While the Asian stock markets declined sharply on Monday morning, the Paris financial markets following the trend on Monday. The CAC 40 was down 0.68% to 3 476.07 points. The mood is similar to the other two strongholds of the Exchange in Europe: the UK FTSE-100 index lost 0.43% to 5 136.82 points and the Dax 30 shows a slight decline from 0.09% to 6 037.87 points.
The macroeconomic environment remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth. "Everything goes as planned," he said Monday.
Until the release of stress tests on European banks on Friday, the week will be especially marked by the rise of the results announcements in Europe and the United States. On the macroeconomic front, the day will be rather quiet.Only the ECB will publish its figures on the balance of payments of the euro area to 10 hours.
On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).
Eurotunnel sanctioned Exchange
Eurotunnel: 2.86% to 5.8 euro
Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros compared to 2009 in the same period. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.
This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter.Soitec publish its turnover in the first quarter.
GDF Suez: + 0.80% to 24.52 euros
GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday. In previous discussions on an alignment between the two groups had lasted several months before a halt in January, the newspaper said payday loans in 1 hour. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.
Club Med: 1.58% to 14.50 euros
BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros.BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.
EADS -0.24% to 16.38 euros
At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons. The parent company of Airbus is ready to strengthen the United States for eight billion dollars.
The bank in trouble before the stress tests
Partouche: -5.07% to 2.06 euros
The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos.The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.
ADP: -0.97% to 53.08 euros
ADP announced that its passenger traffic rose 2.3% in June over a year.In the first six months of the year, traffic appears down 2.1%.
Axa: -1.16% to 12.74 euros
National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.
Finally, four days after the publication of stress tests, banking stocks widen losses: Societe Generale was down 2.05% to 35.56 euros after losing more than 5% last week, BNP Paribas 1.17% loose to 46.51 euros, after having dropped nearly 6% a week ago, and Credit Agricole was down 1.90% to 8.76 euros following a loss of just under 2%, one week.
A new face to face. And this, for the third time since 2001. Airbus and Boeing had 14 hours until today to submit their proposals to the Pentagon to get the first installment of the fabulous contract renewal of the fleet of tankers U.S.. Or 179 tankers for about 40 billion dollars out of a total of over 400 aircraft in exchange for a check of more than 100 billion dollars.
The two rivals have delivered boxes and boxes of documents 8800 pages for EADS Air Force Base Wright-Patterson U.S. Air Force in Ohio. The Pentagon said it would issue its final decision on Nov. 12, after the midterm elections in Congress. Contrary to some rumors, there was no third deposit offer from the Ukrainian Antonov.
The ultimate battle for the tanker has begun.Airbus (2008) and Boeing (2003) have each won once this contract before it is canceled. In March, EADS had been forced to throw in the towel after the abandonment because of "biased competition" in favor of Boeing Northrop, its American ally at the time.
Convinced that his offer and his plane are the best and deal with the Pentagon's commitment to open competition "fair and transparent," Louis Welsh, president of EADS, has decided to descend into the arena. EADS proposes the KC-45, a military derivative of the long-haul A330. This unit has successfully completed numerous flight tests and has won every competition in the world including in Britain and Australia with two KC-45 must be delivered by the end of the year.Facing him, a derivative competes with Boeing's Military B 767, a paper airplane that does not exist yet.
48,000 jobs
EADS has provided a list of its 200 U.S. allies including some key partners for the militarization of the aircraft. Among them, the first is Rockwell Collins, a specialist in avionics and electronics, as announced by the letter AeroDefenseNews. This group of 4.5 billion dollars in sales, is a longtime supplier to Boeing and its … B767! Rockwell Collins provides the avionics include weather radar and the B 767-200. But it is also an expert in military electronics, which are sensitive equipment aboard the C-130 transport aircraft from Lockheed and the KC-135 Boeing.GE Aviation, Honetwell, Hamilton Sundstrand, Goodrich or agreed to engage behind EADS which the Pentagon has recognized as prime contractor (prime contractor). If its bid is successful, EADS to build an assembly plant in Mobile, Alabama. He believes that his project will create 48,000 direct and indirect jobs with the outsourcing to the United States.
EADS Has a chance to win and achieve the American breakthrough he has been waiting long? Many questioned both the military contracts are in final political decision. The price will determine the Pentagon said, putting pressure on the two groups. EADS has already said he would not take a contract loss
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After presenting the magnitude of reductions in departmental budgets, the British prime minister should explain the method he intends to use to achieve its objectives. The austerity measures unveiled by the government this weekend are particularly severe: the state is considering including reduced by over 40% of the cost of certain departments. However, David Cameron must ensure this Thursday in front of 450 members of his Government that the quality of public services will be maintained in spite of drastic budget cuts.
