The Paris markets are taking a break on Wednesday after a strong upward meeting. At midterm, the CAC 40 was down 1.49% to 3372 points. Tuesday, in a very quiet market, the indexes have climbed throughout the day to reach a closing up 2.73% over 3400 points. A rebound reflecting the high volatility of recent weeks: Monday again, the CAC 40 was approaching its lowest level this year.
Elsewhere in Europe, even movement. The Frankfurt Stock Exchange evolves decline of 1.27% to 5865.20 points while the FTSE index down 1.26% to 4902.70 points.
On Wednesday, investors in Paris after their Asian counterparts who chose to take profits.For its reopening after a weekend of three days, Wall Street gave no signal, calling instead for caution with a fence unconvincing in the green.
In terms of indicators, the trade deficit of France has risen sharply to 5.5 billion euros in May from 4.258 the previous month due to a decline in exports, according to data released by Customs. Economists had expected on average a deficit of 4 billion euros.
Also note that according to a recent estimate of the European office of statistics Eurostat, euro zone economy grew 0.2% in the soft first quarter.
Moreover, the German industrial orders fell for the first time this year in May, 0.5% from the previous month, according to figures released Thursday by the Ministry of Economy.Economists interogés by Reuters on average expected a rise of 0.5%.
The car in the viewfinder
As for values, the auto sector should move on Wednesday. Peugeot has announced an increase in worldwide sales of 16.9% in the first half. The title of the group climbed 0.14% to 21.60 euros. Furthermore, Peugeot would invest 700 million euros to resume production project in India, reports the Wall Street Journal.
For his part, Renault (-0.34% to 31.02 euros) which must publish its results tomorrow, Thursday trading.
Sodexo (-0.80% to 47.22 euros) released before the market turnover with 11.54 million euros in the first nine months of the year.The group is an organic growth of its turnover for the full year 2009-2010 of about 2% and hope to achieve an operating profit of between 780 and 800 million euros excluding currency effects the exercise.
Meetic (-0.99% to 19.90 euros) announced Wednesday to build on an EBITDA margin of between 20 and 25% for 2010, unchanged from its 2009 goal. The leading European dating sites also said that synergies from the integration of Match.com, the first since last June, should reach 10 to 15 million euros in the first year.
Atos Origin (-1.34% to 32.33 euros) announced Tuesday the launch of new services known as "smart mobility".The services company led by Thierry Breton makes 850 million euros in turnover in the field of electronic transactions and placed on the strong growth in use on smartphones.
Iter barely get under way. The international program which provides for the construction of a thermonuclear fusion reactor could be delayed again. The European Commission should in fact announce Wednesday that it does not sign the document which puts the project on track, says Les Echos published Wednesday.
The European Union has failed to obtain the financial commitment of the twenty-seven member states until 2040 to ensure the viability of the project. The European contribution for 2007-2020 has almost tripled from 2.7 billion euros expected in 2001 to 7.2 billion euros this year. For 2012-2013, a European envelope further 1.4 billion euros is needed.
Diplomatic issues
However, this explosion of the budget falls very ill, while the finances of European countries are seriously affected by the economic crisis and the recent austerity plans.One familiar with the matter told the Echo that the project has become important diplomatic: "Because of security issues in terms of global energy supply, the fight against climate change and investment, its status is more only scientifically. It is now a political project where the game of diplomacy is as important as the result of research equations.
The ITER project aims to provide a solution to the global energy crisis by reproducing the energy production inside the sun. The fusion of hydrogen nuclei would provide an inexhaustible energy, cheap and clean (it produces little radioactive waste, unlike the mechanism of nuclear fission).The reactor built on the site of Cadarache Provencal begin operation in 2018 but will be fully operational in 2026.
Seven partners (the European Union, China, India, Japan, South Korea, Russia and the United States), representing over half the world population, are involved in the project that meets the opposition Greens. Time is running out for Brussels. Tired of difficulties, the United States plans to reduce 40% of their financial contribution to the project and other countries could follow suit. The Commission hopes to resolve the problems of the project's contribution today and in the other two European meetings on 21 and set June 25
The Paris Bourse is expected to continue its momentum from last week. Although nothing is played, far from it. But in recent days, the indices seem more determined to resume the upward path. Trading volumes – including the Paris Stock Exchange – have been more included. On Monday, futures are traded in Paris more than 1.10% at 3582 points. If the increase is confirmed, it would mark the fourth straight session of gains, that we have not seen for a long time.
