International Headlines and Stories

Prudence in the Paris Bourse. The legacy of bad news from U.S. and China are still present. The CAC 40 has opened up 0.36% to 3595 points. The Paris markets do not follow the same direction as their Asian counterparts. However, these concerns are offset by the recovery of the euro against the dollar, thanks to bond investments Greek, Spanish and Portuguese successful.On the currency markets, the euro is stable at 1.2917 dollars around 9:10.

On the macroeconomic front, the day will be charged again especially in the United States with the publication of inflation figures in June to 14.30, the net flows of capital invested in the long term April to 15 hours and the index Confidence University of Michigan in July at 15:55.

For the euro area, the trade figures for May will be announced at 11:00.

Values follow

On a visit to Tokyo, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries in the capital of the nuclear group Areva.

Carrefour posted a quarterly revenue slightly exceeded expectations thanks to its positions in emerging countries and announced the signing of a new partnership in China.Over the period April to June, the group saw its turnover totaling 24.92 billion euros, up 6.3% over one year.

Seb has announced an increase in sales in the first half due mainly to a favorable currency impact and a good momentum of the emerging free credit score online. Its turnover grew by 13.1% at current exchange rates and 9.4% at constant exchange rates.

Lafarge has reached Friday the sale of 11.2% of its business in Malaysia for a net total of 141 million euros in the divestment program initiated by the world's largest cement. Following this, the group will remain the principal shareholder of LMCB with a 51% and will retain management of the business.

Axa Asia Pacific (AAP) and its parent, AXA and National Australia Bank (NAB) to discuss extending the period of exclusive negotiations between the two parties. NAB hopes to acquire 100% of PAA and has proposed that $ 11.5 billion (9.13 billion euros). The Australian Competition Authority has so far opposed the transaction.

Pierre & Vacances has warned that tourist bookings for the fourth quarter was marked by delay on the month of July, in the context of crisis, after essentially flat sales in the third quarter.

Stallergenes Thursday reviewed its annual targets upwards, after posting a 14% increase in turnover in the second quarter, owing mainly to increasing sales of its blockbuster drug, the Oralair.Specializing in the treatment of allergies, has achieved a turnover of 47.3 million euros in the quarter and $ 110.6 million over the period (13%).

One publication of turnover is expected this Friday: Etam Development.

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.

Markets were waiting impatiently for the pension reform. Legal age to 62 years pushed, extending the contribution period, rising tax burden … how the government's announcement they will be welcomed by the markets and rating agencies? The AAA rating of France, the best, is the subject of any concerns at Bercy. The goal is to maintain "tight", even said Budget Minister Francois Baroin.

Bercy assured, reports Reuters: "The evaluation of this kind of reform can only be positive by the rating agencies." Ministry experts have calculated that the increase in 60-62 years of age of retirement accounts for 1.2 million jobs and four percentage points of GDP over the long term.Moreover, "these reforms contribute to improving the deficit by about 0.5 percentage points of GDP by 2013, according to the entourage of Christine Lagarde.

"Reform is obviously in the right direction, because the current situation is untenable," responded Dominique Barbet, economist at BNP Paribas market IP. Delaying the retirement age to 62 years is applauded Payday Advance No teletrek. "The symbol of the abolition of the 60 years is important, it is easier to move it more later if needed," said Gilles Moec, economist at Deutsche Bank. The pace of transition to 62 years, faster than originally envisaged, was also approved.

If the limit of 63 years has finally been abandoned, "the government's plan is fairly aggressive in the speed of implementation of the device, which should be effective by 2018", says Dominique Barbet."The unions were expecting perhaps a less violent transition, and the rating agencies at a faster passage. The government must allow both. "

Doubts remain. "I'm not sure whether the final reform" asks Gilles Moec. The growth assumptions Guidance Council retreats are indeed optimistic, with an unemployment rate of 4.5% in 2020 for example. "It also depends if employees choose to work longer to get a full pension, or if they prefer to leave earlier."

Should win earlier this week, losing on Friday night. Having won respectively 23.89%, 18.65% and 20.90% on Monday, following the European Agreement on plan to help the euro area, the three biggest French banks were closed on of declines: Societe Generale, -8.63%, Credit Agricole, -6.43%, BNP Paribas, -7.41% … French banks weigh heavily on the Paris Bourse. The CAC 40 has closed Friday on a depressing note: at the close of the Paris Stock Exchange index lost 4.59% and Paris has fallen below the 3600 points to 3560 points.

