In a market that is looking pretty quiet on the macroeconomic front and corporate publications, the CAC 40 should still benefit from the rebound in Asian stock markets continued to register the parks Last weekend, which saw Index Parisian earn about 1.70% on two days. Note that for reasons of summer break, the London Stock Exchange will be closed on Monday. Around 8:25, the future of the CAC 40 gaining 0.70% to 3525 points.
Two indicators will follow on Monday: Economic confidence in the euro area for the month of August at 11:00 and expenditure and household income also for the month of August in the U.S., to 14.30.
On the currency markets, the euro has stabilized around $ 1.27 (-0.05%).
Sanofi-Aventis and Safran to follow
As for values, the title will be particularly under the spotlight is Sanofi-Aventis.The group unveiled pharamaceutique conditions of his talks with U.S. biotechnology company Genzyme, he would buy for a price of 69 dollars per share, totaling $ 18.5 billion (14.5 billion euros).Genzyme does not want to continue discussions on an offer below $ 80 per share.
The daily La Tribune, Saffron prepare an offer to buy the equipment manufacturer, Zodiac, with a premium "of between 30% and 40%" payday advance lenders.
Renault, through its Russian subsidiary Avtovaz, will market the end of 2011 a low-cost car, Granta, 5600 euros.
The response of semiconductors will also follow after the German manufacturer of semiconductors, Infineon, has formalized the sale of its "free" over the U.S. for Intel $ 1.4 billion.
Maurel & Prom has issued Friday an operating loss under the first half of 2010 due to higher exploration costs but warned that his country would reduce the riskiest by the end of the year.
Autoroutes Paris-Rhin-Rhone has benefited in the first half of the resumption of road traffic, particularly trucks. The company announced Friday an increase of 5.1% to 422 million euros in current operating profit and said it expected an improvement in its EBITDA margin in 2010.
Eramet CEO Patrick Buffet, met Friday in Libreville, the Gabonese president, Ali Bongo, to discuss the details of an entry of Gabon capital of the mining group.
Regarding publications, the credit insurer Coface unveil its first half results pre-market. After-hours trade, it was the turn of Mersen and Seb.
When he bought his house in August 2006, Michael B, 42, is confident in the future. He just got married and earns his living as comfortably as mortgage broker for Guild Mortgage, a company based in the South Bay, affluent suburb southwest of Los Angeles. The housing market is in full intoxication. It has reached exorbitant prices unrelated to the quality of buildings. Due to earthquakes, all buildings here are made of wood and thus condemned the attack of termites and demolition few decades later.
In South Redondo Beach, where Michael and his wife decided to buy a two bedroom townhome without a seal, it is impossible in 2006 to find housing for less than $ 500,000. They pay them 732,000 dollars."I was spared," says Michael, but I decided to keep my money rather than making a contribution. "Their monthly payments therefore amount to $ 5,500. "An expenditure authorized by high but my income," he adds.
Four years later, the savings have shrunk. And Michael and his wife, now parents of a boy two years, are on the verge of losing their homes. A year ago, they stopped paying their mortgages. "In 2007, we have been hit hard by the housing crisis. My earnings have dropped 75%. "The three-piece is only worth 550,000 dollars.
After a year of negotiations with its bank, Michael has finally won the right to make a short sale (that is to say, sell his home at a price less than its mortgage). He could have chosen a foreclosure, easier to manage. "But it would have prevented me from getting a loan for seven years.With a short sale, the credit we are prohibited for two years! "
The worst is not past
After an upsurge in real estate transactions due to tax credits of $ 8,000 offered until 30 April by the Obama Administration, the defaults and foreclosures are on the rise again in the United States. It was once thought that the worst was over (no one spoke of seizures) but it now appears that the revival was artificial.