On Friday, the CAC 40 gained just over 1% to just over 3555 points. On Wall Street, the Nasdaq has also allowed U.S. markets finished the week on a positive note.
After the month of May especially murderer for the whole compartment, investors believe that European markets are undervalued and therefore, that good things are done.
On the foreign exchange market, the strengthening of the euro was confirmed this morning – it is trading at 1.2183 dollars against 1.2077 on Friday. The euro is closer to $ 1.22 in the wake of the stock market, and good resolutions are shown in deficits on both sides of the Rhine, pending the meeting between Merkel and Sarkozy, this evening after the meeting you missed last Monday .
Values follow
Club Med
The group has announced the official name of the Chinese investor who took 7.1% stake in the leisure group, the group Fosum.
Societe Generale
The bank puts his hand on the CMS for a peuplus 870 million euros.An operation that was in the pipes for several weeks and was formalized this morning before the opening of the Parisian market.
Axa
The insurer has confirmed the sale of part of its life insurance business in the United Kingdom. The buyer, the group Resolution, is prepared to pay 3.3 billion euros to get their hands on this activity. Axa will keep activities damage, life insurance and individual savings.
Renault
The automaker is expected to benefit from information delivered over the weekend by its Russian partner Avtovaz plans to return to the green this year after heavy losses in 2009. The first constructor Russian head out of the water, enjoying the scrappage.
Very bad trading day Wednesday for the title again BP. In London, the stock fell 4.24% to 391.55 pence. On Wall Street, the same day, the stock has tumbled 15% to just 29 plsu dollars.Pour many observers, the cost of the oil spill in the Gulf of Mexico is likely to jeopardize the very existence BP. "The action suffers now fears the very future of BP. It is no longer just a noise reduction of the dividend. Now it's survivability in question, "said Jon Najarian, founder of the news website optionMonster.com.
At the London Stock Exchange, the fears were mostly related to the fact that BP would eventually suspend payment of its dividend. "We are resigned to the fact that there may be a suspension of the dividend," said Tony Shepard, an analyst at Charles Stanley, quoted by Reuters.
Last Friday, though BP has reaffirmed its intention to announce to its shareholders on July 27 the amount of its interim dividend by way of the second quarter. Dividends paid by the group representing some 10.5 billion dollars (8.7 billion euros) per year.
Yet another bad news for the oil group that is not due to his inability to pay, but the fact that the U.S. authorities there are not favorable payday advance. "It does me no problem that BP complies with its legal obligations (to its shareholders, Ed), but I want them to know they have a moral and legal obligations here in the Gulf, warned Tuesday Barack Obama.
The U.S. authorities have also sent an ultimatum to compel them to BP by unveiling its plans to 72 hours to stop the leak.
"BP must state its plans for its parallel initiatives ongoing and alternative oil recovery, including establishing a timetable within 72 hours after receipt of this letter," says the letter from the admiral-cons Coastguard James Watson chief operating officer of BP, Doug Suttles, and dated Tuesday.
With the installation of a funnel, BP has accelerated since last week the recovery of oil leaking from the wells to 1,500 meters below the surface of the water for more than seven weeks. But the water continues to move towards the U.S. coast and crude oil continues to flow.
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The clouds are gathering over Goldman Sachs. After the announcement of a complaint by shareholders against the directors, the Wall Street Journal revealed on Saturday that five of them sold their shares after the bank had been informed that an investigation by the SEC, the U.S. stock Constable , was the establishment. They have sold their shares at a purchase price of $ 65.4 million (48.9 million euros).
The Wall Street Journal, officials have sold the shares in question are an attorney, two vice-presidents, a chief accountant and a member of the board of directors.
The sales took place between October 2009 and February 2010, the Wall Street Journal reported on its website, citing the company InsiderScore.com, which presents itself as an observatory of insider stock transactions.A few months ago, in July 2009, the SEC had informed the bank that it was considering legal action against them.
On April 16, the day the SEC announced it had filed a complaint for fraud against Goldman Sachs in the civil courts, as the Goldman Sachs lost 13% of its value on the NYSE. The fall had continued throughout the week.
