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Wall Street on a hesitant note

U.S. stock markets finished the session Wednesday night with no clear direction. On the one hand, the Dow Jones in the red at the opening, rose 0.21% to 10,968 points, on the other, the Standard & Poor's 500 index retreated 0.07% timidly to 1160 points and the Nasdaq Composite Index gave up 0.80% to 2381points.

On Tuesday, the New York Stock Exchange finished up strong. The Dow Jones climbed 1.80% to 10,944.72 points, close to 11,000 points while the Standard & Poor's 500 and Nasdaq leaped 100 respectively of 2.09% to 1160.75 points and 2.36% at 2399.83 points, taking advantage of unindice ISM services activity in the United States very good. This good news has reinforced investors, who had been pleasantly surprised by the decision of the Central Bank of Japan to relax its monetary policy.

On the foreign exchange market, the euro rose again above $ 1.39.

On the macroeconomic front, today the U.S. private sector rebounded in September to destroy more jobs than it creates, according to a study released Wednesday, which bodes ill for the last official report on employment before the general election to be published Friday.

Whatever the figures the Labor Department will release Friday at 14:30 and their political impact, something is gained: unemployment continues to affect millions of Americans.

If the rate rises 0.1 points to 9.7% for the month of September as analysts expect, the U.S. will then have experienced 17 consecutive months of unemployment than or equal to 9.4%, which does has not seen since 1948 moins.Le unemployment rate was 9.6% in late August.

Food chains monitored

Analysts will also turn their eyes to new business this week with the start of the season's third quarter results

The side of values, society-food chains Taco Bell, KFC and Pizza Hut has announced a profit of 357 million in the third quarter in line with analysts' expectations. In contrast, the turnover of 2.86 billion, up 3% on a comparable basis is slightly lower than consensus expectations.

Among the values of Dow Jones, launched the quarterly results will be given, as always, the aluminum giant Alcoa (1.81% to 12.36 dollars) tomorrow. "The materials sector was the one who suffers the most degradation analysts," note the experts at Aurel BGC."However, they add, Alcoa could surprise on the upside, at least in his speech on the prospects for year-end." Due to the closure of factories, Chinese imports of steel and aluminum should increase sharply. Growth remains strong in Asia and Latin America, offsetting more gloomy outlook in the U.S. and Europe. The aluminum price forecasts growth at the end of the year. Overall, analysts expect an increase of 24 to 26% of results on the S & P 500.

Johnson & Johnson (0.62% to 63.21 dollars) maintains its offer of Crucell priced at 1.75 billion euros, or 24.75 euros per share, management agreed with the Dutch biotech this proposition, although some investors demanded more free business cards. The title is almost stable at U.S. $ 62.74 (-0.10%).

General Electric (2.24% to 16.88 dollars) has announced that its approach to repurchase Wellstream for 755 million pounds (868 million euros) had been rejected by the British oil services company.

Google (-0.72% to 534.35 dollars) has rejected accusations of Oracle that the search giant infringed on its internet IP rights in developing its software for smartphones and Adroid asked a U.S. court to dismiss, court documents show. The title leaves 0.85% to 533.52 dollars.

Avis Budget Group (-4.32% to 11.29 Dollries) and Dollar Thrifty Automotive Group (-1.74% to 49.13 dollars) announced Tuesday they would combine their efforts to gain approval regulating competition in the acquisition of the latter by the former.Notice in particular accepted the request of Dollar Thrifty to defer its offer to exchange while authorities investigate the operation, said the two groups.

AMR (+1.64% to 6.21 dollars) has announced that its subsidiary, American Airlines had recorded an annual increase of 12.2% of international traffic in September, and 1.6% on its domestic flights. The load factor stood at 80.1% last month. The stock gained 2.29% to 6.25 dollars.

Yum! Brands (+1.18% to 47.35 dollars), parent company of restaurant chains KFC, Taco Bell and Pizza Hut, has warned that the costs of labor and raw materials would affect its margins in the current quarter, making its action fall of 1.2%, to 46.20 dollars in after-hours trading. The group also reported a 7% increase in earnings under its third quarter to 357 million, or 74 cents per share.Excluding items, earnings per share (EPS) stood at 73 cents or one cent more than the Thomson Reuters consensus I / B / E / S. The company also raised its EPS target annual $ 2.48 U.S. $ 2.43 cons previously envisaged. The stock gained 0.79% to 47.17 dollars.

Costco Wholesale (1.16% to 65.41 dollars) announced Wednesday it posted a rise in quarterly profit thanks to increased household spending. Its net income rose to $ 374 million, 85 cents per share, a year ago to $ 432 million, 97 cents under its fiscal fourth quarter. Analysts polled by Thomson Reuters I / B / E / S expected a profit of 95 cents per share. The title was down 0.80% to 64.12 dollars.

