Placed on oxygen last year, European manufacturers have yet to most tipped in red. And 2010 looks even more complicated for them they will have to relearn how to breathe alone. Due to the cessation or reduction of premiums for scrap, which had supported at arm's key markets of the Old Continent, PSA Peugeot Citro?n and anticipating a decline in European markets by 9% this year, a decline in Renault Ford 10% and a dip of 15%.
Good registrations in January and February (17.8% in France last month) "reflect only the orders taken in December, said Tuesday at the Geneva Motor Show, Carlos Ghosn CEO of Renault. The latter includes a decline in sales from the spring.
"We still expect a strong headwind in Germany and Europe in general," said his side Martin Winterkorn, head of Volkswagen.The German market, after taking off in 2009 with the premium snack, could lose more than one million cars this year. "Despite some positive economic indicators in some countries, consumer confidence, undermined by rising unemployment, is not sufficient to engage in buying a car, for its part says John Fleming, the owner Ford of Europe, which sees no strong recovery before 2011.
So, the price war is raging. "There is an increase in rebates charged, they are difficult market conditions, said John Fleming. We must find a balance between the gains in market share and promotional expenses realistic creditreport . The Spanish public debt has soared just over 60% of GDP in 2010 while in 2007 it accounted for only 36.2% of GDP.
Tuesday, Paul Krugman, Nobel Prize in Economics in 2008, believed that Spain was the main weakness in the euro area. To this the Spanish Minister of Economic Affairs, Elena Salgado, has responded Thursday by saying on the radio station La Cope: "The euro is a very strong and we continue to strengthen the currency.I see absolutely no risk for the euro area, "adding," there may be a lack of understanding about what the euro means for our economy. "
Another country in the euro area is also starting to worry, Portugal, again because of deteriorating public finances of the country. Besides the titles of Portuguese banks fell by 5 to 6% Thursday on the Lisbon Stock Exchange.
As expected, the U.S. bank JP Morgan Chase announced a great performance this Friday for its fourth quarter 2009. Over this period, net profit stood at 3.278 billion dollars (2.27 billion euros), a figure four times over the fourth quarter of 2008. Net banking income (equivalent to the turnover) amounted to 23.164 billion dollars over the same period against 17.226 billion in 2008. Levels well below expectations of analysts who had forecast at 26.2 billion.
For the full year, JP Morgan Chase is much better than expected with a net profit stood at 11.728 billion dollars. Twice in 2008. Regarding the benefits of the fourth quarter alone, the performance of the bank exceeds expectations at $ 74 cents per share in the fourth quarter against the 62 expected by analysts.On the year, net earnings per share were $ 2.24, against expectations of 2.12.
The bank also announced having strengthened its balance sheet, with a Tier 1 capital of 133 billion dollars or 11.1% ratio against 10.2% in September 30.
The banking investments have contributed greatly to the group's results, with net income of 1.901 billion, against a loss of 2.364 billion last year in the same period.
Deception
Yet the markets react badly to this first major publication in the banking sector. On Wall Street, the Dow Jones opened down 0.26% at 10,683 points. Action JP Morgan lost 2.15%, resulting in his fall Citigroup (-1.71%), Bank of America (2.32%) Goldman Sachs (-1.06%) and Morgan Stanley (-2, 76%). In Paris the CAC 40 in red switch to -0.60 while it was resumed in mid-session.
Investors, disappointed, hold that the bank has added $ 1.9 billion to its reserves for losses on consumer loans. The financial institution also announced that "the results have not reached a level of return on capital adequacy and realized their full potential." "The results of companies have certainly not the desired leverage effect '," noted Joseph Hargett of Schaeffer's Investment Research. "JPMorgan Chase has even gone so far as to express a high degree of caution on the current economic environment," says he.
Jamie Dimon, CEO of JP Morgan, will indeed "be cautious" about its outlook. His bank has, he says, face a cost of "high" risk. JP Morgan has included in its accounts last quarter to 7.3 billion dollars in reserves to cover these risks.
Moreover, while the swelling controversy over the pay of bankers and traders on Wall Street, JPMorgan reported costs of "compensation" (which includes wages and bonuses) increased by 18% in 2009 compared to the year prev. A new and should not meet U.S. President Barack Obama said Thursday that a proposed tax of fifty large bank.
ALSO READ:
"U.S. banks confess their sins
"JP Morgan dominated the mergers and acquisitions in France
The Paris Bourse ended the session up on Monday, recovering some lost ground over the last two sessions last week (-1.16% to close Thursday and Friday -0.95%). At the close, the CAC 40 index ended up 2.05% at 3872.06 points for a trade volume of 2.4 billion euros. The famous rally Year-end "appears to be a good reason for investors to" play "on the rise.
No statistics were published on Monday. In contrast, the rest of this week shortened (end of quotes provided 13 hours Thursday and closing of the Exchange Friday) should be marked by the third estimate of U.S. GDP for the third quarter and the sales figures in real estate the United States.
The detailed values follow …
