The Dow Jones has evolved in the red throughout the session Friday in a trading day lendeamin déhjà very heckled.

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

Competing with Facebook, which has 500 million active members, is more complicated for the historical actors of the Web. The Internet giants are addressing one of the pillars of its success, the online gaming community oriented, "Social gaming", which Farmville is the most important representative. First application on Facebook with over 59.6 million active players per month on the famous social network (and 230 million total), Farmville is published by Zynga, a U.S. start-up founded in 2007. In recent weeks, the latter fuels the greed of major Internet groups.

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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Like its French counterpart and rival PSA Peugeot Citroen, Renault has found the way of profits under the first half. The manufacturer headed by Carlos Ghosn said Friday sales up 23.1% in the first half of the year. The manufacturer recorded a net profit of 823 million euros, against a net loss of 2.712 billion euros a year earlier.

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 U.S. stock markets opened around the balance on Friday. LLE Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively from 0.07% to 1069 points and 0.11% to 2173 points. The Dow Jones, it is at equilibrium aprfait 10,139 points.

A few days before the opening of the ball half-year results, investors play the card of caution. Within the Dow, the ball will begin, starting Monday with numbers from Alcoa.

On Thursday, the NYSE has lined up a third session. The Dow Jones gained 1.20% 10,138.99 points and the Nasdaq 0.74% to 2175.40 points.

In particular, investors welcomed the drop in unemployment last week. Registrations fell to their lowest level since early May, according to the U.S. Department of Labor. A relief after the disappointment on the monthly figures of employment.Other good news, the International Monetary Fund has excluded the possibility of a new global recession, despite the turbulence on the financial sector by a less stable. He even raised its growth forecast for 2010 to 4.6% against 4.2% estimated in April.

On the foreign exchange market, the euro was weakening against the dollar after a flight the day before. The euro hit a high for two months and passed a symbolic milestone strong, exceeding the $ 1.27 100% free credit score. The European currency, benefiting from renewed optimism over the health of banks on the old continent.

Today, U.S. investors expect stocks to wholesalers for the month of May

On the side of values, the title of Britain's BP, quoted in London and on Wall Street is particularly rowdy: -1.66% to 33.2 follar.The U.S. government Thursday gave the company 24 hours to discuss her new device designed to contain the oil spill in the Gulf of Mexico.

Always on the side of values, the U.S. producer of industrial gases Air Products announced Thursday it increased its bid for rival Airgas, whose level was deemed insufficient by its target. The group is now offering 63.50 dollars per share in cash, instead of $ 60 proposed in February, a total of some 5.3 billion dollars.

Note also the media giant Disney (0.57% to 33.5 U.S. dollars) have reached an agreement in principle to sell the film studio Miramax in a consortium including the fund Colony Capital, said Thursday night the Los Angeles Times, referring to a transaction of approximately $ 650 million.

Boeing (+0.17% to 64.84 dollars) has submitted its bid for ravitalleurs.EADS has filed its case yesterday.

A year after its introduction, the majority and the government seem divided on VAT at 5.5% in restaurants. To reduce the government deficit, Budget Minister Francois Baroin, this plane would "very, very large niche for tax, estimated at 3 billion euros Bercy. Its minister, Christine Lagarde, has cropped Tuesday morning: the reduced rate of VAT "is legitimate on the merits.

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.

Blow to Vivendi. According to the newspaper Valor Economico, the French group headed by Jean-Bernard Levy had committed irregularities in the acquisition of the Brazilian telecom operator GVT. According to information from the newspaper, without citing its sources, Vivendi did not inform the "appropriate investors." The supervisory authority of the Brazilian markets, CVM believes that the French government carried out an operation "bad faith" after starting last November a tender offer for 100% stake in GVT.

Vivendi is in fact suspected of violating securities regulations in skewing his information to markets, and other pretenders to the redemption of this Brazilian Telecom Operator.He allegedly claimed to hold a controlling stake in the capital of GVT as he had in fact acquired option contracts on the title of Brazilian online payday advance. Vivendi would have claimed a victory before actually winning the race.

