Finally! After six sessions of declines, the Bourse de Paris displays a better form. In the green at the opening, the CAC 40 – which posted a gain of 0.46% to 3705 points in early trading – has continued to display good orientation to the closing up 1.37% in 3739, 46 points, boosted from 15 hours through the publication of the first estimate of GDP in the United States for the fourth quarter of 2009. She stood at 5.7% (5.4% on average expected).

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Markets have also been able to welcome the extension to the head of the Fed Ben Bernanke.In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

Across the Atlantic, the figures of industrial activity in the Chicago area for January were also pleasantly surprised: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The LSE has also finished up Friday, the FTSE-100 index of leading values winning 42.78 points, or 0.83% over the closing Thursday at 5188.52 points. On Wall Street, the trend is still upwards, two hours after opening.

However, we must put this meeting (plus up to 3764.6 points), including a portion of the increase is purely technical: the week, the CAC 40 surrendered 2.2%, and the peak of the last five session was reached Monday at 3831.8 points …And last week it had dropped as much as 4.9% …

European unemployment 10%

This morning, the European Central Bank announced that the M3 had contracted by 0.2% in December from a year in the euro area, less than expected by markets, while private sector credit remained stable.

Unemployment in the eurozone has reached the threshold of 10% in December, its highest level ever reached since the creation of the single currency of eleven years ago, according to data released Friday by the European statistics office Eurostat.

Inflation, which was as expected, has accelerated in January, 1% a year from 0.9% in December, according to a first estimate published by Eurostat this venrdedi.

As expected, the government has again decided against increasing the minimum wage above the statutory minimum. According to the opinion of November 30 last by the group of experts chaired by Paul Champsaur, the minimum wage increase will be limited, given the low inflation observed on Tuesday by INSEE at a rate of 0 , 5%, raising the hourly minimum wage to € 8.86 gross instead of 8.82 or 1343.77 euros gross per month for full time.

Under the reform of the minimum wage passed in late 2008, the adjustment of the minimum wage will apply from 1 January rather than July 1, so as to precede the wage negotiations and corporate sector, which may well occur knowingly.This adjustment should cover some 1.6 million people according to a recent study by the Department of Labor, more than 10% of private sector employees.

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Gold continues to see progress during his flying record after record for over a month and a half. This Thursday, November 12, ounce of gold has traded in London cons 1123.38 dollars, the highest price ever recorded on the market.

This new record was set when the confidence of investors vis-à-vis the dollar continues. Wednesday, parity between the dollar and the euro has fallen against the euro at 1.5048 dollars.

The weak dollar encourages central banks to diversify their reserve assets, and increase their gold reserves. India and Sri Lanka have recently made massive purchases of precious metals. India has procured 200 tonnes of gold via the International Monetary Fund earlier this month. Sri Lanka's share increased its gold reserves of 5.3 tonnes in September.

Times are tough, but some still manage to pull the chestnuts out of fire. Property Regions (FDR) has come to an agreement with Groupama and Predica to buy them a nice batch of offices worth 267 million euros. Constrained by debt (58.8% of its equity), the listed property company expects to fund its operations by issuing 3.9 million new shares. Groupama will rise to 5% of its capital. Predica, Crédit Agricole subsidiary, already owns 3.2%, rising to 7%.

On a stone three coups. While expansion of its heritage, FDR strengthens its capital without increasing debt. Having divested 633 million in assets since January and renegotiated its credit lines, the property enjoys a "timely", as President of its Executive, Christophe Kullmann. FDR put his hand on quality assets at a price considered attractive."At 6 500 euros per sqm with a yield of 7% is an operation which shows that the crisis was moving prices, said Christophe Kullmann. Bankers return, insurance companies have collected a lot of money and tradeoffs we are favorable bond yields are low and risk aversion has decreased. "

At year end, FDR will make a second capital increase for existing shareholders by offering to purchase 200 million new shares at a preferential price. Its debt would then fall back to more reasonable levels, around 56% of its equity.

The post-crisis?

Is this the beginning of the post-crisis? After nine months of sluggishness, investment tends actually to leave, knowing that we've been through. The major transactions in the fourth quarter will not save the year, the worst the industry since 1998.But they will help give an award to products that arise on sale in the coming months.

Observed around the pressure to lower rents have hit a low point in the beautiful neighborhoods of central Paris. Good resistance that appeals to insurers, such as German funds, often little indebted, or private investors who wish to also do good business.

Among the big "deals" finalized or could be, the sale by the HSBC bank's headquarters in Paris on the Champs-Elysees. A long-awaited transaction that the market estimated at 400 million euros. It could be done under a Qatari sovereign wealth fund, if the parties agree. In the suburbs of Paris, another building, new one, will soon be sold by U.S. fund Carlyle at Credit Agricole, which could make his future headquarters.Since January, Klépierre in turn sold 400 million euros in offices and shops. The listed property, owned 52% by BNP Paribas, is selling one billion of assets by the end of 2010, but refrain from seizing opportunities.

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