International Headlines and Stories

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors do not risk the last trading day of the week. At midday, the benchmark index in Paris is still evolving in the red (-0.77%) ironing below 3100 points to 3094.99 points.

At the London Stock Exchange, the FTSE-100 is 0.46% to 5107.30 points while the Dax-30 from the Frankfurt Stock Exchange, after opening steady, widening its losses (-1.72%) in 5582 , 50 points.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago (1430), the U.S. government has released its second estimate of GDP for the second quarter.The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims rose. Causing a sharp decline in U.S. stock markets.

In this uncertain environment expected on ads across the Atlantic, the euro resumed slightly against the dollar Friday in a market without much volume. To 11 hours in Paris, the European currency was worth 1.4440 dollars against 1.4378 dollars on Thursday night.

In the euro area, the lack of major macroeconomic news does not help to give a clear trend to markets.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.11% to 53.07 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 0.91% to 21.75 euros, BNP Paribas declined more moderately from 0.60% to 34.15 euros, Credit Agricole down 1.31% to 6.42 euros while Natixis closed the show the worst performance (-3.38% to 2.74 euros).

In an interview with Le Figaro, the executive director of Credit Agricole said the group has "significant cash reserves" and "not difficult to obtain financing."

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot, which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, reduced its losses (-1.54% to 19.18 euros), after having dropped to 2.05%. The title, however, fell more than 35% over the last month. A little stronger, Renault drops 0.57% to 26.05 euros.

Total: -0.72% to 32.50 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.95%, to 165 euros) will publish their interim results after market close.

The Paris Bourse do not know which way to turn on Wednesday. After starting down 0.58% at 3212.23 points, the CAC 40 is pressed into the green in mid-day, hause of 0.17%. It continues to grow and advance of 1.39% to 3275.80 points in 16 hours. At the London Stock Exchange, the FTSE-100 reduced its losses and lost 0.20%, as the Dax in Frankfurt which yields 0.55%. Madrid is pressed into the green and earns 0.30%.

The small increase in opening on Wall Street allowed the European indices to regain some ground after a volatile morning. Investors are, in fact, not reassured by the proposals of German Chancellor Angela Merkel and French President Nicolas Sarkozy yesterday on the governance of the euro area.These include notably the establishment of a "real government of the euro area", the adoption of a golden rule of balancing the budget by the seventeen members of the euro area and the introduction of a tax on financial transactions. The French president and German Chancellor did not, however, proposed to increase the European bailout fund not to launch Eurobond market as hoped.

If these proposals were welcomed by governments, many analysts believe, therefore, they lack the substance to calm global stock markets. Sony Kapoor, the think tank Re-Define, based in London, believes that "economic government's proposal, which may be an important step towards an even tighter union, is of little use to address the most urgent" ."The meeting between the German and French leaders failed to alleviate concerns about the debt crisis in the euro area," adds Ker Chung Yang, an analyst at Phillip Futures Oil in Singapore.

The euro is trying to back up the hill, looking for gold

The most tangible sign of the disappointment of markets: the decline of the euro. It was worth 1.4365 dollars in Tokyo Wednesday, against 1.4406 dollars in New York the night before. He came down this morning in Asia to 1.4352 dollar. At midday, the European currency, however, able to bounce back and exchanged to 16 hours at 1.4482 dollar."The Franco-German meeting did not result in clear solutions and this has caused sales of euros," said Nobuyoshi Kuroiwa, a leader in foreign exchange Hachijuni Bank.

Gold, a refuge in times of crisis, was worth 1795 dollars on Wednesday afternoon in Hong Kong, 1780 against the dollar the day before closing.

Oil prices opened sharply higher in New York, supported by expectations of declining stocks of petroleum products, synonymous with an application may be better than expected guaranteed payday loans. Around 1:10 p.m. GMT on the New York Mercantile Exchange (Nymex ), a barrel of "light sweet crude" for September delivery was trading at 88.29 dollars, up 2.24 dollars compared to the previous day.

Always on the side indicators, inflation excluding volatile items fell in the eurozone in July, Eurostat said Wednesday, confirming also the overall annual inflation rate.Excluding energy and unprocessed food packaged, retail prices fell 0.8% monthly increase of 1.5% annually from 1.8% in June

United States, the producer prices rose more than expected in July, 0.2%, after falling 0.4% in June, according to the Labor Department.

Values ​​to follow

The banking sector

The Franco-German proposal to create a common tax on financial transactions was announced Tuesday after the close of European stock. As Wall Street and in Asia, French banks respond poorly. BNP Paribas (-2% to 36.75 euros) is the second largest drop in the CAC. The bank is followed by Societe Generale (-1.58% to 24.87 euros) and Credit Agricole (-0.87% to 6.72 euros).Natixis (0.72% to 3.08 euros) and Axa (0.49% to 11.27 euros) are in green.

