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Slovak vote weighs on the Paris Stock Exchange

The Paris Bourse is down on Wednesday. The CAC 40 lost 0.90% in the early morning to 3125.97 points. As on Wall Street and in Asia this morning, traders react to the strengthening of the Slovak non-European Financial Stability Fund (EFSF). This decision increases the risk of paralysis in the euro zone, while the French and German leaders have promised a plan to end the crisis before November.

Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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The United States, the first market for L'Oreal

The future of L'Oréal does not rely only on the lips of Chinese, Indian hair and skin of the Brazilian. To continue to grow, the world leader in cosmetics is also focusing on the United States, its largest market, where it generates 20% of its global sales.

It has set a goal of doubling within ten to fifteen years, the number of consumers worldwide, reaching 2 billion. "The United States will be the third largest contributor of new customers, behind China and India, but ahead of Brazil and Pakistan, provides Rozé Frederick, head of L'Oréal States. This will be the only mature market among the top ten contributors. "

L'Oréal already has 160 million consumers in the United States and would like to win 70 million more, to achieve 1.6 billion euros in annual sales by an additional ten to fifteen years."These additional sales will be higher than those from China," according to Frederic Rozé. Loréalienne this ambition "is not an official target, said cautiously Jean-Paul Agon, CEO of the group. Rather, it is a dream. But dreams are important in business. " L'Oréal United States, the 10,500 employees are mobilized to turn this "dream" into reality. And benefit from the successful relaunch of the subsidiary. After two years of decline, its sales went back up 6.1% last year, reaching 4.779 billion dollars, a record.

The scope for growth remains high online pay day loans. While the market share of L'Oréal approach 20% in Europe, it is only 13.1% in the U.S., where the group is preceded by Procter & Gamble (Pantene, Olay, SK II, Cover Girl , Gucci …).Its leaders would like to double it.

Men and seduced the Hispanic community

L'Oreal teams have identified specific categories of population potential, age, gender and income. If 78% of women are consumers of L'Oréal in the United States, one in two Americans do not consume products home.

The group will particularly try to win men and women of the Hispanic community. It also relies on a sales growth in product categories where it is still low. Its market share is 53% of color and 35% on makeup, but only 11% in shampoos and 17% in skin care. To continue to grow overseas, L'Oreal has its U.S. brands (Maybelline, Redken, Ralph Lauren, Kiehl's …), which represent 20% of its worldwide turnover … but 35% in the United States.

The group could also carry out acquisitions. Last year, he bought Essie, a small brand of nail polish, so far mainly distributed in shops manicure. "Since we sell in supermarkets, U.S. sales have tripled, provides Damien Bertrand, head of global brand. Our market share reached 10% after a few months. "Essie will land soon in France at Monoprix.

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Investing in a student residence

For two years, investment in student residence has regained color, thanks to the encouragement of the state. But this should not last because the draft budget law for 2012 provides the tax benefit to plane provided by the device Censi-Bouvard. 18% today, the tax reduction will be reduced to 12% next year. A bad blow to student housing. "We feel the need for housing to 250,000 and this measure goes against the will displayed by the government to double the park students, said Philippe Josse, General Manager at Bouygues Immobilier France accommodation. It seems desirable to distinguish between corporate residences, tourism, nursing homes and students and to encourage investment in priority. "Meanwhile, Jean-Philippe Bourgade, CEO of Bouwfonds Marignan, remains serene."We must not dramatize and expect a decline in business because, anyway, it will be built to meet the needs, he says, the market is healthy to five years. We have done an excellent year in 2010 and 2011 should also be a good year, especially as sales are accelerating. "It is a fact, like last year, investors expect the decline in tax cuts .

Those interested now they still have time to buy and enjoy the scheme Censi Bouvard-current? "Of course, exclaims Jean-Philippe Bourgade, the offer still exists," It is also necessary to achieve the sale by the end of the year. "Considering that the deed of sale requires time and a half months, investors have until mid-November to engage," says Philippe Josse.If the investor has the status of renting dwellings unprofessional (Leaseback), the device will be Bouvard Censi-acquired and will give him until 31 December, a tax reduction of 18% on the amount of its investment (HT), reduction spread over nine years, subject to a ceiling of 300,000 euros. Since the signing of a commercial lease, the investor is also entitled to recover the VAT at 19.6%. Provided he keeps his property for twenty years. Otherwise, the IRS will not hesitate to claim his due in proportion to the missing years.

Nevertheless, this type of investment must be carefully considered.For if it can reap tax savings, it also implies constraints.

Investing in a student residence is to buy a home in a building designed for student life, with only small areas (studio, 2 rooms maximum) and provided with services to facilitate the lives of occupants: reception, cafeteria, laundry room study, recreational areas … The entrance ticket is modest, about 80,000 to 100,000 euros for a studio from 18 to 20 m².

The investor undertakes commercial lease of at least nine years to rent a well furnished and to entrust the management to the operator of the residence which will then sublet the property and rental income to pay the investor.Care must be taken when the load distribution and quality of the operator.

