In China, the Hang Seng in Hong Kong ahead of 2.27% to 19,571.36 points and the Shanghai composite index of 1.82% to 2526.15 points.Securities Want Want China Holdings Ltd (7.85% to 7.56 Hong Kong dollars) and Tingyi (Cayman Islands) Holging Corp (1 paydayloan.91% to 21.30 Hong Kong dollars) will be integrated into the index Hang Seng early December.

The markets also monitor developments in euro area at the front of the sovereign debt crisis. In Italy, former European Commissioner Mario Monti has been appointed new Prime Minister last night and must form a new government who will redressser the country's finances.

Tokyo ready to increase its aid to Europe

Japan has also said this weekend be prepared to increase its financial aid to Europe when the European countries have expressed their willingness to fight against their debt problem with a united front.

The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.The hotel is also in advanced negotiations for the buy out its Indian partner Geojit Financial Services in a joint venture institutional brokerage, according to two sources familiar with the matter cited by Reuters.

According to La Tribune, Crédit Agricole is expected to announce during November job cuts, mainly in its branch banking and investment (CA CIB).

France Telecom: according to banking sources, the proposed sale of Orange Switzerland, a subsidiary of telecom, receives funding of around one billion euros arranged by the seller. The sale could be completed before the end of the year.

This is the revision of judgments that led the twin peaks of yesterday to look at both a greater debt forgiveness by the banks (see below) and a substantial extension of the second plan Support Service promised this summer.Signal of the malaise, the ECB has refused to endorse some of the assumptions of the report and the IMF dragging its feet to validate the final tranche of aid Papandreou government.

Three years late

109 billion euros announced July 21, the financing requirement of Athens may rise to 252 or even 440 billion in the darkest scenario of the troika. Greece, which was initially successful in refinance markets from 2021, could see the deadline extended until 2027. In the meantime, the countries of the euro should cover the dead as they have formally committed and maintain a drip Greece, backed up by the IMF payday loans with no fax.

Implicitly, the troika questions the validity of the treatment and the backlash seems he underestimated.Since the summer, "the situation in Greece has worsened," she notes prior to drive the point home: the plan adopted at the summit in July "reduced the pace of debt (the country) but the effect is more than offset the macroeconomic and political. " Clearly, the state of the patient's health deteriorates and Europe continues to hope for a better.

As a complicated medical treatment, management of side effects is crucial. Contrary to expectations, "Greece, part of a very low fail to juggle internal devaluation (through lower wages, Ed), tackling its budget deficit and the completion of its program privatization ", experts say the troika.

Privatization, expected to bring the Treasury Greek part of the resources it lacks, offer a good illustration of the inability to juggle all aspects of shock therapy.According to Troika, the recession and the collapse of financial markets have already reduced 66-46000000000 Product maximum expected disposals of businesses by the Greek State. Athens logically reluctant to sell off its assets at the worst of conditions. European experts in the wake recognize that the program has already taken three years late.

Excluded from this agreement the domestic free press Comareg (Released Sold), the division overseas (France Antilles, New Caledonia The …) and the group Paris Normandy.The latter could be brought to the joint venture after a restructuring led by the leaders of GHM.

This was submitted yesterday to the pool of 17 syndicated banks that have lent 190 million euros to Hersant Media Group, on the redemption, in 2007, Lagardère securities regional daily press in the south of France.

GHM has made some 700 million euros in turnover in 2010 to an operating profit of 18 million. The group, controlled by the family Hersant and directed by Dominique Bernard, announced in early July to be ready to open its capital to meet its debts. It has already sold its holdings in 2010 in Mediapost and Eastern Republican.

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The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris fast cash advance loan.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

Having shown that wait-Thursday, and investors welcomed the announcement in mid-afternoon of a manufacturing sector still growing in August to the other side of the Altantic, while specialists' s expected to decline over the period. The announcement of a high relapse U.S. construction spending in July, reflecting the weak housing market has not dampened the optimism of the markets recovered this afternoon, somewhat reassured about the state the U.S. economy.Especially on the eve of the highly anticipated monthly employment report, the number of inscriptions hebdomadairres unemployed fell during the week to August 27, at 409,000 against 421,000 the previous week, said the Department of Labor (410 000 entries expected).