The project also affects the stock exchange operators: NYSE Euronext lost 6.38%, 6.22% yield Deutsche Börse and the London Stock Exchange was down 4.42%.

Lafarge: -0.09% to 29.21 euros

The cement manufacturer announced Wednesday the sale of the autralien Boral's share in their joint venture LBGA (Lafarge Boral Gypsum Asia) for a total of 429 million euros.

Renault: -0.14% to 29.09 euros

The South Korean subsidiary Renault, Renault Samsung, Wednesday denied news reports suggesting its possible initial public offering of Seoul.

Edenred: -0.54% to 18.50 euros

The group announced the sale of its Australian subsidiary Trahaire Davidson, a consulting company in human resources, specializing in psychological assistance to employees as part of a transaction of approximately $ 35 million.

Rodriguez Group: -4.01% to 3.83 euros

The group released a drop of 38% of its sales in the third quarter to end June, due to lower sales of new boats, but the group expects an improvement in sales of used boats on the last part of his 2010-2011.

After the storm that plunged all the stock exchanges, the European shares rebound on Thursday. In Paris the CAC 40 index opened up 2.96% to 3092.16 points. Same trend in Frankfurt the Dax rose 2.81% to 5771.21 points and in London the FTSE 100 opened up over 2% to 5118.29 points. Appeasement was already felt in the Asian stock markets that are returned to the green or showed moderate declines.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London.Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq.

Bank stocks monitored

Gold continues, meanwhile, fly from record to record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Trading in Societe Generale jumped nearly 9% to 24.16 euros after being suspended briefly at the opening. The title was unscrewed from 14.74% on Wednesday. The bank asked the AMF to investigate the origin of the rumors that have depressed its course Same day payday loans. The CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas (2.98% to 36.67 euros) and Credit Agricole (5.68% to 6.418 euros) rebounded Wednesday after falling by 9.5% and 11.8%.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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"The major difference between the 2008 crisis and the looming today? This time, we should not expect China to save the world to the tune of hundreds of billion yuan stimulus plan. "For this manager, the situation of China explains much of the current stock markets tumble world. Everyone is afraid now a powerful brake on the side of Beijing. However, a slowdown in the Chinese economy could dangerously jeopardize the recovery of the entire planet.

This brake application that profile every day, while inflationary pressures continue to weigh on Beijing could prompt the central government to continue to raise interest rates, taking the risk of curbing its industrial growth.

The index of consumer prices rose 6.5% in July year on year, against 6.4% in June, according to figures from National Bureau of Statistics released Tuesday. This is its strongest acceleration in three years. From month to month, prices rose 0.5% in July against 0.3% between May and June

Between January and July, inflation has reached 5.5%. Far from the 4% target set initially for the entire year by the Chinese leadership. And still above the revised target of 5%.Premier Wen Jiabao warned in June that this goal would remain the government's priority, although the task is "difficult".

Ample liquidity

The July figures correspond to an expected peak of the rise in prices, which should subside in the coming months, according to most analysts. "Inflation is generally under control and, more encouragingly, the moderation of core inflation suggests that the campaign of monetary tightening government holds the price pressure on the demand side," said Matthew circumstances a economist for Moody's Analytics no faxing 1 hour payday loans.

In the short term some concerns will therefore dissipate.But the new uncertainty in global markets and weak growth prospects in Europe and the United States creates additional pressure for China, which has its hands tied in the adoption of a possible stimulus package likely to eat too inflation.

The party faces an abundance of liquidity in the economy, the main cause of rising prices. The final recovery plan adopted in late 2008 to boost the economy has led local governments to borrow up to 1.16 trillion euros, of which 80% were on loan from Chinese banks, according to a recent report by the National Bureau of audit. For now, the party seeking to stabilize its economy rather than risk a new runaway.

This also explains the nervousness that exists among senior leaders of the international situation.The countries concerned by the problems of debt and deficit must adopt policies "monetary and fiscal concrete and responsible," Wen Jiabao said Tuesday. Things are clear: the largest creditor in the world now pose the conditions before consent to any-will.

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The French plébiscitent increasing the "Made in France" and it has not escaped the business. A craze that falls well: rising transportation costs and wage inflation from 15% to 20% in some coastal factories in China are converging today to encourage repatriation of some production lines to France and Europe. But if some companies are beginning to consider such a policy change, few are still those who skip it.

"There is clearly more interesting now than to relocate whole or in part," says Jean-Luc Fonteneau, a partner in the consulting firm Diagma logistics. "But do not mistake: these factors on their own are not sufficient to stimulate a significant movement of relocations. For now, our customers are content to talk about it.The cost differential is still largely in favor of Asia, "said he.

