The Fed has launched "Operation Twist" on Wednesday. Following a two-day extraordinary meeting of its Monetary Policy Committee (FOMC), the U.S. central bank announced its intention to sell by the end of June 2012 for $ 400 billion of treasury bills maturity of three years or less, to buy an equivalent amount of maturity from six to 30 years.
This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.
The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.
Market disappointment
In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.
This double operation shows that the Federal Reserve, the economy remains very depressed. The Fed also believes that global economic growth will remain slow.Conclusions that are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high to 9.1%.
On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the gloomy perspective of the Central Bank on the economy. Shortly after the news release of the Fed, the Dow Jones was digging his losses and gave up 1.10% at 11,283 points.
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Attendance up 5%. An average expenditure which increased by 4% in its parks. Taking advantage of a particularly mild weather in spring and the return of British and Italian visitors, Euro Disney rose 7% on sales of its parks and hotels, to 344 million euros in the third quarter (ended late June) of its 2010-2011 fiscal year. This is his fifth consecutive quarter of increases. Taking into account the sale of a significant real estate asset, Europe's leading theme parks accumulated 903.5 million euros in turnover in nine months (+1.2% compared to last year ).
The French, who represented 51% of customers last year came less numerous: the slight improvement in the economic environment has led them to more from the spring.In contrast, British and Italian clientele grew, encouraged by policies coming promotions more pronounced than last year.
The good weather has also contributed to the performance of Euro Disney. A pleasant weather naturally encourages visitors to stay longer in the parks. A plus for the restoration, especially at night. It also encourages the regulars in the last minute to finally take their ticket. Knowing that about 50% of French customers of Euro Disney lives in Ile-de-France, it is far from negligible.
"An incidence of 30% attendance"
The bad weather of July and early August this will inevitably impact on revenue of Mickey and, more generally, on most other amusement parks online payday loans. Euro Disney does not give a forecast for the full year.But the last quarter, the summer months, is the largest of the year. At the Compagnie des Alpes, which owns the Parc Asterix and Futuroscope, the last quarter of fiscal year (July-August-September) concentrates 50% of the business of amusement parks. A bad summer does not catch up. "July and August are the two biggest months of the year for the industry, insists Didier Arino, Chief of Staff Protourisme. Bad weather penalizes all parks outdoors, especially water parks Aqualand and as Walibi. Parc Asterix, which has a strong client focus, also suffers. Parks attractions offering coverage, such as Futuroscope, aquariums or Crocodile Farm, do better. "
According to this expert, the great advance made in the spring will allow the largest farms (more than one million visitors) to record another year of growth."But 2011 will not beat attendance records in 2010," he predicts, ensuring that "the weather has an incidence of 30% attendance at outdoor parks."
Already facing a strong seasonality of revenues, theme parks have so decisive a card to play in protecting itself further to the vagaries of time. But this represents additional investment. "Vulcania, for example, has developed a open air that did not exist at the start," said Didier Arino.
"You have not made a kiss," he said to the blond who is in the arms of his assistant. In the small phalanx of the Rue de Babylone in Paris, where the General Commission for Investment, René Ricol has payday loans…
On the eve of closing the doors of the Salon du Bourget, a shadow could come tarnish the immense success of the European manufacturer Airbus at the time of high mass biannual aerospace. While the group has announced four days a new record of orders, with 72.2 billion worth of contracts garnered the announcement by China of a possible blockage of a contract for $ 3.8 billion ( 2.7 billion euros) for 10 A380 looks like a grain of sand from the well-oiled machine seize up.
At least, that understands the Financial Times on Saturday. Echoing the words of sources familiar with the matter, the newspaper said that Beijing had threatened "to undermine a deal worth billions of dollars for 10 Airbus super jumbos" in protest against the decision of the European Commission to include air transport system in the trading of CO2.This measure is to buy permits for each tonne of carbon emitted dioxin in European airspace, beyond a certain threshold. The Asian company Hong Kong Airlines was the official control of very large aircraft at the Paris Air Show. But the hardening of the Chinese position facing the European measure prevents the conclusion of the agreement, according to sources.
This disagreement does not allow to increase to 12 orders for A380 harvested at Le Bourget. Thursday, Airbus had reported a firm order for 10 A380, from an unidentified customer. According to one industry source, this command corresponds to that of Hong Kong Airlines. The counter for very large aircraft will remain blocked for the moment 2.