Figures released Tuesday by the National Association of Realtors are alarming: the volume of resale homes fell 27% compared to June 2009. And according to statistics from the Treasury Department, the defaults on mortgages have reached 13.6% at the end of 2009.Real Estate Agent Redondo Beach, Alison Clay-Deboffe can only sympathize with the suffering of former clients who call today to share their hardships. "As the retiree who has been keen to buy a duplex without really afford, but which has been encouraged by his banker at the time when lenders were handing out loans without verifying." This lady, whose name Alison prefers silence , is now on the verge of being expelled. She does not know where to go. "She is guilty of wanting to live beyond its means. But the lender is even more irresponsible. "
In California, the number of dwellings for which a seizure is imminent now stands at 104,000. Over the past twelve months, about 76,000 seizures were conducted in the state. "And their numbers will grow as the reviewable-rate loans contracted five years ago expire," says Michael.The mortgages of millions of people are going to increase by several hundred dollars per month. They can not afford to repay. "All this when, far from reinforcing the job market weakens.
Arnaud Lagardere, chief executive of the eponymous company listed on the CAC 40, welcomed the interim results published on Thursday evening. With a net profit of 97 million euros (excluding EADS), up 20% to sales, it, down slightly from 2.7% to 3.716 billion euros in the first half of 2010, media group raised its annual targets.
"Our results over the last three months confirm the resumption of the advertising market in the first quarter recorded (…). Media operating profit will improve significantly compared to targets set in March from the order of -10% to – 5%, "said the boss in a statement.
In the first six months of the fiscal year, the branches and Lagardère Publishing Unlimited have penalized the group's activities.On the one hand, the transfer of rights to the International saga by Stephenie Meyer partially offsets the decline in book sales after exceptional year 2009. On the other hand the non-recurrence of the activity generated by the qualifying matches for World Cup football and the lack of marketing Championship World Men's Handball weighed on activity.
Lagardere Active and Services, they have done better than last year. At Active, the group noted a marked growth of advertising revenues in the second quarter of 2010, which is explained in particular by the upturn in international Magazine.
Regarding the current operating income, the lower contribution of Lagardère Unlimited (up from 24 to 9 million), linked to a calendar of sporting events particularly poor for the group had a significant negative effect.The other three divisions were generally up over 15%.
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Shortly before noon, the index feature Parisian relapse 0.51% to 3473.34 points. The CAC 40 has yet attempted to ascend the slope slightly, reviving briefly in mid-morning, with 3,500 points, after an early morning start in the red (down 0.25% to 3482.53 points). A rise that coincided with the announcement of a surprise increase barometer Ifo main confidence index in Germany. The latter settled in August to 106.7 points against 106.2 in July (as confirmed), while economists and analysts had expected the decline to 105.7. Their estimates ranged from 103.8 to 107.5.
After returning to the equilibrium time, the Dax reassigns 0.13% in mid-day.The London FTSE follows the same path (-0.16%) after starting in negative territory (-0.10%) followed again by a brief rebound.
New indicators are expected in the United States, in addition to the unemployment figures in France in July. The real estate overseas, thermometer world's largest economy, will still be in the spotlight with the publication of the FHFA index of house prices and numbers of new home sales in July, which could rebound slightly. Before the opening of Wall Street, markets will also monitor the numbers of orders for durable goods last month, which could also not be bad.
On Tuesday, bad sales figures for housing (the lowest since 1995) had affected the Parisian index plunged below 3,500 points with a drop of 1.75%. This Wednesday in Asia, fears of a relapse of the new global economy have sealed the evidence.Wall Street had already set the tone with a fence net decrease of 1.32%.
As for currencies, the euro has stabilized against the greenback. The euro traded at mid-day at 1.2662 dollar payday loan no fax.
Edenred unscrews
In terms of values, many trucks will publish their results quarterly and half in this weekend.
Lagardere takes the lead, up from 3.94% to 29.045 euros. The title is supported by Exane noted that his opinion of "Underperform" from "Outperform." The target price has been raised from 35% to 35 euros
Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1% .Turnover rose 3.8% to 461 million. But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe. The securities were down 0.22% to 13.78 euros.
L'Oreal (0.90%) and Sperian (+0.09) will publish its first half results after market close.
The Polish government has shortlisted five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of candidates. EDF (-0.44% to 31.63 euros) and GDF Suez (-0.80% to 24.32 euros) would be in the running according to media reports. Only EDF confirmed it had made a preliminary offer.
