If the current situation is rather gloomy, the atmosphere, in the late 1990s, was euphoric to say the least. The tech bubble that began in 1995 with the IPO of Netscape – sensational – escalated beyond reason with the explosive growth of telecommunications (France Telecom was by far the largest accumulation of ACC 40) and the phenomenon of start-ups. The world has welcomed the Internet as a revolution that would change the world, characterized by prosperity, easy money and speculation.The shares were outbid unconnected with the reality of companies' accounts.

When the time has come to the realization, the descent into hell has begun. On March 13, 2000 in New York, the Nasdaq index of technology stocks at the time (eBay, Yahoo, AOL …) suddenly picks up and puts an end to five years of consecutive increase. The European market will suffer a few months later and will suffer the same mass layoffs.

"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Pending the U.S. unemployment

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, will be published in Composite PMI and Services for the month of August (10:00) and retail sales for the month of July (11:00) no fax payday loans.

The meeting will be much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

Values follow

Investors monitor the value of France Telecom, however. The chief operator, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of TV Orange Cinema Series and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".

Air France plans to create a structure "low cost" for medium-haul routes, especially between Orly and the province to counter the offensive of the British low cost airline EasyJet.

The Slovak government has decided to retire to a consortium led by Bouygues a road construction project of $ 3.3 billion through a public-private partnership announced Thursday, Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) in Casino and other shareholders of the supermarket chain Exito nationalized in January, said Thursday in President Hugo Chavez.

Vinci said on Thursday the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros), enabling it to become number four in the sector United Kingdom.

LVMH: A court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

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

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.

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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If the performance of these three giants of Wall Street have exceeded the expectations of financial analysts, they are far from convincing.The banks, in effect, save their profits fall in provisions for doubtful debts, which remain however very high levels. At Citigroup, they have a charge of $ 6.7 billion, the lowest in almost three years. For Bank of America, the drain $ 8.1 billion against $ 9.8 billion in the first quarter and still $ 16.4 billion a year ago pay day loan lenders.

Less capital raising

More than three years after the start of the crisis in the housing, the improvement of conditions in the shy USA relieves borrowers. But business remains sluggish, as evidenced by the decrease in revenues of large banks: – 33% for Citigroup – 18% for Bank of America – 7% for JPMorgan. The great challenge for these players is to reach boost their sales."It will be several more quarters to see a sustainable activity," warns Brian Moynihan, the CEO of Bank of America.

Last year, the Wall Street banks had managed to offset the gloom with an exceptional year in the investment bank, with capital raising records. Alas, this windfall is gone and instead the second quarter under the sign of the crisis of European sovereign countries was characterized by high volatility and lower risk appetite. This scenario weighs on commissions and revenue from emissions trading.

The officer believes that Europe will not end the crisis without a significant depreciation of its currency. The skipper and evokes "a level of parity of 0.6 to the dollar" before adding "not the European Central Bank will not accept it." In fact, the latter expressed doubts about the fact that the euro can survive the crisis "which is just beginning," he said free 3-in-1 credit report.

Redeployment of "onshore"

Regarding the consequences of the spill, the leader of the French oil major said the companies are counting on a redeployment of oil production on land at the expense of offshore in the Gulf of Mexico.

He suggested that no oil company is no longer able to "face the financial consequences of possible ecological damage. He said he expected consequences for production "in the years 2015/2020. "This should bring up to date the theory of" peak oil production ceiling, "said he.

"Nobody seems eager to take advantage of market declines to buy shares, at least for now", believes Patrick O'Hare of Briefing.com financial site."This reluctance reflects a decline in market confidence about the ability of companies to achieve their performance goals in the second half of the year."

Influenced by the European public debt crisis, the oil spill in the Gulf of Mexico and fears of slowing global economy, U.S. equity indices closed sharply lower Wednesday for the second consecutive month to reach their worst quarter since the second quarter of 2002. They returned to their lowest level in eight months … Yesterday, the Dow Jones finished down 1% to 9774 points, the S & P 500 also lost 1% and the Nasdaq 1.2%.

The banking sector might react after the removal of a proposed tax credit and the approval by the House of Representatives, the final version of the broader reform of financial regulation in the United States.President Barack Obama reiterated Wednesday during a speech in Racine (Wisconsin, North) that the bill would "prevent a crisis" such as that of 2007-2009. "This is a reform that will protect our economy from the recklessness and irresponsibility of some," he said.

