Caution and reluctance on Tuesday at the Paris Bourse. The CAC 40 ended marginally in green, up 0.15% at 3612.76 points, after a gain of 1.22% to 3607 points on Monday. The wait is placing on the European markets. In London, the Footsie closed up 0.38% to 5111.84 points while in Frankfurt the Dax finished at equilibrium, nibbling 0.24% to 5498.26 points
The markets are eagerly awaiting the meeting of European heads of state on Thursday. They could announce measures to help Greece out of the crisis. A prospect that delighted investors."If markets anticipate real risk of restrictive fiscal policy, growth in coming years will be reduced to decrease with an increase in taxation and / or a reduction in state spending, but analysts fear of Aurel.
In addition to the annual report of the Court of Auditors, the macroeconomic news is strong in the rest of Europe, the German export growth of 3% on the month in December, data adjusted for seasonal variations, and 3 , 4% yoy, according to the Federal Statistics Office Destatis.
The euro stood up against the greenback, going above $ 1.37. One hour of closing, the euro bought 1.3762 dollars against 1.3648 dollars Monday to 23 hours.The extreme volatility is enormous and paris.
Renault with Nissan looking
Unibail-Rodamco (-5.48% to 145.65 euros) has announced a recurring net profit per share rose 7.1% to 9.19 euros and foresees for 2010 a growth of that income between 0% and 2 % low fee payday advance . The group proposed a dividend increase of 6.7% compared to 2008.
The heavyweights of the Paris stock exchange, such as Sanofi-Aventis (-0.62%), EADS (-1.03%) or Total (-0.83%), the largest market capitalization of France, are still at trend.
Vallourec (+3.41%) is supported by an increase in recommendation and price target from JP Morgan.
The banking stocks such as BNP Paribas (+2.4%) and Societe Generale (2.84%), are well oriented.
Nissan, the Japanese partner Renault (+3.20% at 33.68 euros), plans to conduct in 2009-2010, a profit of 35 billion yen, against a loss of 40 billion previously expected.
Moreover, Carrefour (+1.35%) receiving a positive note from Morgan Stanley.
Euro Disney (-4.22% to 4.54 euros) announces revenues for the first quarter of 2009/2010 financial year fell by 10.5% to 292 million euros.
Faurecia (-3.50% to 13.78 euros) has reduced its net loss in 2009 to 433.6 million euros against a loss of 574.8 million in 2008, and wants to pursue cost reductions in 2010, where it is an "operating margin of over 200 million euros.
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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The commodities market is particularly volatile in this weekend. The request by Dubai World, the principal holding company of the emirate, delaying the maturity of its debt worth 59 billion dollars fueling fears of a collapse of the emirate.
Oil prices fall on Friday in the opening exchanges in New York, the price dropping 4.81 dollars to 73.15 dollars, traders worried about the consequences of financial difficulties of the emirate of Dubai on economic recovery .
The announcement by Dubai has cast a pall over the entire finance, equity markets falling heavily Thursday (-3.36% on the European index EuroStoxx50) on all seats worldwide (-3.22 for the Nikkei Friday).Meanwhile, the dollar went back over 1% against the euro to 1.4867 as investors signaling a sudden aversion to risk.
The weaker dollar boosted oil prices and vice versa
It turns out that the dollar and oil, which is priced in U.S. currency, maintain an inverse correlation. A rising dollar is falling and oil prices and other commodities, which is currently the case.
The soaring price of black gold in recent weeks was also based on a general positive sentiment shared by investors in financial markets.Fears emerged with the financial problems of Dubai logically entail a sudden loss of attractiveness of oil.
"Crude oil is still grappling with fundamental bearish, despite the weekly statistics on stocks issued in the United States," said Darin Newsom, an analyst at DTN Telvent on Market Watch. Data released Wednesday showed an expected increase in oil inventories higher than expected.
The ounce of gold was also affected by the downturn in the commodities market, falling 3% to 1157.40 dollars to 10.30.
"We certainly have participated in things that were not correct and we are sorry. We apologize. " This was said boss of Goldman Sachs (GS) Lloyd Blankfein, who tried to extinguish the controversy after his recent interview with London's Sunday Times newspaper in which he said that banks had "an important social "and that his, in particular, worked" in the service of God. " Remarks that he "would not have had to" speak, "he later confessed.
Apologies for the investment bank came at a time when it is subjected to a barrage of criticism. Goldman Sachs has been in effect during the first 9 months of the year the bank's most profitable and the NYSE has already provisioned 16.7 billion dollars to reward traders and executives. Approximately more than $ 500,000 in premium per employee.Astronomical sums deemed by the Americans, but that Blankfein stands by the fact of not wanting to lose his "talent due to a change in methods of remuneration."