These new on the health of the U.S. economy and restore color to the dollar against the euro. To 17 hours, the European currency was worth 1.4263 dollars against 1.4374 dollars late Wednesday (-0.81%).

Indicators most disappointing in Europe

In the euro area, the final manufacturing PMI contracted in August for the first time since September 2009 due to a fall in output and new orders. The index calculated by Markit PMI final spring to 49.0 in August, against an initial estimate of 49.7 and after 50.4 in July.The German manufacturing sector slowed in August, including at its lowest in almost two years, to 50.9 after 52.0 in July. In France, the PMI industry has returned to 49.1 against 50.5 in July, an even sharper decline than that reflected by the flash estimate of 49.3 issued two weeks ago.

Also in France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by INSEE.

As for the oil markets, disappointing manufacturing indicator in Europe weigh on oil prices.At midday, a barrel of Brent North Sea crude for October delivery was trading at 114.04 dollars in London, down 81 cents from the close of Wednesday.

Values ​​to follow

Alcatel-Lucent

A pool of companies led by Alcatel-Lucent has been selected for the renovation and operation of computer networks and communications of the Air Force. The contract of 350 million spread over 16 years.

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday. After suffering the first part of the meeting, the bank, however, have included: Société Générale advance of 1.65% to 54.37 euros, Natixis climbed 1.94% to 2.84 euros.But Crédit Agricole falling 2.08% to 6.67 euros and BNP Paribas down from 0.63% to 35.64 euros.

Peugeot: -0.98% to 21.12 euros, Renault: -1.22% to 27.99 euros, Michelin: -1.59% to 50.18 euros

The new car registrations were up 3.2% in August. But sales of SAP were down 3% and 1.4% of Renault.

Fimalac: + 7.36% to 26.26 euros

Fimalac accounted for more than 6% Thursday on the Paris Stock Exchange after the announcement of the sale of its Canadian subsidiary Algorithmics, specializing in software for the financial industry, the U.S. IBM.

Eramet: – 1.21% to 147.20 euros

The CEO of Eramet, Patrick Buffet, asked Thursday to New Caledonia guarantees the stability of capital and access to resources of nickel subsidiary of the archipelago, Société Le Nickel (SLN) cheap payday advance. Mr.Buffet made the requests in the renewal of the shareholders, linking Eramet-SLN since 2000 and the three provinces of New Caledonia.The latter hold through the STCPI 34% stake in SLN and 4% of Eramet.

Sanofi: 1.50% to 51.42 euros

The group reached an agreement with Pfizer to produce generic versions of Lipitor cholesterol before the star of the American group from falling into the public domain, writes Les Echos newspaper on Wednesday.

Total: 1.09% to 34.36 euros

The National Transitional Council (CNT) Libya has promised to give to France 35% of crude oil from Libya in exchange for recognition of its legitimacy Paris, Liberation reported Thursday.

Iliad: + 2.38% to 85.54 euros

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom: + 1.43% to 13.349 euros

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard: – 0.93% to 61.92 euros

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo: – 1.07% to 39.23 euros

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez: – 2.28% to 21.45 euros

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage: – 17.94% to 27.94 euros

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain: 0.10% to 35.07 euros

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère: – 11.11% to 21.16 euros

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom: + 1.35% to 14.67 euros

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne: – 2.65% to 86.40 euros

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère: + 0.37% to 10.81 euros

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia: + 9.52% to 1.15 euros

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

However, the deficit-which aggregates the deficits of the State, Social Security and local-rest him, identical to the forecast, ie 5.7% of GDP in 2011. "And this government deficit, which accounts for the rating agencies" insists one at Bercy. No hocus-pocus. This stability is primarily due to good news side Safely. Thanks to the good performance of the employment and wages in 2011, social contributions are expected to exceed more than one billion in the forecast.In addition, "costs of parastatals grew more slowly than expected," said Valerie Pécresse's entourage, the budget minister.

