The U.S. stock market should take another step forward Tuesday. The index futures are predicting an opening up U.S. markets. Future Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively by 0.43% to 1081.20 points from 0.55% to 1 830.25 points. The night before, after long hesitation which direction to take, the New York Stock Exchange finished the session up into smaller, undecided before the start of the season results with the aluminum producer Alcoa. The Dow Jones gleaned 0.18% to 10 216.27 points and the Nasdaq 0.09% at 2 198.36 points.The broader index Standard & Poor's 500 index of leading his side to finish by 0.07% to 1 078.75 points.

On the foreign exchange market, the euro dropped sharply against the dollar Tuesday, weighed down by the lowering of the sovereign rating of Portugal in the ratings agency Moody's, which relaunched the concerns about the fiscal health of the member countries of the euro area .

On the side of macroeconomic indicators, the U.S. Department of Commerce must publish the figures for trade balance in May while the Treasury will unveil the state of the U.S. budget.

Publications for

On the side of values, Alcoa started the ball rolling quarterly results yesterday after the close of the NYSE. The group returned in the green in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and expressed "great prospects".For a year, Alcoa had recorded one quarter in the green, in summer 2009, but the whole of 2009 was marked by a heavy loss to the tune of $ 1.15 billion .

Always on the side of values, the burst of U.S. results will continue this week with the technology companies Google, Advanced Micro Devices or Intel and banks JPMorgan and Bank of America. Citigroup and General Electric will unveil their findings Friday.

Also note, a hedge fund, the fund Cambridge, filed a complaint against Morgan Stanley, Goldman Sachs and ten other banks in the hope of recovering lost $ 1.2 billion in securities backed by mortgages subprime .

The internet group Google on Monday launched a new tool, "App Inventor", which should allow all users to create their own applications

While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.

"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.

The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.

Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.

Record demand

In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.

Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.

Lower prices, or increase wages and create jobs, such were the promises made by professional restoration in exchange for declining to 5.5% VAT. In practice the government had forecast a drop in prices overall 3%. But the overall direction of Treasury at Bercy, the decline is 2.5%, as it must take into account the increase in prices (+0.1% per month) that would have been saved if there had been no reduction in VAT. According to Insee, the statistical institute, the decline recorded between July 2009 and late May was 1.3%.Only a conservator two on average applied the lower price.

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%).

In the end, the French are thus two and a half times poorer than the inhabitants of the Duchy.

But figures published by Eurostat, taking the ratio between GDP and population of the European Union as a base, can mainly classify countries into two categories: those whose standard of living is higher than the European average, and those where it is smaller. Thirteen states are the first set. Ireland has a particular wealth per capita higher than 31% the EU average. Followed by the Netherlands (30%), Austria (24%), Sweden (20%). France takes the eleventh largest with 7% above the average. Bulgaria ranks dead last with a per capita wealth less than 59% above the average of the 27 states.

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Eiffage prances at the head of the Paris stock exchange Thursday morning, rising about 9% to 16.30. The construction group said Wednesday evening after the close of the Paris Stock Exchange that its subsidiary, jointly with Macquarie Eiffarie has signed an agreement with funds for the purchase 13.73% of Autoroutes Paris-Rhin-Rhone (PRPA) they hold a total of 854 million euros (55 euros per share). APRR is the second largest French motorway and the fourth in Europe.

Eiffarie owned by Eiffage and Australia's Macquarie have after the operation 95% of APRR. The subsidiary also plans to launch a buyout offer, that is to say that APRR would no longer be quoted on the Stock Exchange (right when the majority shareholder holds more than 95%).A project must receive the blessing of the AMF to be realized.

If this is implemented, and upon its conclusion, it remains on the securities market, these shares would then be a squeeze, which will be performed at the same price of 54.16 euros per share: 84 cents per share are restated as it is the amount of the dividend qu'Eiffarie decided to pay shareholders of APRR June 30 next.

The transaction is expected to close by the June 24 APRR listed on compartment A of Euronext, flies too, from 7.65% to 54.75 euros.

Eiffage and Macquarie have finally heard

The two shareholders of Eiffarie seemed irreconcilable. On this issue, in fact, Eiffage wanted to make a capital increase of 400 million euros in APRR, here just one year.One way to avoid a deterioration of its financial rating would increase the costs of refinancing. Macquarie's refusal earlier this year.

Use markets? The CEO of Eiffage, in turn, rejects the idea. The stock market conditions are too uncertain. Another option would be to buy back its shares in Eiffarie. But Macquarie had not responded.

Investors enthusiastic

"The acquisition of the balance of APRR is positive news for Eiffage.The group can calmly deal to refinance Eiffarie 2013, "commented analyst Aurel BCG, for whom this would be" accretive by approximately 3% based on Eiffage tax integration we estimate that approximately 70 million euros.

