International Headlines and Stories

Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday, which has increased its earnings to grow by 1.57% enséance before reducing them after a disappointing statistic across the Atlantic on the U.S. consumer confidence in July.

At the final bell, the CAC 40 is 0.83% at 3666.4 points and preserves the points.Un 3660 this threshold had not been touched since June 22 last. Elsewhere in Europe, the London Stock Exchange closed up 0.27% to 5365.67 points.

French markets were again worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday.On Tuesday, they went into high gear, including Societe Generale climbed 10.59% to 44.22 euros, Credit Agricole, which has soared 10.14% to 10.62 euros and Dexia, which has rose 7.32% to 3.87 euros. Axa and BNP Paribas follow with respective increases of 6.74% and 5.49%.

After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

On the foreign exchange market, the euro continues against the greenback.Around 17:30, the euro was trading at just below $ 1.30, but the threshold has been crossed earlier in session.

The U.S. housing close look

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant. Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

But the Conference Board index, published in 16 hours, fell for the second straight month in July, falling to a lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-4.24% to 44.35 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros in bad credit payday loans.

Altran (7.79% to 3.25 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant scope, and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 and LVMH will unveil their first-half results after market close. Vinci, Compagnie des Alpes and Fleury Michon publish their turnover for the period also after 17:30.At the same time, Air France KLM (+0.69%) will release first quarter results are.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.94% to 45.15 euros) according to Bloomberg.

Capgemini (-1.1% to 34.98 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-2.61% to 25.17 euros), revised down slightly its 2010 targets of recurring cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.

Icade (+1.05% at 73.83 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%.

April Group (-2.88% to 19.76 euros), saw the decline in sales accelerated to 12.9% in the first half. This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (10.81% to 0.41 euros), has received a firm offer from the private equity fund Francisco Partners for the acquisition of the "professional broadcast" of Grass Valley.

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"The week will be very nervous," Franklin predicted Tuesday Pichard, director of Barclays stock. On the one hand, the low trading volumes (less than 3 billion at the close Tuesday, and just over one billion at mid-session on Wednesday) and other stress tests released Friday at 4:00 p.m. confirm this thesis . Since the beginning of the week, the CAC 40 index opened sharply higher supported by positive results from U.S. companies lose momentum before As the meeting. But on Wednesday, the upward trend appears to continue. At midterm, the CAC 40 gained 1.84% to even 3531, 94 points, well above the 3,500 points.The stock exchanges in London (1.50%) and Frankfurt (1.33%) advance in unison.

On the currency markets, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks. In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

Asian stock markets closed on Wednesday in a disorganized, Tokyo lost 0.45% to 9258 points, while Shanghai was slightly higher than 0.06%, within minutes of closing.

Accor, Arcelor-Mittal and banking head CAC 40

On the macroeconomic front, the appointment of the day is undoubtedly the meeting between Christine Lagarde, Minister of Economy and its German counterpart, Wolfgang Schäuble, at 12:45 pm.The two ministers would discuss the release of such stress tests, for which Christine Lagarde said he was "totally confident". These relate to BNP Paribas (3.10% to 48.42 euros), Societe Generale (2.35% to 36.64 euros), Credit Agricole (2.64% to 9.07 euros) and Dexia ( 3.69% to 3.23 euros).

Other values to follow, EADS (2.02% to 16.40 euros), at which place the salon Fairnborough (south London) until July 25.Airbus will easily exceed its target of orders in 2010 and could set up 400 orders against 300 originally planned, said Tuesday John Leahy, marketing director of manufacturer, Reuters Insider.

The European Union has also announced Wednesday it would appeal the conviction of the World Trade Organization (WTO) on subsidies provided to Airbus.

The airlines, including Air France-KLM (1.43% to 10.06 euros) will also follow, while five air traffic controllers' unions have called a strike for Wednesday.

World production of crude steel increased by almost 28% over the first six months of the year, but the pace of growth continued to slow in June: +18% over June 2009. Analysts believe the slowdown will become even more acute in the months to come.Investors follow the impact that this announcement will have on companies such as ArcelorMittal (2.64% to 23.92 euros).

APRR (-0.02% at 53.91 euros) indicated that vehicle traffic had benefited in the second quarter of disturbances air and rail, as well as improved economic conditions. The group has published a quarterly revenue, excluding construction rose 5.8% to 491.5 million euros, with vehicle traffic rose 4.5% in the second quarter, in kilometers traveled.

Accor Laureate Award

The ball of results announcements or turnover continues: after-hours trade, Unibail-Rodamco will present its second quarter results.NRJ Group, Mersen (ex Carbone Lorraine), Cegid Sperian unveil them their turnover in the second quarter.

Accor (5.13% to 24.38 euros) has announced a growth of 5.1% of its turnover in the hotel industry in the first half on a comparable basis.The group earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices in France, Germany and the United Kingdom.