According to excerpts of the speech published by Bloomberg, the prime minister must detail his plan to replace "the old bureaucratic system with a new democratic system, enabling it to resolve the dilemma between maintaining services and reducing costs.
"We want to give citizens an opportunity to improve public services in our country through transparent, democratic local control, competition and choice," said excerpts from the speech. David Cameron will discuss in particular the possibility for the first time, electing police commissioners Guaranteed payday loans.
For its part, the Secretary of State for reducing costs of administration will scrutinize all the benefits of key government suppliers to reduce costs. The names of companies have not been disclosed.
600 000 public jobs threatened
The British Finance Minister, George Osborne, asked the Ministries of Defence and Education, to make projections based on a reduction in their budget 10% to 20%.But other state services must therefore prepare for reductions of 25% to 40% of their resources. In late June, the Minister announced in Parliament and with all the new budget measures he hoped would reduce the deficit from 10.1% of gross domestic product this year (2010/11) to 1.1 % of GDP by 2015/16.
The Fiscal Responsibility Office has estimated that 600,000 public sector jobs might be eliminated as a result of these forecasts to reduce the deficit.
The strong growth of the Carrefour share continues. After gaining nearly 3% Monday to close the Paris Bourse, the title was up 1.39% to 33.53 euros to 11.45, in a market that climbed 2.65%.
If the information has not yet been confirmed by Carrefour does not wish to comment, the group would indeed begun selling its operations in Thailand (550 million euros turnover in 2009 ), Malaysia (300 million euros of turnover) and Singapore (80 million euros of turnover), according to Reuters. "I would not reconsider our position on a number of emerging markets where the potential is not important," said Lars Olofsson, Executive Director of Carrefour, Le Figaro last January. These transfers could bring him some 800 million euros.
"Carrefour has too dispersed"
"These operations will confirm Carrefour to focus on China (3.5 billion euros in turnover in the first quarter of 2010, Ed), Taiwan (1.3 billion euros of turnover) or Indonesia (800 million euros of turnover), "said an analyst of CM-CIC Securities specialist value. He added: "These markets like Mexico, Chile, Japan, South Korea or Switzerland, which Carrefour has withdrawn, were either uninteresting or markets where the group has rapidly exceeded by its competitors. Carrefour was too dispersed. According to the analyst, other distributors present in Asia as Tesco and Casino would be interested, or even private equity investment based on the evolution of debt markets and mergers and acquisitions.The Casino has wished to make any comment.
Carrefour wants to "re-enchant the hyper"
To boost sales of its hypermarkets, the group plans to create new concepts. As part of its "hyper-enchantment" Carrefour should delegate its rays to Virgin Music, according to the magazine Challenges. By outsourcing this department to a specialist, the group hopes to attract more young people into its stores. A first test will be done in the store Venissieux. And if successful, the contract could be extended to 238 Carrefour hypermarkets, and cover all rays non-food, whose sales have fallen 5% in 2009.
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The U.S. economy has begun to destroy jobs, after five months of net creation. In June, the number of job losses in the U.S. totaled 125,000 jobs including in the public, according to figures from the Labor Department. The figure was pulled down by the public sector, the end of the census causing the departure of 225,000 temporary workers hired for the occasion.
More importantly, the private sector alone has created 83,000 jobs. Is much better than the 33,000 net new jobs in the month of May However, analysts expected a figure close to 112,000. "We're going in the right direction but we do not go fast enough for many Americans. We are not moving fast enough for me either, "responded the president Barack Obama.
The increase in the number of private sector jobs due to "modest increases in various industries."The leisure industry in particular has created 28,000 jobs before the summer. Business services hired 21,000 people. Note, the industry continued to create jobs (9,000). The construction sector has meanwhile also destroys jobs (22,000), hit by a decline in new construction.
"Beyond these figures rather in line with expectations, the disappointment is the hours worked and wages," noted economists Exane-BNP Paribas. "Hours worked weekly find their level in April (34.1) and hourly wages shrink by 0.1% over the month." In bad omen for consumer spending.
On the other hand, the unemployment rate, calculated on a different basis, for its part fell 9.7% in May to 9.5% in JuneThe Labor Department said the decline by reducing the workforce and the growing number of discouraged workers who no longer work. "We still expect a gradual recovery in the labor market with unemployment rates remain high in 2010 before improving slightly in 2011," says Julian Thomas, an economist at Natixis.
"In general, the Labor Department report suggests weak growth, but not fallen into recession, say economists for their part of Societe Generale.
A significant number of European institutions is convalescing. Analysts estimate that more than twenty banks will be forced to raise over 30 billion euros, following testing of resistance. These tests, which must be published in late July, are expected to account for the ability of banks to support economic and financial extremes, particularly in case of new write-downs.
