Investors in the Paris Bourse are enthusiastic on Monday afternoon. By 1530, the Cac 40 gained 3.15% to 3112 points. The index has grown steadily since opening in the red. The benchmark index of the Bourse de Paris has in fact started the session down 0.85% below 3000 points. But the trend was quickly reversed after a quarter hour rating. Clawing and point by point, the Cac 40 already displayed an increase of 1.46% in mid-session.
The index then continued its rise this afternoon. It seems not only able to keep the 3000 points, but maybe even finish above 3100 points.
What comfort to investors who last week saw the Cac 40 lost almost 7% in five days.
Elsewhere in Europe, the same trend has occurred. In London, the FTSE 100 gained 2.69% to now 5176 points.In Frankfurt, the DAX 1.89% 30 allows itself to 5583 points. And Italy, the FTSE MIB ahead even of 4.08% at 15,198 points.
The hope of change in Libya brings dynamism
Investors are eager to hear the speech of the U.S. Federal Reserve Friday, which should present the details of a new plan of monetary easing to support the U.S. economy. But in anticipation of this event, the operators have their eyes riveted to Libya where the rebels have entered in Tripoli. If pro-Gaddafi still resisting in the capital, rebel fighters have reached the Green Square, symbol of the regime. The fate of Colonel Gaddafi's head of oil-producing country seems uncertain.Seif al-Islam, presented in the past as the future successor of his father, was arrested.
The prospect of regime change boosts the price of crude on the New York Mercantile Exchange (Nymex), where a barrel of "light sweet crude" for September delivery was trading at 83.58 dollars to 15 hours, up of $ 1.32 from Friday.
Despite this enthusiasm, concerns remain about the global economic environment. The United States fears most concentrated with the publication of indicators increasingly mixed. This weekend, President Barack Obama admitted that his country was experiencing "a difficult, frightening recession." This should not reassure. He also accused the Congress to halt the reforms he wants to put in place to revive the economy.For his part, Vice President Joe Biden tried to reassure global stock markets and especially the Chinese, the first creditor of Americans saying the country would "never" by default.
Side the euro area, the problems of sovereign debt persist. As the political stalemate. Sunday, the German government has stepped up interventions in the media to reaffirm its opposition to European obligations, yet solution desired by the markets. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "said Chancellor Angela Merkel who judges the cost of this mechanism is too high for the economy of his country payday loans guaranteed no fax.
Several statistics to follow this week
Germany has lowered its forecast of budget deficit to 1.5% of gross domestic product (GDP) in 2011, in a monthly report of the Ministry of Finance released Monday.
Growth is slowing for the fourth consecutive quarter in rich countries, displayed in 0.2% from April to June compared with the previous three months, according to the Organization for Economic Cooperation and Development (OECD)."The gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, against 0.3% last quarter," said the organization in a statement Monday.
But investors expect a battery of statistics in the rest of the week including the manufacturing PMI for the euro area (Tuesday), the German IFO index (Wednesday), the weekly jobless claims in the U.S. (Thursday). Wednesday will be marked in France by the presentation of new conservation measures for the country to retain investor confidence and the "triple A".
Friday will be the busiest day with the second reading of U.S. GDP in the second quarter and the index of consumer sentiment.
As for currencies, the euro rose slightly against the greenback.The single currency is worth 1.4419 dollars this morning.
Banks and Total are displayed in the list of the values up
Banking
The AMF may decide Friday, after the close of European stock exchanges, to renew its ban on short selling on financial stocks, but this time for three months. The sector also bounced unevenly on Monday after sharp declines last week, Credit Agricole gained 2.76% this morning before falling back slightly in mid-session (-0.29% to 6.10 euros).BNP Paribas gained 0.95% to 33.06 euros, however Natixis crumbles from 0.76% to 2.86 euros, and Axa, from 0.34% to 10.24 euros.
For his part, Frédéric Oudéa, CEO of Societe Generale (1.34% to 21.15 euros), said Sunday that the nervousness that penalizes banks Scholarships could last "at least until early November."
Paris airport: + 0.73% to 54.17 euros
ADP has registered a record passenger traffic in July, with 8.9 million passengers, an increase of 4.6% over the same period in 2010.