To prove his good faith
The announcement comes as Goldman Sachs is preparing his hearing Tuesday before the Parliament. According to a document of 11 pages that she purchased the Washington Post, executives at Goldman Sachs who will testify alongside Fabrice Tourre want to demonstrate their good faith in this matter.
Before the Senate subcommittee investigation on the financial crisis, they will indicate that they do not know if housing prices would increase or decrease when the product under investigation, the Abacus, was sold. The document describes the debate that animated the leaders of investment banking in 2006 and 2007. As proof, the bank will provide the e-mails on the subject by the leaders.
Nuisance emails
Their testimony should however be undermined by embarrassing e-mails released by a Senate committee on Saturday. According to the messages exchanged, the bank would have otherwise benefited from the mortgage risk to pocket tens of millions of dollars.
In one of these messages, the CEO of Goldman Sachs, Lloyd Blankfein, wrote: "We obviously have not escaped the bedlam of subprime mortgage.We lost money and then we have won more than we lost through our short position. In another mail, managers assess the consequences of failing grades assigned by rating agencies, subprime, "like we're going to make much money," wrote one of them. "Yes, we are well positioned," replies his colleague.
"Investment banks like Goldman Sachs did not just brokers, they were interested developers of risky and complex financial products that led to the outbreak of the crisis," says Carl Levin, chairman of the Sub-Commission Senate Permanent Investigation, which will face the leaders of the bank Tuesday.
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The weather global economic summarized in three figures: production (GDP) will grow 10% this year in China, 3.1% in the U.S. and 1% in the euro area countries. For the whole world, growth is expected in 2010 to 4.2% and 4.3% in 2011. With a clear dividing line between the advanced countries, whose growth prospects are around 2.3%, while savings "emerging or developing" a galloping pace of 6.3%.
These new "World Economic Outlook," IMF showed that "the recovery unfolds better than expected. But new challenges have emerged and exceptional "cautioned Olivier Blanchard, chief economist of the Fund. He calls a "warm" restart in the advanced countries, which are still found a lower level of production of 7% it would have without the crisis.In the eurozone, the IMF also revised downwards by 0.1 percentage point to 1% its forecast for growth in 2010, although France, among others, has fared rather better with a forecast of 1.5% instead of 1.4%.
Dependence credit
For Europeans to wonder why their economies pull themselves together much more slowly than America, Olivier Blanchard gives two main explanations. Europe is "more dependent on bank credit as the U.S. market where finance plays a greater role for business and they have restarted the fittest." Furthermore "the policy responses have been later and less strong in Europe," he adds.
This means that the IMF does not disavow the fiscal stimulus plans, including Dominique Strauss-Kahn, their boss, was one of the strongest supporters, from January 2008.But "it is urgent to develop strategies for fiscal consolidation in the medium term" now stress the same experts. They note that the budget deficits in advanced countries have now reached 9% of GDP on average and that "the debt / GDP ratio should exceed 100% by 2014 if nothing is done.
Rebalancing Economic Policy
The situation is more delicate than a too abrupt adjustment of public finances could hinder growth already shaky. Hence the advice to double trigger "to fully implement fiscal stimulus measures planned for 2010, except in countries which already have a strong increase in their risk premium and must begin to rebalance their budgets now," as Greece. But the most advanced countries should undertake a substantial fiscal consolidation in 2011.
Emerging economies are the reverse face "to an influx of capital, a good thing in itself, but can become excessive," warns Olivier Blanchard. He recovered one of his favorite anthems "the currencies of a number of emerging markets remain undervalued in considerable proportions regarding the yuan." It calls for a revaluation of the currency, both in relation to the dollar than the euro, the only way to give oxygen to Western exports and ease the risk of overheating in Asia. This rebalancing of economic policies will be central to discussions of the G20, whose finance ministers meet Friday in Washington.
Havana Club Rum, owned by a joint venture owned by the Cuban government and Pernod-Ricard continues to turn heads. For over three years, Bacardi, owned by Cuban exiles, sells in the United States (where the real Havana Club is blocked because of U.S. embargo on Cuba) rum he also called Havana Club, but distilled Puerto Rico. Bacardi claims to have acquired the Havana Club brand in the family of its founder, whose property was nationalized after the Cuban revolution.