The case could also be amplified in the coming months. "These are not the only contracts held hostage by the Chinese.One on the A380 could be only the first, "explains the paper citing its source. Because the European manufacturer has other current contracts with the Middle Kingdom. Meanwhile, the Airbus management is counting on a visit to Berlin next week Chinese Prime Minister Wen Jiabao, to unblock the situation and conclude the contract.
"No plan B '
Beyond this contentious spot, the tour in Europe, China (Wen Jiabao arrived here Friday in Hungary, a country holding the rotating presidency of the European Union) should be an opportunity to address the underlying problem of quotas. A delicate matter, the European Commissioner for Climate Action, Connie Hedegaard has formally ruled out that the Chinese retaliatory measures have any impact on the measure, scheduled to take effect next January. "There is no plan B. Our position is very clear.We would not amend, "she said.
Faced with this inflexibility, Tom Enders, the boss of Airbus, for its part called on Europe to be flexible, saying the "madness of attracting reprisals" from a player as influential as the China. For the latter, comply with the requirements of the EU would entail, for the Chinese airlines, a surcharge of $ 126 million in 2012, according to data from the China Air Transport Association (CATA). This figure set to rise in coming years, when China's increasing its flights to Europe. In his struggle, China is also supported by the United States.
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The government is intensifying the fight against fraud. That was the message you want to pass the budget minister, Baroin on Wednesday by making public the figures for abuse detected in 2010. In total, the state services deplored the loss of 3.4 billion euros, all public finance fraud combined.
In detail, it is tax evasion which, with 2.4 billion euros detected, most of the losses in 2010 deplored. Fraud in Social Security is in turn a much smaller portion (about 15%), the order of 458 million euros. A figure which Labour Minister Xavier Bertrand had already communicated, at the beginning, before the members of the evaluation mission and control of Social Security.
Progress remains to be done
'Significant results' achieved through improved quality controls, s'estfélicité Baroin. The mobilization of officers of this struggle, better coordination of actors and especially being able to pass files between different services (Banks primary health insurance, employment center, the family allowance), allowed, according to the minister, to detect even more abuse personal loan for poor credit.
It was on this last point that Baroin wishes to focus the efforts of the administration. "It's obviously in the field of the crossing of files that we want to progress. [We are moving towards] a centralized payment incidents or signs of fraud, "he advised. The aim is that such fraudsters once reported to be more regularly monitored.
Labour Minister, Xavier Bertrand, had already begun to turn in April last tougher penalties for fraudsters who abuse the social security system. "You have to apply and increase the existing penalties," he had tried to stop the "theft of the French."
However, progress is at hand. Members of the evaluation mission and control of Social Security in outline in the report they just make it public. According to their estimates, social security fraud would actually alone 10-20000000000 euros, of which three-quarters come from black labor. A figure that is breathtaking, when compared to the deficit of social security in 2011, estimated by the government 21 billion euros.
After the publication of very strong quarterly results from BNP Paribas, Societe Generale those are rather pale. If its rival unveiled figures sharply above expectations, Societe Generale is it worse than expected. In the first quarter, setting a net profit down by 14% to 916 million euros against a billion euros expected, where BNP Paribas announced the day before a net profit up 14.6% at 2 6 billion euros.
The origin of deception: an impairment on its debt not covered by analysts of 239 million euros. The bank said in a statement that this depreciation is due to the tightening of spreads, the difference between rates, credit observed on the first three months of the year.And the group says that without revaluation net profit amounted to 1.15 billion euros.
As for the net banking income, the equivalent of revenue for banks, he settled in the period, to 6.61 billion euros, representing a small increase of 0.6% revaluation of debts included .
Drop of profit from retail banking abroad
Other bad news, retail banking outside France recorded a drop of 61% of its profit to 44 billion euros pay day loans. The group explained that the financial performance of international networks result of "economic consequences of political turmoil experienced by Egypt, Tunisia and Cote d'Ivoire," the statement said.