France Telecom (1.04% to 12.68 euros), Vivendi (0.69% to 15.39 euros), Bouygues (0.97% to 21.92 euros) Iliad (1.39% to 80.70 euros)
Some operators are preparing for the end of unlimited Internet access in homes for some clients.
Total: + 3.36% to 33.065 euros
Leading the CAC 40, the title has hopes of a quick change of regime in Libya that would allow a reopening of the country's oil installations.
Like their colleagues in Asia, investors should demonstrate Parisian little enthusiasm on Friday. The CAC 40 futures contract on a misaligned (0.06%) to 8:30, suggesting an opening decline.
The market's attention will focus on the evolution of the European agenda to discuss aid to Greece and parliamentary discussions slipping in the United States, about raising the debt ceiling. After Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, the U.S. President, Barack Obama has assured last night that "the time for decisions has come."Barack Obama will hold a press conference to take stock of the subject at 17 hours, Paris time.
A very technical session for
The news should be sparse on the side of the values on Friday, but the session promises to be lively because of the expiration today of a battery of forward contracts.
Investors remain concentrated in Paris after the close for 18 hours to read the results of resistance testing in the European banking sector. Among the 91 banks assessed in connection with these third annual stress tests, are the French BNP Paribas, Societe Generale, Credit Agricole, Natixis faxless pay day loans.
The automotive sector will also be in order on Friday, after the presentation of the number of registrations in Europe in June, which shows a decrease of 8.1% over one year.Over the first half, the market decline is limited to 2.1% with 7.12 million passenger vehicles registered.
The gold on top, the euro remains strong
Values could be exporting to the death, after a further rise of the euro, which traded this morning, 1.4166 dollars, against 1.4141 dollars last night, while the dollar was stable against the yen. The euro is also strengthening against the Japanese currency at 112.15 yen.
In the current environment of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. It flows back slightly this morning.
Similarly, relaxation can be observed on the future of Brent North Sea (-0.22% to 116.09 dollars per barrel). In contrast, light crude gained sweed 0.24% to 95.92 dollars a barrel.
After finishing the week on a positive note, despite a weak local situation and the major Japanese business confidence low, Asian markets begin again the week on an optimistic note clearly. All financial markets were on the upside on Monday, reassured by the release this weekend of a new tranche of loan to Greece. Saturday, the Eurogroup has approved the payment of its share of a slice of 12 billion euros to Greece, as part of the rescue plan 110 billion euros last year decided by the European Union and International Monetary Fund (IMF).
More good news received by the markets, the ISM manufacturing index in the United States came out up to June reflected an acceleration in activity, while analysts had forecast a further slowdown.Also signs, as Asian investors, the slowdown in world's largest economy, drawn by a series of disappointing statistics in recent weeks, would in fact be temporary.
In Tokyo, the Nikkei 225 index ahead 1.4%, to 10,003.90, breaking the psychological threshold of 10,000 points, he had abandoned two months ago, May 5 This good news came from overseas mainly benefit exporters, including, Honda (3.2%) and Toyota (1.7%). For its part, the specialist electronics Panasonic clinching 1.2%.
In China, in this context of widespread optimism, the announcement yesterday of a decline in the PMI services in the Middle Kingdom is passed almost unnoticed. According to the China Federation of Logistics and Purchasing, it fell from 61.9 in May to 57 June, within the scope of monetary policy more strictly local.Not enough to shower the good mood in Shanghai, where the CSI 300 ahead 2.25%, to 3118.44 points while the Hang Seng of Hong Kong wins more timidly 1.82% to 22,806 points.
On other financial markets, the Taiwan TAIEX Index advances 0 free credit score.53% at 8785, 71 points, while in South Korea, the KRX's 100 biggest advance values of 1.27% to 4568.44 points. In Australia, the S & P / ASX 200 rose 0.74% to 4625.10 points. Finally, India and Singapore stock exchanges are also in the green, the BSE Sensex and the FTSE Straits Times advancing 0.79%, respectively, and 0.69%, to 18,911.60 points and 3160.76 points.