Already there are signs the sector's difficulties. Yesterday, the banks have asked for more cash than expected from the European Central Bank (ECB), illustrating the fact that institutions are unable to refinance them, and cast doubt upon the state of their balance sheets.Thus, after a special term refinancing operation of the ECB, 78 banks have borrowed just over 243 billion euros.
The concern germany
The latest statements by Axel Weber have also sowed doubt. The governor of the Bundesbank, Germany's central bank – has in fact asked to German institutions to raise funds to prepare for emergencies, in case they would not pass stress tests. The German regional banks, and Monte dei Paschi and Banca Popolare di Milano in Italy, Banco Popular in Spain or the Greek settlements, Portuguese or ireland would be most vulnerable.
Tuesday, opens in Los Angeles at E3, the world exhibition of video games. After a difficult year 2009, particularly for console games, the market could see a modest growth in 2010, under strongman Activision Blizzard, the first publisher in the world, a subsidiary of Vivendi. From the top of 4.28 billion in sales last year, the group seems untouchable: it attracts 11.5 million subscribers in its network game World of Warcraft. However, the sector remains fragile: "The market fell by 20% in Great Britain," warns Yves Guillemot, CEO of Ubisoft. The "decline is about 10% in France for PC gaming," said Philippe Sauze, the head of the subsidiary of Electronic Arts, its chief Olympique Lyonnais. But its economic weight is high.The global market for game software grew over 50% in three years, reaching $ 46.5 billion in 2009, against 30.3 in 2006, says Strategy Analytics.
Le Figaro. – What are your predictions for the sector in 2010?
Bobby Kotick – Companies have disappointing results when they are faced with a lack of creativity and innovation. Last year was a fantastic exercise for Activision Blizzard. Our outlook remains positive for 2010, thanks to our range of products. Our position is different from that of our competitors because more than 50% of our profits come not from the consoles. Overall, I think the video game market should grow slightly this year. But we need that Sony and Microsoft will further reduce the price of their consoles, especially in Europe.It seems clear that the higher the price of consoles is low, more games are selling well and the market grows.
The video game lobby E3 is placed under the sign of new interfaces. Will this upset the way he play?
The new interfaces are important, especially in Natal Microsoft Project and Move System from Sony. These technologies help to renew the interest of players and attract new audiences. Similarly, Nintendo 3DS is innovative and it indicates that everyone seeks to differentiate its products from other consoles. But the key element is the price quick pay day loan.We still have much work to be done to further simplify the use of games and ensure that equipment is simple to use.
What do you expect the Big Three, Nintendo, Microsoft and Sony?
Nintendo will not herald major advances for the Wii. But 3DS, with its screen in relief, is a very attractive product. The Xbox 360 is expected to benefit from innovations in online services Live. Finally, Sony has done a very good job with the PS3 is a console game player and a Blu-ray. I think all three console manufacturers are in better shape than last year. In addition, new ways to play show through the iPhone, iPad and televisions. But as the installed base remains weak, we invest prudently.
Facebook has given birth to publishers of small games, such as Zynga.What are your ambitions in social networking?
Facebook represents enormous opportunities for the future, not immediate. Again, we do not want to be first, but the best. We have the flexibility to develop our own games for new platforms, as we did for the iPhone.
What is your assessment for "Call of Duty: Modern Warfare 2?
We have already sold over 20 million games. We have extensive plans for Call of Duty for five years. It has become a group activity. We have created four divisions, one for Call of Duty, one for network games like World of Warcraft (WoW), one third for musical games and a fourth for our licenses. The organization of the group is in line with the market.
What are your major projects?
Star Craft II: Wings of Liberty and Battle.net are very important.It's the same for Cataclysm, the upcoming expansion of WoW, and new versions of Guitar Hero, DJ Hero. Finally, we develop an online service for Call of Duty. I think we have the best range of games in our history.
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The 2009 winter was mild for the group Club Mediterranee. During this semester, the first of its 2009-2010 fiscal year, the leisure group has indeed returned to profitability, generating a net profit of 3 million euros. Last year at the same time, it showed a loss of 22 million and in 2008, the winter had ended on a loss of 9 million euros.
The Group's turnover decreased by 5.5% during the winter of 2010 compared to the same tourist season in 2009. This decline reflects a market "sluggish" and the impact of the ash cloud generated by the volcanic eruption in Iceland, which paralyzed air traffic in April, the company said in a statement released Friday. This damage has impacted the group's net profit amounting to 5.6 million, including 3.7 million on operating profit (OCR) Activity Village.The ROC Villages is nevertheless clear to 28 million euros in the first half, marking an increase of 16% compared to winter 2009. The ROC Heritage rebounded, but remains negative: operating loss from this activity on a year from 20 million to three million.
