. He advocates instead an intermediate rate to 12%.

Since the introduction of the measure for the restoration, the context is not the same.The government, which has hitherto led a recovery policy, had to change tack in recent months under pressure from the markets. It is now to reduce the deficit. Especially in the planing tax loopholes.

Nevertheless, the statements and Gilles Carrez Baroin were poorly received by restaurants. "It's absolutely outrageous to say that the 5.5% VAT tax is a niche!" Reacts Philippe Villalon, president of the National Federation of the restoration (FNRF). "We buy our products and we sell 5,5% to 5.5%. As is the case for all areas of the mouth.Moreover, if we repeat the policies they want to end VAT at 5.5%, we should not translate that we lower our prices, nor that we hired, as the state would break its part of contract. "

During the implementation of the measure, the restorers had promised to lower prices, to invest and hire. These commitments, which would take over in case of cancellation of VAT at 5.5%, would have been more or less respected. The Court of Auditors estimated last October that the measure would involve only 6,000 new jobs. The profession claims to the contrary today promised 21,700 against 20,000 a year.

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%).

At issue: a doubt on the prospects of the sector which has strengthened since China announced placing steel in his sights. According to a statement from the website of the Ministry of Finance on Tuesday, the country will give tax rebates on exports of several products including steel and nonferrous metals, and that from 15 July. China justifies this decision by the fear of overcapacity in the sector when the economy goes again on the basis of a policy of credit support.China, world's largest producer, saw its production continues to increase by 20.7% in May year on year to 56.1 million tonnes.

The government, which wants to avoid "blind investment" and too many expansion projects, puts an end to these tax rebates that block trade relations with many countries. EU and U.S. impose a particular anti-dumping tax to restore competition they feel more loyal to several Chinese steel products.

Approaching the summit of the G20, this news is seen by observers as a new important gesture by the Chinese authorities, after announcing an easing of the exchange rate of the yuan.

Arc elorMittal sees a slowdown in demand

Meanwhile, ArcelorMittal was one point on the demand in the sector.According to the world's number one steel company, the apparent demand and actual demand for steel should remain positive in the second half of the year, will face even slower during this period. "European consumers are in a waiting phase. At the same time, stocks are still low, "said Lakshmi Mittal, CEO of the group. The latter believes that the problem is the same in the United States.

According to Lakshmi Mittal, the economic situation remains bleak. "Housing is still visibly weak. The car is still robust. The market for capital goods began to improve and engineering improves. However, the steel industry should return to its pre-crisis level until 2012.

This view was confirmed on Monday spoke Federation World Steel Association (WSA) who believes that "if China, South Korea and Turkey have increased their production in May compared to 2007, the United States, Italy , Spain and Japan have not yet regained their pre-crisis level. " The WSA also notes that if demand is expected, stocks, themselves, continue to rise: Global steel production rose by 29.1% in May to 124 million tons, exceeding by nearly 10% of its levels before the crisis.

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