A new session is bearish view on the Paris Bourse. In the wake of the fence on U.S. exchanges, Tuesday, Wednesday and Asia, markets in Paris are expected to open lower on Wednesday. Around 10:00, the CAC 40 was down 0.67% at 3619.58 points at the opening. The London Stock Exchange lost 0.53% to 5,379.19 points and the Frankfurt Stock Exchange abandoned à6092 0.42%, 15 points.

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.

At 14:30, all financial markets will have their eyes riveted on the U.S.. It was at that time that the unemployment figures across the Atlantic for the month of August will be published. Given the caution with which the New York markets were closed Thursday and Europe, uncertainty should continue this Friday until the publication of these figures. At the opening, the CAC 40 rose 0.29% to 3642 points.

"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.

Reduce your deficit or it will cost you! The warning has been launched by the most influential rating agencies, Standard & Poor's, the world's largest economy, the United States. The head of state in the notation "S & P, John Chambers, Thursday launched a thinly veiled threat to the U.S. Congress for rejecting measures to reduce the deficit, then the notes of the United States, the prestigious" Triple A "could be questioned.

The words of John Chambers, who presides over the rating of 118 countries, have weight. When Standard & Poor's lowers a note means that the state has more chance of bad repay its debts. The investor who buys debt of this state in the form of bonds, then will demand higher interest rates corresponding to the greatest risk. Ultimately, this greatly increases the cost of debt management for the country.

Rigor required

While the return approach, the warnings from rating agencies are increasing. The moment is critical: it is between September and December that states buckle their budgets for the coming year. France, recently lectured by the rating agency Moody's, in a report on the countries rated, has already introduced measures of rigor.

In the "Triple A", London is also in the crosshairs of Standard & Poor's. The notes of the United Kingdom is already "on negative watch" last step before a possible degradation. Despite an initial austerity plan in place before the summer, the government of James Cameron should show "a little more determination to fight against the deficit" in the next budget review in October, said John Chambers faxless payday advance .

How the states will fail

The austerity measures already submitted or planned do not really reassure the markets. In a note titled "Do not ask if the states will fail, but rather how," the U.S. bank Morgan Stanley, is sounding the alarm. Developed countries already burdened by debt levels as they can not take all their commitments, warns the author of the note, Arnaud Mares.

Pensioners, benefit recipients or taxpayers will be affected by the plans of rigor. "It would be dangerously optimistic to believe that in this context, investors will remain forever protected against loss of income that will affect everyone," said Arnaud Mares.

According to this former analyst at Moody's, the states will not officially bankrupt. They rather use "the financial oppression."Specifically, holders of government bonds will be subject to interest rates artificially low or downright negative, ie less than inflation.

Scoring Criteria

To determine a rating, a rating agency monitors both the debt level and growth of the country. If the debt is high and growth is weak, the state will have more difficulty in meeting its commitments vis-à-vis investors. On the one hand because the burden of repayments will weigh too large a share in its budget. On the other hand, because it may raise less taxes in times of prosperity, income taxes depending on the health of businesses and households.

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

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.

Was expected. While economic growth in the Eurogroup countries remains low, the European Central Bank (ECB) kept its key interest rate Thursday at 1%, its lowest level for the 14th consecutive month.

Eurozone growth moderate and uneven in 2010

This choice is further agreed that European fears about debt had reappeared in recent weeks. "A change of course is not expected until at least the first half of 2011. As long as fiscal policy is restrictive and low growth, monetary policy needs to be expansionary so accommodating, "said Nicolas Bouzou, economist and founder of Aster. He added: "Higher interest rates would be justified if the growth in the euro area was between 2% and 2.5%. It is still far away. "

A trend confirmed by the ECB president himself Thursday during a news conference. It forecasts economic growth still modest and uneven in the euro zone in 2010.

Previously, the Bank of England had done the same, maintaining its rate at 0.5%.

The Fed could raise rates before the end of the year

The situation in the United States could change, according to Nicolas Bouzou. "The Fed is expected to increase by 50 basis points more than its interest rates before the end of the year." Therefore, the ECB does she not have him engage the right? "No, because the situation is different overseas. While the job market is still fragile but current levels of growth in the U.S. require a bit of back interest rates to prevent inflation from too much to leave again the rise, "he says.He considers, however, that higher interest rates the Fed would be beneficial for Europe. "It would accentuate the depreciation of the euro and thus encourage European exports," says the economist.