Sosh will mark "all digital", only sold on the Internet. If have to wait until September for details and more particularly the rates, Stéphane Richard said it would be a "soft offer, without commitment," which will decline "two kinds of attractive packages in price ", available with and without mobile terminal.Sosh, whose name is "a nod to the term" social network ", wants to build on social networks and user communities, said Stéphane Richard. It offers a low-cost but not low value. "

With this brand, France Telecom follows the lead of its competitors. SFR was the first to lead the way in June 2010 with its "economic advantage". The operator proposed a package on average 10 to 20% cheaper if the customer subscribing or purchasing retaining also his mobile. A year later, at the launch packages "Square", SFR explained that 15% of subscriptions were dry, that is to say without a telephone.

In early July, Bouygues Telecom has taken a step forward in the world of low-cost brand by launching the first low cost of a large operator.The two packages of "B & You" (our editions of July 5) are attractive, for example, 24 payday loans.9 euros per month for calls, SMS, MMS and unlimited Wi-Fi 24/24, but that a terminal it is associated.

Reduce subsidies

The recent popularity of telecommunications operators for low-cost offers several origins and first of all the expected arrival of Free, renowned for its ability to break the established codes. Whereas in 2012, its competitors are afraid to see him land in October 2011, with rates very low, just like what he has done over the Internet, with the first offers to 29.99 euros. There is also growing competition from virtual operators (MVNO).Finally, the increase in the price of the terminals has also forced the operators to review their business model.

Until now, to lure new customers or retain old, operators put forward the phones heavily subsidized. But the development of smartphones has changed the situation, with the arrival on the market for phones with more than 600 euros 149 euros … sold by subscription.

If operators and manufacturers refuse to disclose the sale price of "professional" and therefore the exact amount of the grant, it is the secret that the cost of acquiring new customers is a clear tendency to increase.The development offers low-cost in telephony, which are essentially free subscription offers mobile, could however not be sufficient to reverse the trend.

Consumers, especially the French are, by the admission of Stéphane Richard, very attached to offers of renewal.

• Those who left

Alain Bokobza, Societe Generale: "The atmosphere at the beginning of the year was too good, the consensus of economists was very optimistic expectations for the generic market. Deterioration of expectations without fundamental change in the medium term is therefore an opportunity to enter to participate in a better performance in the next 12 months.Yields in the bond market are very low now, a return on equity should be considered. "

Bertrand Lamielle, B * capital, "is a good time if you have clearly in mind what it means to be on the market in general and at this moment in particulier.C is to say, a long investment horizon, and a taste for risk. Moreover, at this time, the market is growing tension due to issues of state debt, the slowdown in the U.S., the anti-inflation emerging and supports historical market business publications, are made question following the latest 'profits warnings. " In short, right now, the market sees the glass half empty. "

Pierre Sabatier, Primeview "Correction from April 29 to June 26 allowed investors to incorporate most of the bad news into stock prices.The slowdown is a fact, but there is no recession, and companies, as European American, show an iron (net margin rates are the highest with 10.5% for the S & P 500 and 9.5 % for the Stoxx 600). This frees upside potential in the short term, particularly in the euro zone and areas that have recently been the most penalized (banking, energy, telecommunications) "

Matthew Grouès, Lazard Brothers Management: "With less than ten times the results looking, European equity valuations are not expensive and offer a nice room for improvement, especially as earnings forecasts in Europe are measured.If we can not rule out further volatility, particularly because the debate on the debt ceiling in the United States, current levels we always seem to be very relevant to exposure to shares. "

Catherine Garrigues, Allianz GI Investments Europe: "The valuation levels, the shares are attractive and the dividends are interesting. However, the risk premium remains high due to the uncertain macroeconomic environment. "