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Spain, Italy and Belgium in the viewfinder of rating agencies

Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone no fax cash advances. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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Apple resists the action notwithstanding the death of Steve Jobs

"The news of my death are greatly exaggerated," joked Steve Jobs when Bloomberg had his obituary published in error in August 2008. Nevertheless: the stock market, Apple had lost the title on the day 2.42%.

Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

Thursday morning, investors still seem uncertain: New York, the title is almost stable at the opening to 377 dollars (-0.33%). But in Frankfurt, where the action is also listed, the decline is more pronounced: just after 12 o'clock, the title loses 2.75% to 272.51 euros after touching a low of 270.50 euros.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others. Associated with the image of the company he co-founded, he was also in stock bad credit personal loan lenders. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

Crisis: Bernanke and Trichet worried

The CAC 40 lost nearly 3%, Wall Street sells more than 1%. The atmosphere is clearly not fixed in the beautiful capital markets on Tuesday. The bosses of U.S. and European central banks did nothing to calm them.

Two days before his last conference as president of the ECB, Jean-Claude Trichet is pessimistic for the euro area. "We believe that the euro area will be very moderate in the second half," said one who will be replaced by Mario Draghi on November 1. As for inflation, he said that the rate should remain "above 2% in the coming months. Next year, it should fall below. " These are all signs that suggest that interest rates should remain unchanged Thursday.

As for the United States, the head of the central bank, Ben Bernanke is more optimistic."Recent indicators, including those of new jobless claims show that it is likely that the sluggish growth in employment continues in the coming period," he warned. Before the Joint Economic Committee of Congress, the Fed chairman has urged politicians to "avoid taking fiscal measures may impede the ongoing economic recovery."

"We can not just replace the government"

Sluggish growth, employment at half-mast, high unemployment, the United States and Europe are the worst of an economic plan. And while a slowdown is being felt in China. Most economists expect further aid from the central banks against the inaction of governments, but Ben Bernanke and Jean-Claude Trichet reminded of a common voice that States to revive the global economy."The measures to promote healthy growth of the economy and employment are the shared responsibility of all politicians, in close cooperation with the private sector," he argued. And the President of the ECB concluded: "It is their responsibility to deal with the worst crisis in the postwar period. We can not substitute for governments under any circumstances. "

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Slight improvement in the morale of cadres

After an unprecedented drop in September (-30 points), who dropped to its lowest historical, the composite index of moral frameworks in October recorded a very slight improvement (4 points, -51) . This is reflected in the latest wave of eco-Baro Viavoice for HEC, Le Figaro and France Inter. "After a very bad score in September, but rather the beginnings of a correction than a real improvement in the bottom," said François Miquet-Marty, president of Viavoice.

At the macroeconomic level, white-collar workers remain pessimistic.Seven in ten think that the standard of living in France "degrade" in a year and almost eight out of ten (77%) and unemployment "increase" in the coming months.

Vicious circle

These concerns are largely fueled by doubts about "the ability of France to reduce its deficits" (47%) and the anticipation of the impact "of austerity on growth" (39%). "The magnitude of the deficits may impose stronger discipline, which could restrain growth and thereby compromising deficit reduction," the president of Viavoice analysis. For managers, this vicious circle, deficits, rigor, decay, now appears more menacing that "commodity prices" (28%), "the future of the euro" (22%) or "the changes in stock prices "(16%).

Amid this gloomy picture, however, some glimmers of hope.If the problems banks are now in the news, the difficulty for companies to find financing worries only 18% of managers. Then they are less likely to feel that their financial situation "will deteriorate" (44%, down 4 points) and almost as many think that it "will remain stationary" (43%, six points). Their employees are more motivated (36%, +4 points).

As for opportunities for a career, if they are deemed "weak" by an overwhelming majority of executives (79%), the percentage of those who disagree (17%) improved by 4 points. Finally, the question "do you think Greece should leave it to devalue the euro?", A framework of two answers "no" and nearly one in three "yes."

Public debt reached 1.692 trillion euros

French public debt continues to swell. It increased by 46.4 billion euros in April-June, peaking at 1.6927 trillion euros, INSEE reported Friday. This represents approximately 86.2% of gross domestic product, that is to say, the wealth generated by France in one year.

The state is primarily responsible for this increase. His contribution has indeed increased in the second quarter of 52.6 billion euros. "This is essentially its long-term marketable debt," said INSEE. Clearly, these are bonds issued by the state to investors and repayable on a long horizon (ten years). However, local governments have reduced their debt by 2.7 billion euros, and the government social security declined 2.3 billion.

Loans to Portugal and Ireland as part of the bailout in the euro area weighed 2 credit report.4 billion euros (1.6 billion for the first 0.8 billion for the second). Conversely, the French car manufacturers have paid up to € 2 billion loans at the height of the crisis, in 2009.

Reduce government debt returns to stop a ship at full speed. The effect of inertia is such that it takes time-years-in order to stop its progression. The government intends to reduce the amount of debt in the coming years. It will peak at 87.4% of GDP at end 2012 and to decline 87.3% in 2013, 86.2% in 2014 and 84.1% in 2015.