Scor (1.91% to 16.285 euros) has been a change of recommendation by Fitch.The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group. Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.
The team's new president is complete. On Monday, Patrick de Carolis has officially left the reins of France Televisions Remy Pflimlin his successor. The first words of the latter have been for the families of two hostages in Afghanistan: Hervé Ghesquière and Stephane Taponier whose "liberation" is a priority for the president.
Remy Pflimlin unveiled its organization. He called John's Eve as a special adviser, while Yves Rolland was appointed secretary general of the group. The adviser, master at the Court of Auditors, a former adviser to Alain Juppe, will be challenged when it comes to negotiating with the state.
Symbol of change, the new structure gives pride to the future leaders of channels that are Claude-Yves Robin of France 2, France 3 for François Guilbeau, Claude Esclatine for France O, Bruno Patino, France 5 in France and Emmanuelle Guilbart 4.These last two are newcomers to the group France Televisions will be the only ones who accumulate functions cross. Indeed, Bruno Patino, who has built a solid reputation in the field of digital interactive World leader between 1998 and 2008, will also be responsible for matters digital. An important post as the new chairman of state television said on Monday, before the personal, he wants an "ambitious digital strategy" and that his group "takes its place in the field of innovation."
For its part Emmanuelle Guilbart, former head of the television division at Lagardère, will be responsible for coordinating programs between the different channels.She should be diplomatic to squeeze between the patterns of new channels, strong men of the house.
For the post of strategic information that will oversee all editorial, Remy Pflimlin called Thierry Thuillier former managing editor of i-TV and former editor of France 2 20 hours. An appointment so soothing Arlette Chabot has to be thanked and Remy Pflimlin wants to ensure "the independence of information." The latter has also promised dialogue with the personal "that everyone finds his place." It will be led by Patrice Papet, human resources and Martin Adjara for financial matters. Two former Radio France respected by the social partners.
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A month after the European Union, the United States have announced they are appealing the ruling last June by the World Trade Organization (WTO), the dispute between Airbus, a subsidiary of EADS, Boeing on public subsidies to the European manufacturer. Although the United States and the U.S. aircraft manufacturer had considered the conviction of the European Union by the WTO as a "great victory lawful," they were only half satisfied. "The Judgement of June was a very important victory for employees in the aeronautics and helped make it more fair competition for them.However, the Dispute Settlement Body has made two errors, and the United States rely on these findings, "said the spokesman for the USTR, Nefeterius McPherson.
Overseas, we accepted fact that the aid granted to Airbus for forty years "was not part of an ongoing program to assist" state services of the U.S. Trade Representative (USTR).
The United States does not intend to stop there, nor the European Commission, which requested from July 21 "corrections or clarifications" on seven points. Brussels rejects such reimbursable advances for Germany, Spain and Great Britain are "export subsidies", as held by the WTO in June.The WTO had made a decision on June 30 that gave largely due to a complaint filed by the United States in 2004.
The trial's verdict on the aid given to Airbus will not be made until three months, the WTO has decided to extend the treatment of Appeal of the European aircraft manufacturer. Moreover, the WTO must also rule on a complaint of Airbus against Boeing for the same reasons for subsidies. The final decision could be made in September.
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The French biotechnology company NicOx plaice luggage United States after facing the U.S. health authorities' refusal to authorize the marketing of its flagship product, Naproxcinod.
The group based in Sophia Antipolis announced Thursday in a statement it was closing its offices on U.S. soil. The group currently employs 22 people at its facility in Warren, State of New Jersey, on a total of 127 employees. NicOx activities in the United States are on the marketing of Naxproxcinod and conducting clinical trials.
"It is with great regret that we must stop our operations in the United States," said the CEO of NicOx, Michele Garufi.Affirming its recognition for its employees, he adds that "it is essential to manage our resources as efficiently as possible."
NicOx announces however it incurs "the earliest" further discussions with the Federal Drug Administration (FDA), the federal drug agency. The biotechnology company remains hopeful of a successful marketing U.S. Naproxcinod, a drug on which he bet big. NicOx also said he will pursue the regulatory process in Europe.