So, trying to get closer to its humanitarian principles and the "social role" he defends, Blankfein said the bank would release $ 500 million to help 10,000 small U.S. companies. A collaborative initiative with billionaire Warren Buffett, who will co-direct the panel to oversee the entire operation.In practice, Goldman Sachs will provide annually $ 100 million, or about what he earns in a day of good trading! The Financial Times reports that during the third quarter, the investment bank has recorded 36 days during which its traders have gained daily more than 100 million dollars …
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To great evils great remedies. Unemployed for eight months, Bernard Mauriange decided to make his own advertising to find a job. Since Thursday, the former director of operational marketing 53 years, appears in fact in 4 by 3 on a billboard on Route de Clisson, in Vertou, south of Nantes (Loire-Atlantique), describes "West France . On the panel, you can read the slogan: "Sales Manager Company seeks adventurous same profile, completed his giant portrait and telephone number. "There was a billboard on the highway free very transient. I have attached the owner. He liked my approach and gave me this site for a month, "explains Bernard Mauriange in the regional newspaper.
The diffusion of a trailer on Youtube
After redundancy, the fifties was supported by a firm of reclassification. "You're like a product to sell.It must arrive at the top of the gondola to attract buyers, "he says one consultant. A comfortable and full of composure, he then quickly found his tone audacity. He picks partners for printing brochures to send to companies and distributes itself platelets in the 1st class TGV. "The eyes of others is fun, you have everything, one who takes you for a fool, who cares completely, but also people highly available," says the fifties. Amateur 'buzz marketing', Bernard Mauriance peel ads for internet connection, creates his own website and blog. With his partner, Bernard Mauriange will hold the headliner in Vertou for a month. Next step in case of failure: the distribution of a trailer on Youtube.
The initiative of Bernard Mauriange for a job not unlike the advertising operation of the pole vaulter Romain Mesnil, last March.In search of a sponsor, he had initially made a video in which he would run naked through the streets of Paris and was sold on Ebay.
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Banks represent a risk that ultimately the States are obliged to assume, especially when it comes to very large financial institutions. This fact, proved from bank rescues of 2008, coupled with the poor state of public finances in major western economies, has given birth to the idea of additional taxation of the banking sector.
This Friday, the president of the U.S. Federal Reserve has certified the principle. "Any cost incurred by rescue of the government should be covered by a levy on the financial industry, not taxpayers," said Ben Bernanke.
Today, there are already in the United States a fund federal deposit insurance, the FDIC is funded by premiums paid by banks for deposit.The organization monitors the credit risks taken by banks and traditional acts to seize and liquidate those who make the balance sheet (hundreds since the beginning of the year). Not only did the FDIC reached its limits in terms of resources, but it has no counterpart for investment banks, specialized crafts markets, which do not collect public savings. Ben Bernanke would therefore address this deficiency.
The statements by the Fed chief may find an echo in Europe, where governments, or parliaments, are weighing the idea of charging the banks a kind of "insurance premium" in exchange for funding last spring that the State gives them, even implicitly. The Belgian federal budget was the first to explicitly.The United Kingdom is considering the at least one major institution, the Lloyds Banking Group.
In France, the same argument that has been brandished by members (see sidebar). At European Commission Tuesday urged that a dialogue on ways of resolving banking crises, has indicated its preference for funding by the "private sector".
Equity strengthened
In Washington, the debate focuses on the legal means available to the authorities to treat cases of collapse. This Friday, Ben Bernanke highlighted the adoption by Congress of the proposed reform of finance presented by the White House is pressing. The plan for accreditation before the end of the year is not acquired, would allow federal authorities to seize troubled financial institutions, even if they do not have the status of banks.The lack of a framework for such intervention was sorely felt last year when the insurer AIG found itself on the brink of bankruptcy.
Occasionally, this Friday, a conference organized by the Boston Fed, Bernanke also defended the principle of minimum capital requirements more stringent for banks whose health is essential to the stability of the financial system. The Federal Reserve, in consultation with its foreign counterparts, is working to develop rules requiring these banks to raise capital in the form of shares. In all cases, the idea is to shift priority to shareholders and creditors of banks that take risks, to reduce the likelihood of injecting public funds. Bernanke also promised that the Fed would sanction the compensation that would encourage taking undue risks.
"AIG is a burden for America
Big contract for Bouygues in the United States. His division of Public Works, a subsidiary of Bouygues Construction, will build a road tunnel in Miami for $ 440 million. A contract was awarded by Miami Access Tunnel, the project company, as part of a public-private partnership signed with the Florida Department of Transportation.
"This tunnel will provide a second access road to the port of Miami, which is essential for its development. Located on the island of Dodge, is currently served by a single road.This new access road, which will be connected to the motorway network MacArthur Causeway, will become the main track for freight traffic and will thus relieve the center of many trucks pass through "the group said in a statement.
750 people mobilized
For Bouygues, it will include extending six meters MacArthur Bridge over a length of 800 meters. The group will also build two parallel tunnels, each 1,100 meters and 12.3 meters in diameter, and access roads. The group will also undertake the development of road connections to the network port, the electromechanical underground parts, the automatic traffic control and construction of farm buildings.
A site that should Altogether last 55 months for Bouygues and start in mid-2010.750 people are expected, at peak, be mobilized on the project.