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Aid to Greece: an important vote on Thursday in Germany

The green light from Germany, expected today, will be symbolic and decisive. The expansion of the powers of the European Financial Stability (EFSF), with 440 billion euros, as decided on July 21, is one of the keys to the debt crisis in Europe. But it requires the agreement of seventeen members of the euro area.

After France, Belgium, Spain, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia, the Finnish Parliament yesterday approved the building.But Finland has still not clear what the additional security that it intended to apply to Greece in return for future loans could be guaranteed in the country.

In fact, while the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said two weeks ago that all States in the euro area have ratified the project at the end of the month, the cacophony in the field is law.

Slovakia has postponed its vote on October 25. His prime minister supports the expansion of missions of the Fund, but are still strong disagreements within the governing coalition. Member of the euro area since 2009, was the only country to refuse to participate in the first loan to Greece last year. And the head of Parliament is prepared to "torpedo" the project."My goal is to ensure that Slovakia will lose billions of euros ( business card…) The European Union does not need our money," he said.

The specter of bankruptcy

Because Greece is still afraid. Czech President Vaclav Klaus, interviewed by American television outside of the last UN General Assembly, said without hesitation that perfectly imagined that "a country so in the euro area." He added: "I'm afraid that European leaders are still spending lavishly to Greece."

An opinion widely shared by Austria, which must meet its Parliament on September 30, and whose foreign minister recently said that one could legitimately "consider bankruptcy of Greece."Like all small countries that have not voted – Cyprus, Estonia, Malta – he ensures that he wants to rely on the results of discussions between Athens and the Troika (ECB, Commission, IMF). But the finance minister said although this ultimate solution is "better than a rescue too expensive."

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Optimism in the Paris Bourse

Monday's rebound continues Tuesday in the Paris Bourse. The CAC 40 has started on a flying then accelerated pace. Mid-session, he climbed 3.55% to 2960 points. Elsewhere in Europe, the Frankfurt Stock Exchange is 3.36%, London and Milan 2.22% 2.79% while the pan-European Euro Stoxx 50 index 3.09% wins.

Since the beginning of the week, investors won over by a wave of optimism about the outcome of the debt crisis in the eurozone. The spokesperson of European Commissioner for Economic Affairs Olli Rehn Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble said that Europeans had "no intention of bailing out" the EFSF.

The Spanish Minister of Economy Elena Salgado also said Tuesday that an increase of two thousand billion euros in the capacity of the European Support Fund "was not on the table." Political leaders are clearly divided on the concrete responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

More good news, the constraint on bank lending is beginning to loosen.The private sector credit grew by 2.6% year on year in August in the euro zone, against 2.4% in July. Loans to households grew by 3% in August, while consumer loans to individuals have declined only 1.6% against 2% last month according to figures released Tuesday by the European Central Bank (ECB) . Moreover, housing starts for new homes in France, climbing 8.1% year on year for the period from June to August. However, they mark a slowdown from earlier this year: the pace of growth in the first quarter was still 35.5%. The number of building permits for new homes has increased its share by 9.8% year on year for the same period.

The euro was weakening on Tuesday to below $ 1.35. At midday, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1 paydayloans.3363 dollars, its lowest level since mid-January, prior to recover. As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions.

Values ​​follow:

The banking sector is driven by rumors of recapitalization.BNP Paribas advance of 9.25%, largest increase in the CAC 40 7.46% Credit Agricole and Societe Generale 8.55%.

Total (2.97% to 32.25 euros) reduced the number of banks in which it deposits funds for fear of a credit crunch in the euro zone, but remains confident in the French settlements, said its chief financial officer the agency Dow Jones and The Wall Street Journal.

The CEO of Renault (4.20% to 25.30 euros), Carlos Ghosn, said on Monday to Reuters that he saw no sign of slowdown in global demand despite the debt crisis in Europe and economic uncertainties in the United States.He expects an increase in car sales in the United States in 2012.

The title of the French automotive supplier Aries (18.64% to 7 euros), specialized in the production of aluminum parts, flew Tuesday in the Paris Bourse, with a net income higher than expected in the first half (6.7 million euros, up 31.3%).

Thales (2.08% to 24.58 euros) for its part plans to sell part of its services activities, according to Les Echos on Tuesday. The division, which last year made 81 million euros in sales, employs approximately 500 people. Logica names and GFI Informatique circulating among potential buyers.

Dexia (6.09% to 1.48 euros) is facing a complaint from the town of Rosny-sur-Seine (Yvelines), which has borrowed toxic.The mayor filed a complaint for "organized fraud" and "deception" with a civil court of first instance of Versailles against Dexia Credit Local.

Ipsen (3.56% 22.57 euros) was acquired from the Norwegian pharmaceutical company Photocure marketing rights of Hexvix, its flagship product for the diagnosis of bladder cancer.

The retailer Casino (2.29% to 57.13 euros) saw its price target reduced from 81 to 74 euros by HSBC. Land areas (4.54% to 50.73 euros) for his part saw the recommendation on its title upgraded to "buy" against "hold" earlier by ING.

Neopost (4.05% to 57.23 euros) will release its results for the first half after market.

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