The hotel also owns a subsidiary in Greece, the group Geniki. But a Greek debt restructuring, which is very often mentioned, would prejudice the Bank's accounts.Societe Generale did not comment on that. She however stressed that its creditworthiness has been further strengthened since its Tier 1 ratio, an indicator that measures the ability of banks to cope with a shock, 10.8%, up 0.3 points .
Regarding the outlook, the bank does not say in its statement if it maintained its goal of a net profit of six billion euros at end 2012.
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An egg purple symbolizes the new union between Alstom Transport and RATP. According to its creators, it should bloom in two years, during the presentation of the train driver "automatic subway of the future."
Pierre Mongin, president of the RATP, and Philippe Mellier, his counterpart of Alstom Transport, said Tuesday in Dubai, which is the international exhibition of public transport, creating a business research and development expert in automatic metro .Metrolab, equally owned by both companies, has a few tens of millions of euros to develop by 2013 a prototype automated metro.
With Metrolab, Alstom and RATP will "provide solutions to large communities fully automated urban and suburban transport, and develop complete systems, including infrastructure, rolling stock, signals, passenger information, operation and maintenance.
A promising market
Fifteen experts from both companies attached to it. "We will draw together the underground of the twenty-Philippe Mellier ensures, for whom this new company is promising. The global market for automatic metro is 13 billion euros by 2015.This is the first time a joint venture is created in this specialty. "
"The creation of Greater Paris has served as a trigger to our approach," said Pierre Mongin. Usually, the RATP buys its equipment from Alstom, a leading provider, or other. Now is the Society of Greater Paris who will choose his equipment. "For the first time, we move from the position of buyer to the producer," says the boss of the authority, which campaigns for a new automatic line to extend up to 14 airports in Paris. "But we do not want to venture into a job that is not ours, says Mongin. We took the best and most powerful. "
Together, both partners share 70 years of experience in public transport. According to them, only the AGT is able to respond to congestion problems encountered in large cities."It's the only problem-solving capabilities, ensures Pierre Mongin. If you want to increase their speed, simply press a button. It reduces the waiting time between trains safely and is able to operate with existing infrastructure round the clock. "RATP has been the experience in Paris: after line 14, she began to automate line 1.
Alstom and RATP have undertaken projects in Singapore, Lausanne, Cairo, Shanghai, Caracas. They hope that the Greater Paris added to the list.
The quarterly earnings season has apparently started quite well yesterday, the U.S., with Alcoa aluminum companies. The group has, in fact, released Monday after the close of U.S. markets, with net income of $ 308 million for the first quarter. Good news, considering that Alcoa was still in the red rain a year earlier.
But good news that will perhaps, at the same time, struggling to convince: the benefit is displayed just above expectations. The disappointment is more candid side sales: sales, to 5.96 billion dollars instead of 6.07 expected, disappointing.The action, which fell on Monday evening from 3.32% to 17.18 dollars in electronic trading after closing, will oversee this Tuesday …
On Tuesday, shortly before opening, the U.S. stock markets were approached down: the index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.59% respectively at 1311.80 points from 0.62% to 2293 , 75 points. The Dow Jones was expected to decline by 0.50% to 12,259 points.
Monday, already cautious Wall Street had ended before the start of the season results. The Dow Jones finished almost unchanged, while the Nasdaq 100 had sold 0.32%. S & P Equity Strategy announced the degradation of the overall tech sector from "overweight" to "weigh".
Trade balance and budget figures
At the macroeconomic agenda of Tuesday, prices for import and export in March will be announced at 14:30.Meanwhile, the trade balance will be communicated in February. It should be negative, is -44 billion, according to a consensus of analysts. It will then wait until 20:00 to learn about the U.S. budget figures for March.
According to analysts at Aurel BGC, "the deficit of the U.S. trade balance is expected to decline slightly over the month of February payday loan lenders. Certainly, higher oil prices is unfavorable for the balance of energy balance. But the volume of oil imports should be in sharp decline. The more "price effects" will be broadly neutral over the month, exports will also benefit from the surge in export prices of agricultural goods (+ 1.9% on the month).Boeing deliveries remain sustained, exports are expected to remain very dynamic. "
While investors and traders remained cautious in anticipation of these indicators, the euro was stable against the dollar on Tuesday. Shortly before the opening of Wall Street, the euro bought 1.4457 dollars.