Advanced Micro Devices (AMD) (-1.72% to 6.86 dollars) is not for sale but the chipmaker will listen to interesting proposals, said Wednesday its Chief Executive Dirk Meyer. He had been questioned about the interest in semiconductor industry ready software giant Oracle. The title takes 0.73% to 7.03 dollars.

USA: Bernanke supported the austerity

The wind could blow the rigor of the United States, after the implementation of expansionary policies and economic support. In any case, the influential chairman of the Central Bank of the United States (Fed), Ben Bernanke, has hardened his tone, in a speech yesterday in Providence, Rhode Island.

The Fed chief said the U.S. budget deficit is "a real and growing threat, which should be reason enough for those responsible for fiscal policy put in place a credible plan to reduce deficit to a sustainable level medium term. "

And the head of the central bank added that the U.S. federal government faces rising budget deficit caused by the economic crisis and longer-term aging of the population, jeopardizing the system public health insurance and pension insurance, "said Ben Bernanke."There is no doubt on this point: that these challenges require political leaders and people make very difficult decisions and accept sacrifices."

No measures cited

But for now, the Fed chairman did not specify the kinds of decisions and sacrifices that he advocates.

After posting a record deficit of 1416 billion during its fiscal year 2008-2009, approximately 10% of gross domestic product, the Federal Government has posted a 1.26 trillion in the first eleven months of fiscal 2009 – 2010, which ended Sept. 30. The government has yet committed to reducing the deficit to 4.3% of GDP in 2012-2013, relying on a strong economic recovery. A hope that would not be sufficient in the eyes of Fed chief.

Pensions: a renewed before the Senate

Bring down the street workers who are struggling to participate in one day to strike, because "it is not" small business or because their incomes are too small to lose a day's pay. Add the families and students. By choosing this Saturday for their third day of mobilization against pension reform since the return, the unions hope to expand the audience of the demonstrators.

As the deadline approached, it is a very traditional role-playing game that is played. "There will probably more people than last time," predicts a government source as to better explain this Saturday night that the event was not as dramatic as expected (September 23, between 1 and 3 million people had demonstrated). Unions, by contrast, are cautious attack, the better able then to talk show of force."It shows no purpose because it targets those who work where we, the unions are the least present, mobilization is therefore very difficult to predict, justify Eric Aubin," Mr. Retreats "of the CGT. And those who participated in the days of 7 and 23 are likely to say that it's time for others. "

Not certain that students will join the massive processions as one of their union, the UNEF, encourages them. And even if FP is trying to revive the myth of the struggle against the CPE-won in 2006 by all organizations of employees, combined with youth-in a statement co-signed with the students of Fidl.

Next meeting October 12

"Our goal is to do as well as the last day," said Francis still Chérèque (CFDT) in Liberation.The next big event to organize is already set to Tuesday 12 October, halfway through the text of the Senate.

The debates begin Tuesday in the Upper House. In committee, senators have made some alterations. Early retirement for disability will be relaxed. The current beneficiaries of the retirement allowance equivalent (unemployed at the end of all their rights with quarters but not yet age 60) affected by the postponement of legal age may continue to collect until they are pensioners.

More embarrassing for the government, the commission has removed an article opening the door for resource transfers between funds.This article implicitly acknowledged that if the reform should help balance globally by 2018 the retirement system, each credit union involved does not necessarily come out of red-chair of the basic scheme for employees (CNAV) considers that he missed another 4 billion per year in 2018. But, the FO MEDEF, the social partners have protested against the article, seeing the threat of siphoning Agirc-Arrco they manage quite well.

Nothing, however, at this stage about a possible relaxation of from 65 to 67 years, between 2016 and 2023, the age of retirement without discount. The Senate expects "ciphers" to consider a change, especially for women who raised three children, has provided this week its president, Gerard Larcher. In fact, a possible step will be validated or not next week.And magnitude of the event tomorrow will weigh as much as the "ciphers" in the balance.

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The tax shield could evolve SME

The Budget Minister Francois Baroin visited Berlin two weeks ago, had mentioned that discussions were underway on the merits of the solidarity tax on wealth (ISF) and the tax shield. On the eve of the event promised by unions to challenge government policy, Claude Gueant, e Secretary-General of the Elysee, confirmed that management of the tax shield that limits taxes to 50% of its revenues – was "under review". Guests of the "Grand Rendez-Vous Parisien 1/The Europe, he said the wealthiest taxpayers could be asked to invest more in small and medium enterprises (SMEs).The President of the Republic Nicolas Sarkozy, believes that SMEs are the backbone of French growth, employment and restart thanks to them.

Exploring

Since 2007, the law and Tepa (work, employment of purchasing power), a first device already allows taxpayers to reduce the TFR from taxes in exchange for investment in small businesses. We must keep this goal that people who can afford to invest in France continue to do so in France and therefore continue to remain, "said Claude Gueant.