The election results pleased investors in Thailand
In Bangkok, the victory Saturday in the legislative elections of Yingluck Shinawatra, the sister of former prime minister in exile, Thaksin, has generated euphoria in the markets. The SETI Bangkok jumped 3.52% to 1078.15 points.Although new to politics, the first woman to lead this country in Southeast Asia has the aura of his brother, who leads the opposition from Dubai. Monday, the Thai army accepted the landslide victory of the opposition, already trying to consolidate a comfortable majority with the support of minority parties.
Oil prices were on the upside Monday in electronic trading in Asia after the green light from EU ministers on the release of aid for Greece. In morning trading, a barrel of "light sweet crude" for delivery in August took 20 cents to 95.14 dollars. That of Brent North Sea crude for delivery gained 19 cents to equal 111.96 dollars.
On the currency front, the gradual easing of tensions on the financial position of some European countries did not take long to emerge, largely repeating the euro against the yen and the dollar.At 1:00 Paris time, the euro was worth 117.71 yen against 116.85 yen the day before, and 1.4529 dollars, against 1.4494 dollars the previous day.
The U.S. equity markets remain in negative territory at the beginning of the week. On Monday, the Dow Jones lost 0.23% to 11.977 points in early trade. The Nasdaq was down 0.21% to 2611 points and the S & P loose 0.23% to 1269 points. Wall Street had already finished the session on a mixed note Friday.
Despite a new rescue plan for Greece launched last night by finance ministers in Europe, U.S. markets are still worried, as their counterparts in Europe and especially Paris.
After the reassuring words of Heads of State French and German unit, which posted a welcome Friday, the firm tone adopted by the ministers at the weekend said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of the latter remain to be defined.
In the wake of renewed tensions, the euro falls against the dollar. To 11 hours in Paris, the single European currency was worth 1.4232 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.
On the macroeconomic front, the week promises to be charged. Members of the Monetary Policy Committee of the Fed will meet this week.The release will be issued Wednesday evening and Fed Chairman Ben Bernanke will give a press conference after the meeting. Aurel BGC experts anticipate little change in the FOMC statement. They argue that the Fed chairman should emphasize the temporary nature of the slowdown and reject any idea of a new program of quantitative easing easy payday loans. Other highlights of the week, investors will monitor the number of housing sales in the old tomorrow and in the nine Thursday. Then Friday, they will learn the durable goods orders. The latter will benefit from a rebound in transportation orders, thanks to Boeing.
Boeing in the viewfinder
All eyes will be turned to precisely the Paris Air Show, which opens Monday. Boeing launches new version of its popular 747 jetliner, highly anticipated.In an interview with Le Figaro, Jim Albaugh, CEO of Boeing Commercial Aviation (-0.42% to 73.85 dollars) believes "it takes 30% of the world to survive over time."This morning, the airline Qatar Airways has placed an order with Boeing for six long-haul 777-300 ER for $ 1.7 billion (list price).
The Supreme Court of the United States halted Monday the complaint historic partnership of more than one and a half million employees and former employees of U.S. giant WalMart Distribution (1.06% to 53.38 U.S. dollars) wage discrimination.
NYSE Euronext (-0.06% to 33.32 dollars) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the green light of the Financial Markets Authority (AMF).
The side of values, General Electric (-0.48% to 18.40 dollars) has reached an agreement in principle of the two largest unions of the company for new contracts."The four-year contract will enable advances on wages, pensions and job security. "
For his part, PetSmart (0.74% to 43.71 dollars) will increase its quarterly dividend to 0.14 dollar per share against dollar before 0125. The board also authorized a share buyback program of $ 450 million.
It's like income a year and a half ago. At the time, Renault intends to build its Clio IV in Turkey and not on the site Flins in the Yvelines. The government had to intervene and finally get the direction the car is partly built in France.
Will history repeat itself with PSA that intends to close its factory in Aulnay-sous-Bois (Seine-Saint-Denis) and Sevelnord (North). Except that unlike Renault's 30% owned by the state, the manufacturer, a lion is a 100% private. The scope of government is much smaller.