The EBITDA margin of villages has increased by 3 points in four years, and now stands at 9.1%. The decrease in revenue per available bed (-5.7%) due to the decline in occupancy rates, which fell by 4.3 point. The average price of the day hôtellerière has indeed maintained: it stood at 146.40 euros, down 20 cents compared to prices recorded during the winter of 2009.
At the end of the half year, Club Med displays a cash balance of 21 million euros, against a borrowing of 18 million last year at the same time.Proceeds from disposals have reported that Club Med 2 million euros, an amount six times less than that received from sales of assets during the first half of 2009. The group's net debt has been pared down over 30% in one year, to $ 218 million.
Accelerating China
Club Med said it will accelerate its development in China this year, reaching 30,000 clients in the country and become "the leader of high quality vacation all inclusive. Chinese customers has grown 40% in winter 2010 compared to the same period in 2009.
Club Med will open its first holiday village in China "in November as scheduled. After this site that must leave land to Yabuli "famous ski resort in the north-east, four holiday villages should be built in China by 2015.At that time, Club Med is 200,000 customers in China. To achieve this goal and "to strengthen its development," the group says it "led discussions on an industrial partnership with a Chinese group."
Club Med is expecting a good summer
The Summer is also favorable for the group. Welcomed the results of winter, Henri Giscard d'Estaing, the CEO of Club Mediterranee, underlines that "the level of bookings was already showing the number of customers higher than last summer due to late booking. Bookings have increased 18% and over the last eight weeks. During the period, bookings have increased by 11.2% in Europe, 40.4% in the Americas and 42% in Asia.
The total volume to date of summer bookings remains "online" (-0.9%) with their level at the same time last year.Europe attracts fewer (-4.4%) while America and Asia recorded an increase in demand, respectively 13.8% and 18.1%.
Club Med says he will continue to move upmarket its holiday villages, so that two thirds of the accommodation capacity of the group are four or five "tridents", synonymous with luxury Club Med.
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Red, green and blue: a parade of 1300 tractors brand new, red lights lit and flags fluttering in the colors of the FNSEA and JA flooded streets yesterday in eastern Paris. At the wheel, the grain of fourteen French regions accompanied by 10,000 farmers from manifest their anger. A resounding success despite a period conducive to field work.
"The mobilization is at the height of the crisis across the world of agriculture today, said Dominique Barrau Le Figaro, number two of the majority union. Farmers expect concrete action from Europe and the French government, including a plan to lower taxes, social and environmental ".
A double shock
Even if they are not the worst off, farmers crops are facing a dual shock. The precipitous drop in market prices since 2008.Thus a loss of 80-90 euros per hectare of European aid after their redistribution last year, to the most needy in the Health Check of the CAP. A very easily accepted by those farmers who apply, however the government to intervene immediately in the markets to send prices back.
"There are currently 4 to 5 million tonnes of wheat in excess inventory that could not be 0 because of the damage in rail freight and port. They must elapse before the next harvest if prices will continue to decline, warns Michel Masson, vice president of the FNSEA and co-organizer of this event.
A request that the Minister of Agriculture, Bruno Le Maire, and he has heard this morning reiterating the European Commissioner, Dacian Ciolos, visiting Paris."I asked the Commission to intervene on the grain market and make prices go up," he said yesterday at the outlet of the Council of Ministers while urging farmers to "not lose hope."
For beyond this manifestation of discontent, many farmers are going through very difficult times to the point of suicide in extreme cases the rate of one per day is an act of recognition among urban populations they had sought in Paris yesterday. And on this point too, their operation is a success.
"It warms my heart to see Parisians applauded us," says J?r?mine, Young Farmers."They are the ones who feed us and they were not there, we would not be much," says Monique, a passerby who took up the cudgels for the farmers.
The question is whether this mobilization will be more than a flash in the pan and tangible effects. Upcoming dates: May 6 for the first committee to follow up major crops before May 22 and the reunion of all the productions that will invade the Champs-Elysees.
The index futures are predicting an opening up U.S. markets. The Nasdaq 100 index futures and Standard & Poor's 500 index advancing 0.14% respectively at 1 994.55 points and 0.11% to 1 193.90 points. The Tokyo Stock Exchange also closed up 0.42% at 11251.90 points on Monday, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.
The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009. On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points.Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.
On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece. The European currency was trading at just below $ 1.37.
The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major public companies faxless pay day loans. As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street.The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.
On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.
The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.
On the side of values, the oil sector should also facilitate the session. Chevron Friday, without giving a figure, has announced an increase its refining margins in the first quarter.The band thrives on rising oil prices and a possible improvement in its refining margins. The major U.S. must publish its accounts on April 30.
According to the press, the merger between United Airlines and U.S. Airways should be performed exclusively by exchange of shares.