Indeed, Eiffage will benefit from the tax integration: from 1 January 2011, interest paid on debt to acquire Eiffarie * – 3.77 billion – will be deducted from the tax base APRR, say the strategists Natixis Securities. In addition, the tax losses generated by the interest paid on this debt between 2006 and 2010 will be tax deductible APRR, they said. For them, the economy reached 314 million euros. APRR, in fact, will not pay tax according to their estimates.

* Eiffarie, had been chosen by the state in late 2005 during the privatization of Autoroutes Paris Rhin Rhone (APRR).

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The cacophony that reigned throughout the weekend of 24 and 25 April in Europe around the Greek rescue plan is not – far from it – reassured bond markets. The rate of government borrowing Greek ten years and has offered a new record Monday, reaching the 9.40%. Worldwide, only Venezuela and Pakistan must pay more to attract investors … Worse, the loan is two years past in the Greek yesterday alone from 10% to 13%! This means that Athens must pay higher interest to borrow from two years to ten years, indicating that the risk of default is taken very seriously by the markets. A difficult situation bearable for the people who can rightly denounce speculation that it is subject, while Germany, at the same time, borrowing to 0.9% for two years.

Contagion

But there are more serious.The contagion has now reached the full force of Portugal.

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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The markets resumed their breath on Tuesday. Paris, who had crossed the wall last Thursday of the 4,000 points for the first time since January 19, has fallen below the psychological threshold. The CAC 40 has indeed slipped 0.33% to finish the session at 3987.41 points exactly. The volumes remain thin. Less than 3 billion changed hands on the great values of the Paris stock exchange. Elsewhere in Europe, markets have evolved sawtooth almost all day. Everywhere in Europe, investors have finally decided to pocket some of their gains on the values that have risen more recently. In London, the FTSE lost 0.67% and in Frankfurt the Dax dropped 0.23%.

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The debt of States remains a central concern.The results of the bonds issued yesterday by Greece and that was a test case in the eyes of the markets were "mixed" as Aurel BGC easy pay day loans. "Demand was only 7 billion euros to 5 billion borrowed, while the two previous operations had attracted at least three times more demand than supply," they explain.

The atmosphere was a little less gloomy on Wall Street. The U.S. consumer confidence rebounded more than expected in March. In addition, housing prices in the U.S. in January were unchanged from the same month a year earlier, the first three years. Apple was the star. The title claiming responsibility over 2% to a new record over $ 237.The Wall Street Journal the firm at the apple will produce a new version of its iPhone that would work on all mobile networks, ending the monopoly of AT & T. Investors are also banking on the success of the iPad, the new digital tablet that must be put on sale this weekend.

PSG back, this time on the judicial scene. Since last Monday, said the trial of "questionable transfers" opened at the Paris Correctional Court.

At the helm, Lawrence Perp?re and Francis Graille, the presidents of the football club Paris at the time, the club itself, Nike France, two of its leaders and new players' agents, referred to "forgery and using false and unauthorized practice of the profession of players, like Richard Bettoni or Rako Stojic.No player is concerned, even if they could tax adjustments.

Between 1998 and 2003, the PSG players like Ali Bernabia or Ronaldinho would have received salary supplements that enabled PSG to pay less payroll and players less taxes, as magistrates pole of the Palais de Justice , Paris Renaud van Ruymbeke and Fran?oise Desset, who are investigating this issue since 2005.

Fictitiously inflating their role and responsibility, all 25 players involved have been inflating their commissions, and creating images contracts with Nike, they hit pay additional cash advance . These are the components of the charge.

The image rights dispute

The President, Quentin Chantal, the court stated that "some abuse of social good has been a non-place '.In other words, there was no personal enrichment.

On the image rights of players, Nike France says she bought them with consideration. But the president noted the "messages" which, for the prosecution proves the carat?re fraudulent transactions between Nike and the PSG. "If it happened that the sponsorship contract is terminated, the PSG is committed to guarantee the payment of such sums," Francis Graille mentioned in a note.

This issue of image rights will be discussed on Tuesday and Wednesday. The trial is expected to end April 14. The three remaining weeks will be spent on transfers.

The defendants face up to three years imprisonment and 225,000 euros fine for corporations. PSG may also pay 5.8 million euros that could be claimed by Urssaf.

The manufacturer Gemalto smart cards issued Thursday its results for the year in france 2009. The turnover declined by 1.5%, reaching 1.654 billion euros. The net lost 3.27% on a year to 148 million euros. For the first time in its history, the company will pay its first dividend, to 25 cents per share.

The group's operating income amounted to 171 million euros (1.18%), although it is cut by 11 million euros. Indeed Gemalto had to make provision for this sum to settle a malfunction on smart cards in Germany.

During Gemalto has accelerated its growth in external spending 74 million euros for six acquisitions, including a company specializing in mobile electronic signature cashadvance .

Outlook 2010

In 2010, the priority is "growth through the active promotion of our expanded portfolio of products and broader distribution of our range of software and services to our customers, to increase our operating income towards the goal we set ourselves an operating result of 300 million euros in 2013, "the group said in a statement.

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