Fastenal Co. reports earnings before tomorrow JP Morgan
As for the publications of corporate earnings for the first quarter, they will continue this week, on both sides of the Atlantic after Alcoa, have, among others, the figures for the first quarter of JPMorgan, which will be known soon Wednesday (13:00), ahead of Accenture, Google, and Hasbro, all three on the agenda for Thursday. Bank of America and Mattel will follow on Friday.
Meanwhile, Fastenal Co, one of the largest U.S. distribution of industrial equipment and construction, will present its first quarter figures on Tuesday.The title clinching 0.25%, to $ 67.50 the day before closing.
In addition, Intel will launch new microprocessors that consume less electricity, could respond to this strategic announcement on the Stock Exchange.
Amazon, for its part announced Monday a further decline in the price of its Kindle electronic reading light at 114 dollars against 139 dollars so far. This new model will post advertising via various backgrounds, but also a whole series of promotions made from the home page. Delivery scheduled May 3 in the United States.
It is a trap that the government would have happened. The announcement of Canal + to launch a chain free end of 2011 has created panic. Far side of the free channels that do not want a new competitor, that public authorities must now arbitrate the dispute. But the question is not whether there will be many additional channels on DTT, but when?
While waiting to find a consensus, the government wants to calm the storm. Matignon has proposed to the ministries concerned – those of Communications and the Digital Economy – and the Supreme Council of Audiovisual (CSA), to await the opinion reasoned that Brussels must make on the subject within a minimum one to two months. The Commission is concerned about the automatic allocation of new channels to the incumbents – TF1, M6 and Canal + – to have borne the brunt of the conversion to digital TV.To convince the European Commission, France argues that competition exists, as four new entrants – Lagardère, NRJ, Bollore and NextRadioTV – enliven the TNT since 2005. An argument would be strengthened if they were sure to get, too, additional spectrum for their pet project HD, RMC Sports Team and even TV. But then it starts to make a lot of participants to a playground advertising held by small market. And TF1 and M6 – despite two chains project – call for a freeze of the audiovisual landscape in the state. The government would go far in this direction, but at a lower cost.That is to say without touching the 2007 law that sets the strings "bonus" for incumbents at the end of analogue television in November 2011.
"Technical Order"
In an ideal scheme, the strings "bonus" would be well granted by law to the incumbents and the CSA would allocate channels to new entrants low fee cash advance. But everything could be frozen for at least two years by a "technical stop" in the Digital Economy Department. This text would condition the implementation of new channels to the generalization of a new more efficient compression standard. Thus everyone would be happy: there will be many channels but not immediately.Small snag, Eric Besson would not be the sole responsibility of political decision against him for fear of encouraging telecom operators.
In addition, the position of the Elysee looking askance at the arrival of Canal + on free television after restoring its monopoly on pay television. Bercy could assess, through consultation, the actual harm suffered by Canal +, TF1 and M6. Because it is on behalf of the harm they have obtained a chain bonus. The consultation raises the issue of whether Canal + can claim a string "bonus" for free when she was prejudiced in pay television. The law could then be specified for this purpose.However, if Canal + can claim a string "bonus" for free, he can always turn to the CSA.
Because the latter has yet to launch two tenders for two multiplexes of free channels. Michel Boyon, CSA President, is eager to launch them as he finishes his term in January 2013. All chains, new or historical, can then candidates, including Canal +. If TF1, M6 and Canal + channel lose their "bonus" granted by law, they will have a follow-up session before the CSA. But the broadcasters will not have a free hand in conducting their projects.
The green is still maintained at the Paris Stock Exchange on Friday. The CAC 40 connects a third round of consecutive increase, after surging 1.41% on Thursday. He advances from 0.21% to 3977.14 points in mid-day. In London, the FTSE rises 0.43% to 5906.41 points while in Frankfurt the Dax advance of 0.47% to 6966.16 points.
Operators are inspired by gains on Wall Street yesterday and this morning in Asia. But caution should however be appropriate when the problems of sovereign debt of countries of the European Union back to haunt the markets. Fitch and Standard & Poor's (S & P) lowered the rating of sovereign debt by two notches from Portugal, because of "increased political uncertainty" that has shaken the country since the resignation of Prime Minister Jose Socrates.European leaders are meeting just since Thursday in Brussels to find a way to fly to the rescue of the country and avoid a domino effect. They endorsed the night of Thursday to Friday a comprehensive system of defense against crises of debt that carries the actual capacity of the Fund's lending support to countries in the Eurozone in trouble from 250 to 440 billion euros.