To prohibit the marketing copy of this Puerto Rican, Pernod-Ricard (who has also taken action regarding the ownership of the Havana Club trademark in the United States) argued in federal court for the District of Delaware fans rum could be misled about the origin of the product no teletrack payday loans.The court rejected the request of the French group, which has decided to appeal.
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At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
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After Greece, Portugal? The degradation of the note by the rating agency Fitch on Wednesday placed the country under the Lusophone market attention. But nothing is to fear the worst: Portugal is not Greece, although the weakness of its economy worries for the future.
"Comparing Greece and Portugal is really too simplistic," wrote economists at the outset of IPC BNP Paribas in a note. Take note first of the country. Greece, with a "BBB +" is two categories below Portugal, rewarded for his share of "AA-". The degradation of the note Portuguese did not, moreover, resulted in a panic on the markets.Shortly after the announcement of Fitch, the cost of insurance on the Portuguese debt increased by only 5 points early Wednesday afternoon, with 139 points, according to Markit data.
If Portugal has a higher score, mostly because its debt is less severe than that of Greece. It should reach 90% of GDP in 2010, when the Athens peak at 123.3% of GDP, according to the OECD.
Reform and credibility
The best that Portugal has maintained its accounts in large part to the reforms already carried out social security and pensions. Result, expenditures related to aging, reaching 16% of Greek GDP between 2010 and 2060, will be limited in the case of Portugal to 2.9%, calculated the European Commission. "The impact of these reforms will be felt in the future, limiting the burden of an aging population," noted economists at BNP Paribas CIB.
Having made these reforms in Lisbon has guaranteed a much greater credibility than that of Greece. Apart from a National Statistics trusted, the country should not face great opposition to social reforms, as demonstrated by the fiscal consolidation undertaken between 2003 and 2007 are essentially the economists.
Concerns for growth
The Portuguese public finances so little to do with those of Greece. But the economic prospects are not rosy, however. "Our concern is growth," says a note Gilles Moec, economists at Deutsche Bank. "We believe that the likelihood of a return to budget deficits of 3% by 2013 (against 9.3% in 2009, Ed) is low."
The country's lack of competitiveness, exports depend mainly on its neighbor Spain, very bad shape.Especially, the level of indebtedness of households and businesses has reached alarming levels, thus jeopardizing any hope of quick recovery in domestic demand and investment. According to Eurostat, household debt represented in 2008, 105% of GDP, and the business 134%. Cons respectively 61% and 62% in Greece.
The euro fell Friday to its lowest level for eight months and a half. The single currency goes on its third session decline from under 1.36 dollars, after passing down the threshold of 1.38 dollars the previous day (Thursday evening about 22 hours). It reached 1.3648 dollars around 9 am 30. It's a new level for the single currency since May 9
Since the beginning of the year, the euro lost 2.5%.
This drop is explained in particular by the concern of traders due to budgetary problems of many countries in the euro area. Many expect a strong intervention of Europe and even appealed to the International Monetary Fund (IMF) to help Greece to get out of a budget crisis without precedent.
Another concern is about the euro on the currency market, the case of Spain, which has poorly digested crisis including an unemployment rate of nearly 20%.Besides Dominique Strauss-Kahn, IMF head, spoke Thursday on RTL crisis "very strong in Spain and that the country had" an effort "to reduce public deficits. The Spanish public debt has soared just over 60% of GDP in 2010 while in 2007 it accounted for only 36.2% of GDP.
Tuesday, Paul Krugman, Nobel Prize in Economics in 2008, believed that Spain was the main weakness in the euro area. To this the Spanish Minister of Economic Affairs, Elena Salgado, has responded Thursday by saying on the radio station La Cope: "The euro is a very strong and we continue to strengthen the currency.I see absolutely no risk for the euro area, "adding," there may be a lack of understanding about what the euro means for our economy. "
Another country in the euro area is also starting to worry, Portugal, again because of deteriorating public finances of the country. Besides the titles of Portuguese banks fell by 5 to 6% Thursday on the Lisbon Stock Exchange.
Another destabilizing factor for the euro, the figures disappointing U.S. employment have sealed the European currency. The unemployment rate has been declining at 9.7% in the United States, against 10% in December. But most companies have dismissed that hiring, the net destruction of reaching the 20,000 jobs over the month. A figure who has largely disappointed observers. The analysts, in fact, had forecast between 5,000 and 15,000 new jobs.
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