The manager of nursing homes and clinics, Orpea (0.91% to 31.50 euros) achieved a turnover of 470 million euros, representing organic growth of 9.3% and confirmed its objectives Annual 2012.

Manitou (5.31% to 12.30 euros), a manufacturer and distributor of material handling, reported Tuesday a sharp rise in quarterly sales, but said the second half anticipate a slowdown in orders and possible impact of delivery on its turnover.

Hi-Media (-24.9% to 3.35 euros), publisher of consumer websites, has warned that its net profit in 2010 would be affected by restructuring.The group now expects an operating profit comparable to that of 2009 (16.5 million euros).

Vetoquinol (+2.4% at 26.04 euros), the veterinary pharmaceutical company, has published a turnover of 138 million euros, up 15% in the first half. The group expects to raise over 200 million euros to pursue its external growth.

Sword Group (4.54% to 24.66 euros) and reported sales of 47.2 million euros in the second quarter, up 7.8% as organic. The services company confirmed its objectives for 2010.

The recovery of steel distributor by IMS Jacquet Metals (1.93% to 29.6 euros) a share exchange transaction is now effective, IMS announced Tuesday a few days after getting the green light European authorities.The current CEO of Jacquet Metals, Eric Jacquet, has been appointed to head the new entity.

CGI Group, specializing in services in information technology and business process management has signed an outsourcing contract with Computer Systems Group distribution of electrical supplies, Rexel (1.82% at 11 , 45 euros). The contract covering a period of six years is 50 million.

In an update of its economic growth forecasts published in Hong Kong Thursday, the International Monetary Fund (IMF) to show more optimism for global economies, with the exception of France and Great Britain. The IMF has lowered its estimate of 0.1 growth in 2010 for both countries relative to expectations in April, until now +1.4% for France and 1.2% for Great Britain. Regarding the euro area, the IMF maintains its forecast for growth of 1%. Conversely, it has raised its projection for global growth in 2010 to 4.6% against 4.2% estimated in April.

The IMF draws attention to the financial sector, less and less stable, due to the rising public debt in many countries. It focuses on the risks as well, which "have greatly increased" since April.The international institution recognizes that "progress toward global financial stability have recently suffered a setback. The risks on the public debt in some part of the eurozone have materialized and extended the financial sector in the region, threatening to spread to other regions and generate a downward spiral again winning the economy. "

Reaction of central banks

In this context, the IMF estimated that some central banks may have to ease these tensions further relaxing its monetary policy. They could be forced to inject new liquidity into the economy. The question is what will be the decisions of the European Central Bank and Bank of England, who must keep their monetary policy meetings in the day. Governments are also urged to take action to support the economy.The International Monetary Fund has renewed its request for implementation of "emergency" plans "medium-term fiscal consolidation pro-growth".

Great absent G20 Toronto, the issue of tax havens coming back in the headlines the case Bettencourt. The conversations between plays Liliane Bettencourt and Patrice de Maistre, the man who manages his vast fortune, revealed the existence of undeclared accounts in Switzerland for a total of some 80 million euros and a small private island lost in the Indian Ocean, estimated between 300 and 500 million euros. A "case study" that illustrates the mechanisms and the persistence of tax evasion.

Despite the political will displayed at the G20 in London in April 2009, chief among which those of Paris, Berlin and Washington, hunting bank secrecy small steps.Like it or not the president, Nicolas Sarkozy, who said: "Tax havens, it's over." Certainly, under pressure from the G20, the major financial markets have taken one at a time with the standards of exchange information of the OECD, the risk of being pinned on a blacklist. What this implies for the treasury of the countries referred to respond to requests for information in cases of suspected tax evasion proved.

Hunting opacity

Since then, over 400 bilateral agreements were signed, including between France and Switzerland. The text was adopted on June 18 last, by the Swiss Parliament since Tuesday and is registered in the Official Journal of Switzerland. The entry into force can not be done until after the legal deadline is October 7, allowed the organization of a referendum. French side, the agreement is still not included in the agenda of the Assembly."Will stay then test its effectiveness, said Jean Merckaert, specialist tax fraud CCFD, a development NGO. These past months have shown, lists stolen (HSBC France, UBS in the United States), which allowed the transfer of thousands of names, are more effective than the exchange of information through the conventions. "

General Delegate to the fight against uncooperative jurisdictions, François d'Aubert acknowledged the imperfection of the system, where you just twelve agreements out of the list, which is more that can be signed with other tax havens. "We need the tax administrations of each country can have access to bank accounts, accounting firms and identify the beneficiaries of a trust," he said recently. Like the little corner of paradise in the Seychelles, hidden behind a foundation, the opacity remains the bete noire of the treasury.

The possibility of staff mothers of three children to retire at any age, provided they have completed fifteen years of service, will be removed by the pension reform. 15,000 women each year experience at a cost of several hundred million euros. The purpose of this feature – contested by Brussels sees discrimination against male officers – has barely stirred the objection of the unions. They recognize a hint that these rules "natalist" dating from 1924 are no longer justifiable.