Alexandre HEZEZ, Convictions AM: "We must begin to gradually reinvest in the market and take advantage of that. The market is on a level of stress due to the Greek crisis that has spread in recent weeks to the entire European banking sector.The downside risks are important, but they are largely integrated into the price including the promotion of European banks. "

Francois Chevallier, Leonardo Bank: "The trend remains fundamentally bullish, leaning on corporate profitability, the debt of American households and the emerging revolution. In addition, shares are still close to the support of their bullish channel (3800 points on the Cac 40). "

Nuno Teixeira, Schroders France: "Equity markets have been affected since the month of May largely by macroeconomic considerations, with the concern about the strength of U.S. growth, the end of quantitative easing program of Fed and growing concerns over the sovereign debt of countries of southern Europe.However, the recovery is on track, companies continue to show quality results – with an expected increase of more than 10% in 2011 – and have never had so much cash. The valuation multiples are more attractive when the assets have their bond yields remain unattractive levels. The risk appetite should pick up and equity markets regain positive momentum by the end of the year. "

• Those who fear a stirred

Jean-Louis Mourier, Aurel-BGC: "It's probably a little early, except under very opportunistic strategies and short term easy pay day loans. The risk was, in fact, be even agitated. Although the Greek appears to decrease risk, but it will not disappear overnight, at least in the minds of investors.The regulatory uncertainty on the banks remains high, resulting in volatility of the indices in which they have significant weight. Just before the "season" of publishing the results of the second quarter, equity analysts have revised downward their forecasts for net profit per share, while economists have reduced their expectations for economic growth, particularly in the U.S. States. After several seasons in which the surprises have dominated, there is a definite risk of seeing at least a balance between good and bad surprises on second quarter results and speeches may be prudent. "

Ginguene Olivier, Pictet Asset Management: "Be a little patient and wait for the summer, just as in 2010.We can still have a few target countries, Japan, for example, but still staying away from most European markets. There are currently too many uncertainties (deficits, monetary policy, corporate profit margins) and complacency (situation in Greece, governance issues) for only the upside potential is realized in the short term. The end of this summer could see the announcement of measures more credible medium-term, on the U.S. real estate or the European sovereign debt. "

Antoine de Salins, Groupama Asset Management: "It depends on your investment horizon: if it is long enough one or two years – the answer is yes because the fundamental valuations are attractive enough to double condition of accepting the intermediate volatility and to be selective in the choice of companies and sectors "

Patrick Moonen, ING Investment Management: "We n'envisagons not increase our equity exposure. A number of indicators remain unresolved: first, the situation of sovereign debt in the euro area, then, discussions about the U.S. debt ceiling and a further weakening macro economic data in the U.S. States. Finally, forecasting corporate earnings should include the slowdown in economic growth.Although most of these elements is temporary, we would like to see some confirmation of a return to stronger growth in the U.S. economy and control of the situation of Greek sovereign debt. We have reservations about the upcoming earnings season, several companies have already expressed serious warning on profits. We expect a point of entry into the market more favorable.

Arnaud Poutiers, IG Markets France: "After the recent recovery in recent days and continued high risk to attend the registration of new annual low, we believe it is not interesting to position themselves now to purchase with a view to medium term.The next six months should be dominated by a downward orientation of the Paris Stock Exchange, punctuated by intermediate times. "

Philippe Mimran, UFG-LFP: "For several weeks, the markets are nervous. Three main risks are the cause of this bout of weakness: Greece, the need to increase the ceiling of U.S. debt with a maturity of August 2 and finally undeniable signs of economic slowdown. The first two factors, we should have answers soon. On the economic downturn, we believe that the markets have largely addressed this risk. That's why we are quite in favor of a reweighting of risk in the markets during the summer. "

Mauro Ratto, Pioneer Investments, "On the CAC 40, it is not the right time.On U.S. stocks, yes, the sudden trend selling leads again an underestimation of most titles. "

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