Geneviève Lethu, Rossignol, Decathlon or Meccano, who chose to relocate all or part of their production in recent years, rather figures are therefore exceptions. Geneviève Lethu for example, production costs remain two to three times higher in France than in Southeast Asia, says Edmond Kassapian, its CEO. The company has nevertheless chosen to relocation, mainly to improve the quality of its products.

In this context, the rise in commodity prices and wage inflation in recent months weigh little. "In textiles, for example, transportation is only 5% to 10% of the production cost of an item.As for wage increases, even if the percentages are impressive, they represent less than 3% of payroll French, "Jean-Luc Fonteneau calculated. Some companies also try to compensate by shifting their production to Vietnam …, the consultant observed.

Automation

The figures confirm this analysis. According to a recent study by two economists at the University of Poitiers, Liliane Bonnal Olivier Bouba-Olga and the relocations to France remain marginal effect cash advance now. Based on data reported by the Centre for Investment in 2008 and 2009, economists have identified all the operations of investment and divestment activity in France. Relocations represent only 0.3% of these operations, 24 cases in two years.In total, they recorded a relocation to six relocations, and a job created for 30 jobs lost because of offshoring. "Only 500 jobs were created in two years because of relocations," says Olivier Bouba-Olga.

Because they "do not result in any case not by major job creation," said El Mouhoub Mouhoud, an economist at Paris Dauphine University and author of "Globalization and offshoring of business" by Editions la Découverte. In most cases, they are indeed driven by companies that have chosen to automate their production. "So that the jobs lost in Southeast Asia and elsewhere are almost never compensated in France," the judge economist.

The marginal nature of the relocation is also reflected in the lack of excitement generated by government schemes to encourage them."The tax credit for relocating business established in 2007 has hardly ever been used," says El Mouhoub Mouhoud. As for the relocation bonus, with a budget of 200 million euros and announced with great fanfare in the aftermath of the States General of Industry, it is simply more. "The premium has been recast in within a broader, that of using the re-industrialization," says one to the Ministry of Industry. The latter has only 20 million euros. If "the world's factory" that is China is losing some ground, France did for the moment that gets a few scraps.

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The Minister of Finance of Japan, Yoshihiko Noda, confirmed the government's desire to Naoto Kan to resign by the end of the summer. Asked this morning on the casting vote of a law allowing Tokyo to issue bonds to cover the budget deficit, the Treasury official said the Japanese team in place "take responsibility". The day before, Minister of Commerce Banri Kaieda had entrusted his intention to retire after the adoption of the famous law by the Parliament met until the end of August, adding that other ministers "may have the same intentions." The current government believes that the next budget will not be held if the law does not low fee pay day loans.

Finance Minister this morning held a press conference to present the trade figures. Japan's current account surplus fell 51.7% in May to 7.3 billion, compared to the previous year.A drop weaker than economists' forecasts, which expect a recovery in the economy, hard hit by the earthquake of March 11, faster than expected. Many Japanese factories have been forced to suspend production due to damaged sites and disruptions in electricity supplies. But exports could rebound in the coming months.

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Co-leader of drones, unmanned aircraft, with the United States, Israel has come into force at the Paris Air Show. Under the leadership of "Israel Export & International Cooperation Institute" and the commercial department of the Israeli Embassy in Paris, fifteen companies representing the flagship of the aerospace industry, display their latest creations. By visiting the house of Israel, visitors can "touch" the latest innovations.

Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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Was expected that Qatar Airways unveils giant Airbus order on Inauguration Day Show. Finally, the company Gulf merely a new order for six Boeing 777 for a total of $ 1.7 billion. When asked what setbacks, Akbar Al Baker, CEO of Qatar Airways, said yesterday that he was still in discussions with Airbus and the new order was not finalized. "We are still negotiating the terms of purchase of A320 and new A380 Neo. The announcement will take place later, perhaps even after the Paris Air Show, "said the CEO of Qatar Airways, whose existing fleet of 98 Boeing aircraft with only 25.

Akbar Al Baker said he was extremely disappointed with the delays announced by manufacturers on their programs and in particular the delivery of the A350 XWB."We need to have an overview to decide on our purchases of equipment and because of these delays, frankly, we no longer trust."

The officer of the company of Qatar has made no secret that he is very interested in programs of Russian and Chinese manufacturers "based on Western technology".

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The wrong number of French industrial production in April cache of surprises. Certainly, the activity of the entire industry fell 0.3% over this period, while forecasters had expected a rise of 0.4% and economists agree to observe a slowdown of the dynamics the first quarter. But the details of the figures in April can put this performance-cons.