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend.Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of. And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 5.26%, many bank stocks are at the bottom of the list: in order, Mediobanca, 4.50% to 6.15 euros Banco Popolare, 6.21% to 4.16 euros, UniCredit, 6.27% to 1.81 euros and Intesa Sanpaolo, Italy's leading bank, yield 5.11% to 2.18 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 6.64%, and banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 9.28% to 8.31 euros.BBVA folds of 7.58 euros to 8.78% and 6.46% of Bankinter at 4.7 euros.

The Dax in Frankfurt – the index of 30 companies the biggest German stock exchange down 3.12%. But again, it is Deutsche Bank, which is at the bottom, falling 4.15% to 48.75 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 4.13% to 6.10 euros.

In Belgium, KBC retrograde 5.48% to 30.85 euros and Dexia 5.63% to 3.6 euros in a market down by 3.46% for the Bel 20. And in Switzerland, UBS depreciates 2.83% to 0.10 euros and the financial group CS Group lost 4.08% to 33.23 euros.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency.But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

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This had not happened since September 29, 2008. Minutes before the close of Wall Street, the Dow Jones surpassed 11,000 points. Ultimately, the New York index closed at 10,997 points, up 0.64%. On the Nasdaq, it rose 0.71% to 2454 points.

Despite an increase in enrollment weekly unemployment and a shrinking numbers of consumer credit, U.S. investors appear to have courage and choose again, these days, for optimism. They show little worried, finally re-emerging doubts about the ability of Greece to honor its debts. Perhaps partly because, unlike the French or German banks, U.S. banks are not exposed directly to the crisis in Greece.Banks also suspects for 18 of them have, over the last 5 quarters, artificially reduced their debt just before the quarter end.

No significant new flag is expected before Monday, except on Friday, numbers of U.S. wholesalers' inventories for February, which rose 0.6% in February, more than expected, according to figures published Friday by the Commerce Department.

Yesterday, while European stock markets in the green-mountain this morning showed an average decrease of 1% of their stars indices, the Dow Jones closed 0.3% awarded in the S & P 500 also, and the Nasdaq Composite 0.2%. One way to greet the rise, much higher than expected, sales of major U.S. retailers: Index by Thomson Reuters, they rose in March by 9.1% against 6.3% expected, the highest since 2000.Taking advantage of some better weather, 28 distributors have seen their turnover increase by over 9% a year, a further sign of improving consumer confidence payday loans. GAP (1.06% to 24.85 dollars) has seen its turnover grow by 11% against 3.7% expected and Kohl's (0.37% to 56.84 dollars), 22.5 % against 12.4% expected. In the luxury, Nordstrom posted sales up +16.8%.

These values should continue to lead the coast on Friday, and Apple (0.77% to 241.79 dollars), which announced yesterday a new version of its operating system for the iPhone and iPad and sales 450 000 iPad since Saturday.

After the markets have reacted positively on Thursday, rumors of merger between the airlines U.S. Airways and United Airlines, the two companies have had mixed fortunes in the New York Stock Exchange on Friday.U.S. Airways lost 3.05% to 7.32 dollars, while UAL, parent of United Airlines has gained 1.33% to 20.50 dollars. UAL is in talks with U.S. Airways for a combination that would create one of the largest airlines in the world, according to The New York Times and the Wall Street Journal. This operation would be carried out no exchange of shares.

China's ambitions Tiffany (0.73% to 49.79 dollars), who wants to spend ten to thirty five the number of stores across the Rising Sun could give impetus to the value.

The California oil company Chevron (2.37% to 79.50 dollars a barrel) announced yesterday the results on the first quarter of 2010 as the fourth best in 2009. The group takes advantage of the rising oil prices and a possible improvement in refining margins.The major U.S. must publish its accounts on April 30.

In the pharmacy, the distributor McKesson Corp. (-0.06% to 66.56 U.S. dollars) has announced it will sell its Asia Pacific unit, which provides health services through telephone and Internet, Medibank Private Limited. Giant Australian health services and insurance.

After hesitating on the direction to take in the first exchanges, the CAC 40 in advance of 0.16% mid-term to 3993.96 points. Small increases also in London, where the Footsie climbed 0.31% to 5.690 points, and Frankfurt, where the Dax advance of 0.26% to 6158.72 points. Optimism remains in effect measured before the publication of a series of statistics on both sides of the Atlantic.