Moreover, the biotech said it "will actively seek partnership agreements for Naproxcinod in Europe and the rest of the world, as well as other compounds of the portfolio. She finally announced it would study "parallel opportunities to take appropriate licensing and mergers and acquisitions.
Enthusiastic. Investors in the oil markets have felt since the beginning of the week. On Monday, oil prices have soared in New York, a barrel of light sweet crude for September delivery finished with 81.34 dollars, up 3% from the previous day. He even touched 81.77 dollars in meeting the highest since May 5 last. On Tuesday, the same atmosphere: about 18 hours on the New York Mercantile Exchange (Nymex), a barrel was trading at 82.35 dollars. In London, Brent North Sea crude for September delivery climbed to 81.52 dollars.
Several elements allow the barrel to cross the threshold to higher psychological $ 80. The first of these is the weakening greenback makes dollar-denominated prices more attractive. On Monday, the euro rose to $ 1.32 during the session and on Tuesday, he stays the course: 0.42% to 1.3228 dollar to 18 hours.
Second, markets are driven by the wave of optimism that has sustained American and European markets Monday. "The global economic statistics seem quite strong," said Jason Schenker, an analyst at Prestige Economics, referring in particular to the acceleration of growth in manufacturing in the euro area, which was confirmed in July . Similarly, the increase in activity in the manufacturing sector in the United States has continued to slow in July, but less than expected.
Even the announcement of a slowdown in manufacturing activity in China has not dampened the enthusiasm of oil markets. "Investors believe that China will slow its tightening measures or increase the stimulus," said Phil Flynn of PFG Best Research.
Weather disturbances
Finally, the fear of tight supply caused by potential disruptions in production in the Gulf of Mexico to the approach of a tropical disturbance, helps push prices upward. In the middle of hurricane season in the U.S., investors keep a close eye on the weather. According to recent reports, a depression called Colin and born in the Atlantic, is currently heading west.
According to analysts, the price could go higher this week to reach 84-86 dollars a barrel. Indeed, several major statistical be published overseas, including employment figures and unemployment for July on Friday. Before that, the markets will know the status of weekly crude reserves in the United States. Investors who expect a decline of 200,000 barrels during the week ended July 30, will be determined Wednesday.
The Greek has been a nightmare for tourism professionals. After the strike of the marine boats blocking the port of Piraeus, the air traffic controllers causing the cancellation or delay of many departures and returns from holiday, truck drivers have taken over. A seven-day strike that threatened paralysis of the country. Facing a shortage of essential goods, the government had to call the army to supply hospitals, ports and airports. By this evening, most service stations should be supplied. Meanwhile, queues still in the vicinity of petrol pumps."Some take the opportunity to display the price of a liter of gasoline at 1.82 euros!" Find Nicolas and Cyril, two French tourists returning from the Peloponnese.
The road sector liberalization and the opening of the profession to competition is the stumbling block between the government and unions of truck drivers. A measure that they deem unfair but that is imposed by the austerity of the EU and the IMF in exchange for a loan of 110 billion euros.
The road back to work
If the road has finally decided Sunday night to resume work for tourism professionals, the damage is done. "With all these strikes, we lose about 100,000 tourists a day, regrets Spiros Guines, vice-president of the Union of tourism professionals. Nothing on the Piraeus area, there are more than 2,500 cancellations in a few days.Tourists are frightened and we're paying the consequences. "
And for good reason, tourism professionals believe that they acknowledge this year down 20% of revenue, or nearly one billion euros in losses compared to 2009. Tourism is the main economic resource of the country. It represents nearly 18% of GDP.
The government knows that after this showdown new social tensions will follow, but it was decided to continue its reforms. "We do not cry victory and remain cautious because we know that change is difficult and tough measures," said Giorgos Petroulakis, Secretary General of Ministry of Communication. The majority of Greek support these reforms, we must carry them out.Regarding the tourists, we are committed to what they have no problem during their stay in Greece. "
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