Besides the automotive industry continues to suffer with the end of the scrapping (-2.2% on the month), the energy seems to be the main cause of industrial slowdown in April. Electricity production (-5.6%) was significantly affected by unseasonable temperatures, households cut heating, explain heart economists at BNP Paribas and Societe Generale.Same explanation for the drop of 7.5% of the refining, weighed by lower consumption of heating oil.

The average temperature in April has exceeded its normal seasonal 1.7 degrees, placing the period from seven months to April the warmest since 1950. Beware, however: "The figures are very volatile energy from one month to another and this subset weighs relatively little in the overall index of industrial production," Camille Williencourt shade, Natixis.

Other areas seem to have benefited from a recovery in investment. Equipment and electrical machinery and electronics rose 1.3% in just one month, offsetting a fall in March. Transport equipment, non-automotive jumped 2.5%."These figures are in line with the recent study by INSEE on the investment outlook, anticipating a strong rebound in business spending on equipment", says Michael Martinez, of Société Générale CIB.

Still, he recalls Camille Williencourt that "the French industrial activity is expected to slow significantly in 2011 after rising 5.1% in 2010." It is difficult to predict how the magnitude of the slowdown, according to the economist, with one side a weakened consumer spending in France, but on the other, very dynamic export to Germany.

This is a new landing that will face the Normandy coast on Wednesday and Thursday. Eighteen heads of state and government and 2,500 delegates are expected to Deauville for the summit of leading industrialized nations, G8, chaired this year by France. The event will be under the supervision of 12,000 policemen. The advent of Barack Obama mobilizes alone 700. "Club", founded in 1975, the G8 gathering for informal discussions leaders theory share the same concerns. But this year, dominated by assistance to countries in the "Arab spring", is also expected to friction, especially between the West and Russia. The succession of DSK to head the IMF should be discussed behind the scenes.

• Support to Arab revolutions

"Deauville is not a donor conference," repeats the French presidency of the G8.The big meeting Norman which will blow a wind from North Africa and the Middle East, will nevertheless announced immediate steps to help Tunisia and Egypt. Both countries have costed their financing needs, respectively, $ 25 billion over five years and a dozen billion through mid-2012. Barack Obama has already unveiled last week a plan with several billion dollars to encourage democratization. The World Bank could disburse up to 6 billion if the reforms continue. Active in the East after the fall of the Berlin Wall, the European Bank for Reconstruction and Development (EBRD) will be redeployed to the southern shores of the Mediterranean. Tomorrow, a long-term partnership will be officially launched between the G8, Tunisia and Egypt, attended by prime ministers of both countries.Russia warned Tuesday the G8, saying that it "must not become an organ of pressure and sanctions." An allusion to the situation in Syria, which appear on the menu of Deauville. Westerners want to ask Moscow to withdraw its threat to veto the adoption of a text by the Security Council condemning the crackdown.

• Intervention in Libya

Intensive launched raids in recent days by NATO to Moscow Tripoli were out of joint. For the Kremlin, these bombings are a "new gap coarse compared with United Nations resolutions" legitimizing military intervention to protect populations bad credit payday advance. The war, which was to be short, and extends the growing dissension within the international community. Paris and London are still at peak. Still in withdrawal, the United States objects to requests that the operation works without them.To evoke the tracks of a crisis, the G8 will turn once again to Africa, including three Heads of State (Niger, Guinea, Ivory Coast) will be present in Deauville. For the first time, the G8 will conclude with a statement co-signed with the Africans.

• Middle East

In Deauville, the UN General Assembly in September, is already emerging. The Palestinians consider to be recognized in New York the creation of their state. Nicolas Sarkozy also raised the prospect, if the process does not move by then, but Barack Obama, just press this point Binyamin Netanyahu, who is visiting these days in Washington, is cons. Americans, Europeans and Russians will compare their approach to the release process. Nicolas Sarkozy will serve as a stimulus by recalling his slogans: "the status quo is not sustainable" and "the parameters of a settlement are known."However, the Quartet (EU, U.S., Russia, UN) has not scheduled a meeting on the sidelines of the summit and no breakthrough is to be expected.

• Nuclear safety

The disaster Fukushima "swept" what the G8 working group on nuclear safety preparing for months for Deauville, says a close case. This afternoon, a session will be devoted to this theme, after a lunch where the leaders will express their solidarity with Japan. The final declaration will encourage countries with power to conduct audits, as did the United States and as Europe is about to do. And she called the international community to provide "the highest security level" possible.The G8 will not enter into details and refer to the ministerial conference of the International Atomic Energy Agency (IAEA), which will bring together a larger number of nuclear nations in Vienna, June 20