On the face of macroeconomic indicators, the employment figures expected Friday should mark a return to job losses after five months of improvement. On Wednesday, already, enrollment weekly unemployment rose unexpectedly last week in the United States, according to the Labor Department. Applications for unemployment benefits rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally reported.This does not augur the best.

Even more than other countries engine of global growth, China has seen, precisely, growth prospects are heavily depressed by the Conference Board and the Chinese manufacturing activity slowed in June, according to two indices Chinese purchasing managers released Thursday.

Investors will closely monitor the repayment by the European banks, expected on Thursday. They will have to repay 442 billion euros Thursday to the European Central Bank, with the maturing of a loan granted exceptional giant a year ago.

On the face values

Technology stocks, IT and telecom will be well attended.

Setbacks Chinese Google could find exits.The license renewal application filed by the U.S. giant in China will be considered by the government and the result will be published shortly, have indeed shown this Thursday, the Chinese media. The U.S. group has shown good will by announcing in Beijing that he would terminate the automatic rerouting of its Chinese site to its site of Hong Kong. The track lost 0.11% to 444.47 dollars.

The internet group Yahoo! else has announced Wednesday that its board had approved a share repurchase program of $ 3 billion over three years. During Wednesday's closing, this amount represents approximately 15% of the market capitalization of the group.After the announcement, the stock price Yahoo!, The lowest since a year has risen by 1.59% to 14.08 dollars.

The Microsoft IT group (+ 0.56% to 23.14 dollars) announced Wednesday it would gradually stop marketing its phone launched in April, the Kin, especially for the youth market of amateur social networks. " Microsoft has decided to focus on the launch (OS) Windows 7 and Phone will not deliver the Kin in Europe this fall as planned, "the group said in a statement

The small business Internet distribution Woot, offers its followers not more than one model per day at deflated prices, said Wednesday that she was redeemed by the giant Amazon, without specifying financial terms of the transaction."The name of a dog! Woot has signed an agreement with Amazon – yes, then the Amazon – to become an independent subsidiary of the giant e-commerce, "said the little Texas company on his blog. The title gained 0.14% to 109.40 dollars.

Finally, Boeing could react because the World Trade Organization asks Brussels to halt "without delay" to the subsidies paid to Airbus. Boeing sees this decision as "a great legal victory, the European union will be Apel.les action leaves 0.51% to 62.46 dollars.

Same trend on the rest of European markets. In Spain, the Ibex 35 lost 1.16% to 8765 points. The Dax index of thirty blue chips of the Frankfurt Stock Exchange plaice 0.42% to 5959.11 points. The London Stock Exchange fell by 0.42% compared to Wednesday's closing at 5064.55 points.

Early this morning, Asian stock markets have posted positive counters. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

The euro is ironed beyond $ 1.2.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates. The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget.He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

In France, industrial production in France fell 0.3% in April, but production of the only manufacturing industry continued to grow, according to data released Thursday CVS-CJO by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today. A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

The securities yield 0.36% to 15.3 euros.

Air France-KLM: -1.49% to 9.6 eurosSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total: -1.35% to 37.6 euros The oil company involved in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

The above shares retreat amid plummeting BP shares, which fell by 15% to the London Stock Exchange on Thursday morning – they dropped 15.8% yesterday on the U.S. markets. In its wake, Technip signed the largest drop in the CAC 40: -2.3% to 47.7 euros.

Renault: -1.18% to 28.9 euros change in the financial department head. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys: 0.11% to 40.3 euros The Strategic Investment Fund (ISF) announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, including it should become CEO in 2011, to succeed Gerard Buffière.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

Societe Generale drops 1.9% to 31.1 euros.BNP Paribas, -1.6% to 33 eruos, Credit Agricole, -1.2% to 8.1 euros.

EADS: -0.96% to 17.05 euros Eurofighter has launched negotiations with Germany, Spain, Great Britain and Italy in order to convince these countries to invest 10 billion euros in next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday.A first for the family business.

Changes in recommendations

Lafarge and Saint-Gobain Citigroup raised its recommandaiton from "hold" to "buy". Lafarge appears among the only five values in the green on the CAC 40, 0.66% to 47 euros. Saint-Gobain is 1.22% to 30.64 euros.

Vinci: 0.05% to 36.6 euros ING has started tracking the purchase, with a target price of 44.20 euros.