INSEE opened the dance of the ads shortly before the opening with the announcement of a debt to France of 77.6% of GDP, against 67.5% of GDP in 2008. The deficit was up 1.8 point to 7.5% of GDP in 2009, a figure slightly less bad than expected (7.9% expected). The deficit increased a total of 80.1 billion, reflecting a decrease of 4.3% of revenue and an increase of 3.8% of spending, Insee said.Note also the producer prices rose 0.1% in France in February after rising 0.6% in January.

Moreover, the annual inflation rate of the euro area amounted to 1.5% in March 2010, according to a flash estimate issued today by Eurostat, the Statistical Office of the European Union. This figure covers 16 countries using the euro represents the largest increase since December 2008. It was 0.9% in February. As for unemployment, it has reached 10% in February against 9.9% the previous month, which is the highest level since August 1998.

An abundant macroeconomic news

Across the Atlantic, the eyes will be on the ADP figures of employment in the private sector in March, which fall at 14.15 (this is the employment figures to be released Friday which are expected by most investors).In February, U.S. employment was revealed better than expected. The unemployment rate was 9.7%.

Half an hour later, the economy of the Chicago area over the same month that will be scrutinized by investors. Then, 16 hours, industrial orders in February will register on the radar screens of traders. Finally, at 16:30, the weekly inventory of crude to the United States will be made public.

Other noteworthy events this Wednesday for the first time a foreign minister, namely the French Minister of Economy Christine Lagarde, participates in the German Council of Ministers, devoted in particular to a stabilization fund for banks (9:30).She then held a press conference with his German counterpart Wolfgang Sch?uble at noon.

Societe Generale court

The French bank Societe Generale (+0.32% at 46.86 euros) must respond to a complaint filed in Court of New York by pension funds and individual investors who accuse him of having lost the money.

Axa remains in the green (0.27%, to 16.52 euros), while S & P downgraded its rating on the stock.

Regarding EADS (+1.11% at 15.05 euros) and the American tanker, Barack Obama, during a press conference in Washington with Nicolas Sarkozy, said he wanted to "avoid protectionism. He promised a selection of "free and fair" contract for 35 billion euros.

It Schneider Electric continues to lead the CAC 40, with an increase of 2.21%, to 87.32 euros.Vinci rises by 0.42%, to 43.99 euros, still boosted by his victory over the tender to 7 billion euros for the TGV south-western France.

Later publications, the leading Internet ad Adenclassifieds saw its net profit fall by almost 88% last year. But signs of recovery appear since the end of 2009.

On Wednesday, Orpea, a leading French farmers institutions comprehensive care for dependents, issued a rebound in net income of 26.1%, to 61 million. The title climbed 0.72% to 30.72 euros.

Neopost back him, from 3.74% to 58.95 euros. The group saw its 2009 net profit decline of 5.7% to 147.9 million euros.

After limited Wednesday its losses due to degradation of the note of Portugal by U.S. rating agency Fitch, the CAC 40 should be cautious. Thursday and Friday, will take effect in the European Council in Brussels. Support measures to Greece are expected, involving the IMF and covering several tens of billions of euros.

The program also published a series of U.S. data – weeks claimed Thursday to 13 hours, and a third estimate of GDP for the fourth quarter of 2009 Friday at 13.30 – and the presentation from 9 hours by Jean-Claude Trichet's annual report the European Central Bank before the European Parliament.

As for values, the series of publications is nearing completion. Thursday Hermes presents its annual results for 2009.

Bank stocks are also monitored on the sidelines of the Brussels European Council.

The Italian A2A accelerates the process of selling its stake in Edison to EDF, a transaction that would allow the French group to take control of Italy's number two electricity, it was learned from sources close to the matter.

Germany, France, the United Kingdom and Spain are planning to protest together with the U.S. President Barack Obama against the forced removal of EADS bidding for tanker aircraft for the U.S. Air Force says Thursday newspaper Les Echos.

TF1 got the green light by the High Council of Audiovisual (CSA) to buy chains and TMC NT1 group but AB's subsidiary Bouygues will make certain commitments.

KKR announced Wednesday the sale of a stake of 4.4% in Legrand through a process of "book building" accelerated.It will own 20.6% of the capital and 27.5% of the voting rights of French group at the end of the assignment. Wendel for his part said not to join the operation and maintain its 24.9% stake in Legrand.

Camaieu announced Wednesday results in net decrease in 2009 but said he observed an improvement trend in the last semester.

Veolia said in a statement that the new boss of EDF, Henri Proglio, leaving the presidency of the board of directors. His replacement has yet not been identified.