However, he did not want to give more details on a future device. "It was perhaps an avenue. I say this is a hypothesis that is under consideration, "said Claude Gueant unspecified.Sunday evening, Henry Gaino, special adviser to Nicolas Sarkozy, said on the Elysee iTélé wanted to upgrade the device at the margin. "We could consider the investment made by each recipient. Taxpayers could be forced to support SMEs to benefit from a shield.

Given the schedule, including this project in the finance law for 2011 seems difficult, however.

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Wall Street remains cautious

After the euphoria of Wednesday, the U.S. markets are more hesitant. On Thursday, the Dow Jones starts at equilibrium, up from 0.07% to 10,274 points, the Nasdaq is 0.02% at 2177 points while the S & P gained 0.09% to 1081 points.

Investors, who had relieved acueille unexpected, increase of the ISM manufacturing index yesterday also learn some good news surprise side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department.Economists had expected jobless claims averaged 475,000.

But at the same time, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to post its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Still on macroeconomic, investors now expect industrial orders for July and the promises of home sales for the month of July.

Note that the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety before the monthly monetary policy decision of the European Central Bank (ECB) and on the eve the very important report on employment and unemployment in the United States. The European currency traded at 1.2824 dollars against 1.2807 dollars late Wednesday afternoon.

Burger King flies

On the side of values, the automotive sector should stand today. The month of August has actually been the worst for U.S. auto industry since 1983. Sales fell 21% to 11.47 million vehicles.Ford Motor (0.53% to 11.67 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (-0.18 to 249.87 dollars ù) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

According to CNBC, Burger King (23.30% to 23.26 dollars) will be acquired by Capital 3G priced at $ 24 per share. The transaction is valued at a total of four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.11% to $ 81) of 19.9% stake it does not already own in Wesco Financial (0.94% to 34.31 dollars).

General Electric (unchanged at 15.01 dollars) and Westinghouse Electric (-0.42% to 361.46 U.S. dollars) could spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India , the Financial Express reported Thursday. Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (+0.38% to 39.36 dollars) announced Thursday it had raised its takeover offer for 3PAR (5.27% to 33.77 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars.This announcement follows the increase in supply pa Dell (-0.87% to 12.01 dollars) which offers $ 32 per share. 3PAR has responded by stating that the offer was superior to HP and that he intended to break its previous merger agreement with Dell.

Grants: the struggle continues between Airbus and Boeing

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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Oil settles above 80 dollars

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.

Hard times for Greek tourism

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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Small Ship passes under Thai flag

Small Ship, the Breton brand founded in 1932, came under Thai flag. Thai Union Frozen Products, the world number three canned fish, the fund has bought Trilantic Capital (formerly Lehman Brothers), who had acquired in 2006 for 425 million euros. The Asian group, listed on the Stock Exchange of Bangkok, has spent 680 million euros to afford the parent company of Small Ship, MW Brands, which last year produced 448 million euros in turnover and 82 million euros in operating profit. A profit doubled in three years for steady sales.

This is a new shift for Small Vessels, remained independent for fifty years before moving in 1981 into the bosom of Heinz ketchup maker. The leader of canned tuna in France may well grow out of France."Francophone markets as North Africa could generate interest," says David Sankowicz, Secretary General of MW Brands. With five production sites (Thailand, Vietnam, United States, Indonesia), the Thai group, offers significant opportunities to MW Brands. Europe will represent over one third of sales of Thai Union Frozen Products, the opportunity to double the number of vessels in its fleet. The group may sell in France for other types of canned fish.

Record first half for Valeo

Beginning last June, when Valeo has raised its outlook for the first semester, the group's management was expecting a turnover of 4.7 billion euros (+35% compared to the first six months of 2009) and was a operating margin of 6%, a level reached more than eight years.

This optimism came after the announcement of an activity in the first quarter, up 42% thanks to a rebound in production for the automotive sector at a very low cost structure and prices of raw materials declined. The shares had risen 7.5% while then 3.5% over the two sessions that followed the increase.

This Tuesday, July 27, Valeo announces half year results even better than expected turnover stood at 4.787 billion euros (+38%).The bottom line, it passes from red to green, with a profit of 168 million euros in the first six of 2010, against a loss of 213 million euros over the same period of 2009. And the operating margin reached 6.1% against 1.5% a year ago. This is the highest rate for ten years.

The growth of automobile production has been particularly dynamic in Asia (+43%) and especially China (45%). In the U.S., the increase reached 72%! Normal, after a first half of 2009 severely affected by the fall in production and the restructuring of some U.S. manufacturers.

In Europe, sales increased 23% despite the end devices scrappage and stabilization of registrations in the first half of 2010 (+0.2% versus the first half of 2009)."This phenomenon is due mainly to the effect removal of 2009 and the increase in exports outside Europe," the company said in its financial statement.

Now, Valeo expects operating margin for the year 2010 to a level "greater than 5%.

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