However, the method of extinguishing device is controversial. Women fulfilling the criteria required before 1 January 2012 may still benefit. But the financial conditions will be much less favorable for all those who file their application from 13 July, the day of presentation of the bill in the Council of Ministers.Article 18 provides in effect that from that date, it is the rules of retirement for the year of birth of the mother who count, not those of the year it has fulfilled the two conditions family size and length of service.

Protective provisions

Specifically, "So far, a woman born in 1962 and in 2002, had three children and fifteen years of service, could leave with the rules in force in 2002, before the reform Fillon said Brigitte Jumel (CFDT) . The amount of his pension was then strictly proportional to the number of years of contributions, divided by 37.5 years. If she filed her case on July 13 or after, these are the rules for the 1962 cohort will apply.Consider a calculation 41.25 annuities, with the reform announced last week, and especially a discount for all the missing years, as foreseen by the law Fillon.

The Secretary of State for Public Service does not deny these provisions but ensures that they are actually "protective". It is in effect six months from the filing of the application for retirement and the first payment of pension. And what are the rules valid at the time of liquidation, not when the application is submitted, that apply. That explains the entourage of the Secretary of State George Tron, without this clause "of 13 July," an official who filed his case last May, to go in November – a period when the law on pensions should be entered into force – would have been applied to the methods of calculation less favorable.It is therefore intended, provides the government to "cover" all mothers who wish to leave by the end of the year.

The U.S. stock market opened on a note undecided on Friday, after aligning Thursday for a sixth straight session of gains, led by the industry.

The Dow Jones opens up 0.19% at 11,145 points after six consecutive sessions of progression and a new peak not reached in a year and a half.

The Nasdaq resumed its souflle: it fell by 0.41% in early trade to 2506 points, but preserves the 2,500 points. And the S & P 500 lost 0.3%, ?1.208 points. The milestone of 1200 points is preserved. Yesterday, the Nasdaq finished at the highest level since June 5, 2008, the S & P 500 since September 26 of that year.

Consolidation is expected.The motion correction has been faster because of Dox Jones, who went into the red, a few minutes after the gong: he lost to 15H35, 0.12%, to 11,132 points.

New homes expected

On the foreign exchange market, the euro continued its decline against the dollar, penalized by renewed concerns about the ability of Greece to cope with its budget crisis and when Athens began to initiate procedures to activate the Plan aid from Europe and the IMF. In the morning, the European currency was worth 1.3527 dollars against 1.3574 dollars the previous day.

Today on Wall Street, investors will monitor the numbers of starts of new housing in March and the index of consumer sentiment in the United States.

A new series of major publication is also expected on the side of U.S. companies.Bank of America (-1%) and Mattel will unveil figures of their first quarter, while General Electric will issue its second quarter of those displaced.

Google view

Google announced Thursday after the close of U.S. markets have performed over the first three months of the year a net profit of 1.96 billion dollars, 6.06 dollars per share, against $ 1.42 billion (U.S. $ 4.49 per share) over the same period last year. In the first three months of the year its sales climbed 23%. The titles, however, slip 4.7% to 567.39 dollars.

In addition, the Financial Times, real estate investment fund Whitehall Street International managed by U.S. bank Goldman Sachs has lost almost all its value, or 1.8 billion dollars (1.3 billion euros) .On Wednesday, the Wall Street Journal revealed that another major U.S. bank Morgan Stanley had lost 5.4 billion dollars (3.95 billion euros) in investment properties, including the headquarters of the European Central Bank Germany.

Always on the side of values, yesterday, UPS, considered a good barometer of economic activity in the United States, announced a sharp rise in profits.

The company stationery Sequana released on Wednesday its 2009 results. Its sales are down 17.43% to 4.088 billion euros, "in a particular market deteriorated in 2009," the statement said. Despite this significant decline in activity, the group managed to improve its performance and profitability. Its operating income was up slightly to 137 million euros, which represents a rate of operating margin of 3.4% thanks to lower raw material costs.

The group returned to profit, which reached 20 million euros against a loss in 2008 of 428 million cash advance to savings account .The Board of Directors of Sequana propose to the AGM on May 19 to pay a dividend of 0.35 euro per share.

Outlook 2010

This year, Sequana plans to reduce costs and achieve superior operational performance to that of 2009. Also one of his goals is it to pursue its debt reduction that has already fallen in 2009 to 140 million euros to 651 million.

The number of new listings weekly unemployment has never been this low since mid-2008 the United States. During the week ended December 26, 432,000 cases were filed, against 452,000 the previous week, according to figures released Thursday in Washington.

This new statistic goes against the expectations of analysts. The consensus of economists polled by Reuters had expected an upward effect on new registrations to 460,000.

The downward trend observed since the spring is thus confirmed, after two weeks of increases observed in early December.