The group first acquired 53% of GVT for 2.2 billion dollars, then gradually took total control of the Brazilian operator to four billion dollars. The transaction closed in late April after a fierce battle with Spain's Telefonica.

The Market Authority has not confirmed this information. A spokesman said that the CVM agency had issued no press since its announcement in March that it was opening an investigation into Vivendi for possible irregularities.

If fraud is proved, Vivendi would afflict a large fine by the Brazilian stock Constable.According to the daily Valor, it would be at least 1.3 billion euros.

The Airbus A380 will be the star of the Berlin Airshow (ILA) which opens its doors next Tuesday. On June 8, the European manufacturer will deliver on the site of an A380 to Emirates lounge, the tenth to enter service in the fleet of the airline of Dubai. It will enter service between Dubai and London from 15 June. This is the thirtieth delivered by Airbus A380 in October 2007 to Singapore Airlines, the launch company.

The other highlight of the show should be for Airbus's announcement of a new Emirates A380 order with ten aircraft and farm options (at least a dozen well). Emirates is already the largest A380 customer with 58 orders. On May 13 at its conference statement, the company officials did not hide that, very pleased with the performance of large aircraft, they envisioned a new order.Asked Airbus declined comment.

Since its commissioning in October 2007 between Paris and Singapore by Singapore Airlines, the A380 has carried 5.5 million passengers to 18 destinations and made 14,000 flights. Airbus calculates that if these flights were made with the planes of the previous generation, they would have released into the atmosphere 620,000 tons of CO2.

The business climate has improved in France in April. The INSEE indicator, compiled from responses of business leaders, rose 4 points in March and was 96. "This improvement in the economic climate is reflected in all sectors," notes the INSEE. At the same time, the indicator of rollover for the perception of changes in trend, stays in positive territory.

Moreover, the leading index PMI purchasing managers, the Institute established by Markit, found an acceleration of growth in activity. The first flash estimate of the overall activity index rebounded to 58.4, against 55.8 in March. The consensus of economists was expecting, according to Reuters, on 54.1.Services, down from the beginning of the year, grew more aggressively, to 57.8 in April against 53.8 the previous month.

However, "the decline in employment continued in April in the French private sector, bringing to 23 months duration of the current period of contraction," says Markit. "Some respondents attributed the cuts to restructuring programs."

"The high growth rates of new business volumes and the volume of outstanding work, suggest that the expansion will continue at a steady pace during the second quarter," says Jack Kennedy, economist at Markit.

The 2009 results of Fleury Michon contrast with those of 2008. Net income of leading French charcuterie is apparent at 14.8 million euros at end December 2009, when it reached 5.4 million euros last year. Its turnover amounted to 532 million euros, up 5.9% compared to last year.

Fleury Michon is pleased to have regained its level of net margin earned during the years 2006 and 2007.

Good sales performance, combined with tight control of production costs and operational improvement of its Canadian subsidiary, "allowed the group to record levels of profitability in line with the targets previously communicated."Operating profit was 26 million euros, against 15.3 million a year earlier.

"It will be proposed at the general meeting on May 20 under the year 2009 a dividend of 91 cents per share, the company said no teletrack payday loan.

The year 2010 seems to confirm the improvement of the company's business, as revenues in the first quarter were up 11.5% to 137.6 million euros, compared to the first three months of 2009.

On Tuesday, the shares closed at Fleury Michon equilibrium in a market down 0.5%. At 38 euros all round, actions cotent 11.1% above its level at the beginning of the year.For the record, the stock price of Fleury Michon had reached its lowest level in late April 2009 it had fallen to 21.5 euros.

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According to Les Echos, the investment holding Eurazeo envisage conducting a capital increase of around 500 million euros. This point was addressed in the supervisory board but Eurazeo declined comment. This fundraiser would Eurazeo to make future acquisitions.

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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