A few days before the European Council of Heads of State and Government, the Capitals still do not seem to agree about assisting in Greece. Germany, especially, would like to avoid paying a penny in troubled countries. The latest statements by Angela Merkel appeared to go in that instant payday loans . Using the International Monetary Fund would include not putting his hand in his pocket, implies Berlin. Others, like France, believe that IMF intervention would reflect the inability of the eurozone to deal with its internal problems. The situation today in computer graphics

One would think that prudence would limit the rebound in markets in Paris, pending the release of monetary policy the Federal Reserve, expected at 19.15, this mardi.Et that, after closing down slightly on the Tokyo Stock Exchange this morning. Finally, the rise of the index in Paris should be solid on the future of the CAC 40 index rose 0.73% to 3917 points. On Monday, the CAC 40 has yielded 0.93% to finish the session at 3 890.91 points.

The consensus, the status quo on the rate seems to be accepted, but the market awaits clarification on possible exit strategy crisis Fed.This meeting will be the anchor of Tuesday's session, very lean corporate earnings, but punctuated by economic indicators.

Thus, France will release at 8:45 the inflation figures for the month of February and the index of prices in supermarkets also in February, to 12 hours.

In Germany, the market will follow the German ZEW index of investor confidence.

Finally, the EU finance ministers will meet on Tuesday, including the agenda monitoring the formal notice to Greece in February about the improvement in public finances.

In the struggle between the United States and China on the currency market, members of Congress sent a letter to Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke requested that the yuan is on the list of currencies handled in the annual report issued by the Obama administration next month.

Values follow

Steria: services company in computer engineering was published on Monday a net profit group share of fiscal 2009 from 48.2 million down 6.6% compared to the result of last year.Its annual turnover fell by 3.1% at constant scope and exchange, to $ 1.630 billion, but this decrease was slightly lower than expected (-3.5%). The group expects a first semester "difficult".

NextRadio TV: The media group NextRadioTV presented Monday after-hours trade, a net deficit of 6 million euros in 2009 when analysts expected a loss of 2.7 million. The group has however decided to pay its shareholders a first dividend in its history which amounts to 0.2 euro per share for the year 2009.

Renault and Daimler have begun talks on a mutual stake in the framework of a long-term cooperation, the Financial Times.Furthermore, Renault sales rose 30% in February to 109,663 units.

PSA-Peugeot: The automaker recorded in February, up from 18.4% to 149,128 vehicles, according to figures published by the Association of European Automobile Manufacturers (ACEA).

Assystem: In a statement, the group specializes in the field of engineering and innovation consulting published under the fiscal 2009 net income group share a deficit of 800,000 euros against a profit of 25.8 million euros in 2008. Its annual turnover has decreased by 8.8% to 613.1 million euros. The operating margin from 6.7% in 2008 to 3.6% in 2008. As for the dividend has been halved, to $ 0.25 respectively euros per share.

Osamu Masuko and Philippe Varin has been clear at the motor show in Geneva: the respective presidents of Mitsubishi Motors and Peugeot have refused any alliance capital, which they deemed "inappropriate."

The outcome was expected, since some sources close to the matter had acknowledged that the proposed strategic merger was stalled. The French manufacturer had to be majority stake in its Japanese counterpart.

But the results from Mitsubishi – the Japanese carmaker reported Wednesday a net loss of 25.7 billion yen (195 million euros) over the first nine months of fiscal year 2009-2010 decreased by 29 3% – and the level of recovery action deemed "overvalued" by PSA eventually convince a capital alliance would not be appropriate.Philippe Varin, outside the motor show, said he wanted to maintain "financial strength" of the group.

PSA was confirmed in December of discussions for a "strategic partnership", according to information from the Japanese press that the French group was preparing to buy 30 to 50% stake in Mitsubishi Motors.

Both manufacturers have nevertheless confirmed that they will continue their industrial cooperation, particularly in "the environment and products," said the president of Mitsubishi. In an interview with Echos on Wednesday, the president of PSA has raised the possibility of building with the Japanese automaker a "small car, which is sold under our three brands, like the 4×4 today.

The French automaker announced last February 10 a net loss of 1.161 billion euros in fiscal 2009, more than three times more than the 363 million euro loss a year ago. The turnover amounted to decline from 10.9% to 48.417 billion euros.

Mitusbishi Motors closed up 0.76% at the Tokyo Stock Exchange gained 0.31% to 10,253 points.