Saint Gobain turn a historic page in its history. Jean-Louis Beffa who presided for a number of world production, processing and distribution of building materials for over twenty years, has bowed out at the General Assembly (GA) annually. Although his departure is long, the emotion was the appointment of the AG.

His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year as over the second half of 2009.

"Activity levels of the various businesses of the group in April and May clearly confirm the trend of improvement in March," said Pierre-Andre de Chalendar, which should add at the end of the AG function president than he is currently CEO.

But these signs of recovery are highly differentiated according to geographic location. "In Western Europe and North America, the recovery remains hesitant," he warned. "The effects of recovery plans are very uneven and the uncertainties on the financial strength of certain states, or issues relating to the consequences of public deficits, still gives an idea of the times". He added: "The contrast is striking with Asia and Latin America, where the crisis is already a distant memory."

A solid first half for

Pierre-Andre de Chalendar sees these geographic disparities confirmation that the group should continue its internationalization initiated by his predecessor and even accentuate, this time beyond European borders no faxing pay day loans. "I am convinced that Saint-Gobain will be in ten years (…) a larger group outside Europe, but a group rooted in its territories," he said.

The group made last year 16% of its turnover in Asia and other emerging countries – awarded to North America – 29% in France and 42% in the rest of Europe. He intended this year a large portion of these investments to high-growth areas, particularly in the solar sector.

Strong rebound margin

Pierre-Andre de Chalendar, who maintained the targets for the full year – strong growth in operating income at constant exchange rates, a sharp rebound in margins and free cash flow – for items delivered the semester ends in view of the improvement observed that since the end of the first quarter.

"Accordingly, and considering the impact of programs, achieving cost savings, operating profit of the group should continue to improve in the first half of 2010, with both strong growth over the first half of 2009, and sustained growth over the second half of 2009, "he said.

The interim results, that Saint-Gobain published July 29, will also benefit from favorable comparisons.The company posted an operating profit of 930 million euros in the first half of 2009 and 1.286 billion in the second.

Boosted by the next course of World Cup football, the legalization of online gaming is now effective. Finally passed in Parliament on April 6 last, the law introducing the opening to competition of Paris and sports games online poker was passed on Thursday.

While meeting the demand of industry players to open their sites to French Internet users, the law is a practical framework previously existing well and illegal. One of the decrees implementing the Act stipulates the establishment of a regulator of online games (the Arjel), who will issue such authorization to operators to enable them to exercise. A process that should make effective the opening of the French market just for the inauguration of the FIFA World Cup, June 11 next. Big industry players such as Unibet, Bwin, Unibet or French Manga Gaming, will include the ranks.

For the law, which states that "gambling and chance are not an ordinary trade or a regular service," intends "to restrict and regulate the supply and consumption of games and monitoring their operations" . Objective: to protect both minors and compulsive gamblers, and prevent the development of fraudulent money laundering, terrorist financing …

100 million euros a year into the coffers of the State

So far, only the French Games and the PMU were allowed to propose to French Internet betting online on sports issues. Players of the Hexagon does not, however, deprived of illegally betting on foreign sites accessible in France. As proof, the market for online paris in France is estimated at 3.5 billion euros, of which only one third done with legal operators.In total, the state could reap as many as 100 million euros per year tax on these transactions by taking 7.5% horse or sports updates, and 2% of the stakes poker players.

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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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Athens loses patience. Having established an austerity plan unprecedented more than 10 billion euros to reduce its deficits, the Greek government requested that the European Union to turn goodwill. Prime Minister Georges Papandreou requested Thursday that European leaders to reach agreement at the summit next week on a mechanism to help Greece.

The head of government, speaking before the European Parliament in Brussels, was also skeptical about the suggestion by Angela Merkel, to be able to exclude a country from the euro area. "Just punishment could not be the solution. And punish and exclude a country would be a failure not only for the country (excluded) but also for the Union "Money as a whole, he said.

Besides the penalties, "the important thing is that we must ensure that countries that have problems are also supported," he said. On this point, George Papandreou reiterated that his country "does not claim to help": "We are not asking for money from Germans, French, Italians, and other workers or taxpayers."

"What we are saying is that we need strong political support to enable us to make necessary reforms and ensure that we will not pay more than necessary to implement these reforms, he explained to MEPs, before threatening again to resort to using the International Monetary Fund (IMF). This last possibility is rejected by the European Central Bank and by France and Germany.

The European Commission has however said Thursday morning contemplating to use the IMF was "normal, logical and prudent."

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