The Japanese nuclear supervision
In addition, the Japanese nuclear situation remains worrying. This Friday, the operator of the plant in Fukushima, Tepco, said that the work of rehabilitation of the plant could take another month because of the difficulties encountered by workers to cool the reactors.
In Libya, fighting continued between armed forces of Colonel Gaddafi and the coalition forces.The NATO countries have agreed on Thursday to take command of military intervention and will next week over the coalition led by France, Great Britain and the United States.
U.S. GDP on the agenda
However, operators should carefully monitor the indicators of the day. On the menu this Friday:
– French GDP in the fourth quarter. Insee said Friday it has revised upwards to 0.4% growth in gross domestic product of France in the fourth quarter of 2010 compared to the previous quarter. A first estimate published on Feb. 15 gave an increase of 0.3%.
– The French consumer confidence has deteriorated more than expected in March, returning to its level of last July partly because of fears about price trends, shows the monthly business survey released Friday by the INSEE .The composite indicator of consumer confidence has emerged after 85 to 83 in February.
– Money supply M3 in the euro area rose by 2% in February (+1.5% in January).
– The barometer Ifo business climate, the main index of business confidence in Germany fell to 111.1 points in March, ending nine months of increases in a row and a record high of 111.3 points in February, according to figures released Friday.
– Overseas, the trading day will be marked by the publication of the final reading of fourth quarter GDP (1330). The index of consumer sentiment in March will follow (2:55 p.m.).
As for currencies, the euro was stable against the dollar at 1.4166 dollars against 1.4168 on Thursday. On oil markets, a barrel of light sweet crude for May delivery yielded 3 cents to 105.57 dollars.That of Brent North Sea crude for May delivery gained 21 cents to 115.93 dollars. "Oil prices remain high due to geopolitical tension and underlying factors that support lessons, and this dynamic market seems set to continue," note analysts at Barclays Capital in a note.
Values to follow
Farm Credit: + 2.22% to 12.20 euros
Farm Credit has the highest increase of ACC on Friday, while BNP Paribas qu'Exane initiated coverage of French banks with a buy recommendation on the green bank.The analyst opinion adopted a "outperform" on the Crédit Agricole, with a target price of 16.70 euros.
Edenred: + 0.33% to 21.34 euros
Edenred the group's title, after the split in July with the Accor hotel group, continued his progress on Friday, still worn by various rumors about a possible takeover of the company or paying a special dividend. The work took more than 18.5% over the last five sessions
Eurazeo: + 5.03% to 55.75 euros
The group announced Friday the creation of value target of two billion euros by 2014, a goal that comes as the investment company just return to profit in 2010.Moreover Eurazeo and fund Colony Capital exclude launch a bid for hotel group Accor, which they together hold 32.79% of voting rights, to come into compliance with new regulations, said Friday Patrick Sayer, Chairman the Executive Eurazeo.
Schneider Electric: + 0.72% to 119.40 euros
The group announced Thursday it had acquired US Summit Energy specializes in services for Energy, for $ 189 million.
Lagardère: -0.45% to 30.03 euros, Vivendi: + 0.25% to 19.74 euros
Canal + will launch at the end of a free television channel, announced the CEO of the encrypted string in an interview with Le Figaro.
TF1 (-4.02% to 12.90 euros) and M6 (-2.52% to EUR 18) react badly to the news.
Lafarge: + 0.84% to 44.25 euros
Based on a review of the MFA, the Egyptian Sawiris family increased its shareholding in cement producer of over 14% in March.
EDF Energies Nouvelles: -0.53% to 35.75 euros
The group announced Thursday it had signed two contracts in Canada of electricity supply in 20 years with Hydro-Quebec for wind projects totaling 49.2 megawatts.
France Telecom: + 0.03% to 15.69 euros
Polish operator TPSA its announced Thursday it had sold its subsidiary Emitel $ 1.7 billion zlotys (423 million euros) at the bottom of Montagu Private Equity.
The Bel Cheese must publish their annual results this Friday.