"These companies are accountable to the nation"
The State is taking this matter very seriously.If the Minister of Industry, Eric Besson, who met Thursday evening PSA CEO, Philippe Varin, said he was "reassured" by the commitments made by the carmaker, Prime Minister Francois Fillon, the move to guérande (Loire-Atlantique), did not hesitate to call the toll paid by the state to help a struggling sector during the economic crisis. At the time, PSA and Renault had received three billion euros each. "Given the large amount of aid made to the French car industry by the government, I would not and would not understand that these companies are not beholden to the nation that has helped easy payday loans." The Prime Minister will also have the opportunity to discuss this news with Philippe Varin on Saturday, as both men find themselves in the 24 Hours of Le Mans.
The Socialist Party (PS) is however not reassured."I do not have much confidence in his statements (Philippe Varin), says the spokesman of the Socialist Party, Benoît Hamon. Because we see a real transhumance migration of automotive production facilities and their equipment from the west to the east of Europe. " For its part, the Socialist mayor of Aulnay-sous-Bois, Gerard Segura, is confident that "until 2016, when production of the C3 should end in this factory. The industrial director of PSA, Denis Martin, had said Thursday that "industrial, it is absolutely impossible to give a guarantee on a sustainable medium and long terms. We have visibility into our roadmap to a year or 18 months. It is an absolute maximum, "he concludes. No doubt the state will seek to convince SAP to reconsider its plans.
Record! A bottle of Champagne Veuve Clicquot, 200 years old and found at the bottom of the Baltic Sea, was awarded 30,000 euros Friday, during an auction held in the Åland archipelago, not far from the spot where she was rescued in 2010 from the wreckage of a schooner that sank between 1825 and 1830.
This bottle, which, according to historians, belonged to Madame Clicquot in person, however, has not reached the heights expected. It was auctioned to a buyer in Singapore, which has also offered 24,000 euros for a bottle of Juglar a house Châlon longer exists. But already a new record is in sight: experts provide a bottle of 1907 Heidsieck would be to sell $ 275,000 in Moscow.
Money, 2.5 billion euros for the state. Competition to satisfy the regulator. Of land, as requested by Parliament. So Eric Besson, Minister of Industry, gave Monday in Le Figaro launches auction for 4G mobile phone licenses, there's something for everyone.
Operators, for whom these new frequencies are strategic deal with the explosion of mobile Internet, find, them, those auctions "overly complex" and "too fast".
"It's a gas plant, has criticized an operator, whereas the frequencies were divided into 15 lots and there were 9 combinations of frequency blocks available! "Given the excessive complexity of the procedure, we may be tempted not to go," he says.
The operators also consider the price too high."It requires a considerable financial effort to operators just when they are asked to invest in tomorrow's networks and optical fiber to continue to deploy 3G mobile networks," says one of them.
"That's fair. Operators are critical that the state will sell. It's like when Vou s buy an apartment, you put forward faults, not strengths, "says a close case. But the risks of litigation appear to be low, while the text is accurate and has been validated by the State Council.
MVNOs reassured
For their part, small operators without networks (called MVNOs), who were concerned about being excluded from the 4G, are reassured."We find that our calls for vigilance has clearly been agreed to promote the MVNO model and taking into account an ambitious architecture in the bidding," said Monday the spokesman of the Alternative Mobile, an association of 10 major MVNO, representing 90% of the market.
However, none of them even in the consortium, does not seem ready to be a candidate. "This tender aims to give additional spectrum for existing licensees," reacted Geoffroy Roux de Bezieux, CEO of Virgin Mobile, the first mobile virtual network operators with 2 million customers. "There is no room for economic fifth licensee," he said.
"The goal of planning that we put into law is fully respected, observed Senator Bruno Retallack of Vendee, Chairman of the Board of the Digital Dividend."The tender is balanced. The game is not made in advance and favors neither the one nor the other, "says Laura of Raudière, member of Eure et Loir.
Beyond the reactions of each other, do not mistake a poker game now undertakes. Operators should not miss the boat: This tender is a procedure in a single round. Everyone should have bet just before filing its envelope.
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Waive the RSA, no, perfect it, yes. After the turbulence caused by Laurent Wauquiez, the government has found his line of conduct. Or rather found, since it is the mission entrusted weeks ago in UMP Marc-Philippe Daubresse, which must balance its work in July. The minister in charge of the case, Roselyne Bachelot, already offers a line of improvement: "Simplifying the system horribly complex," she said yesterday on RTL. For example by creating a "single window" for beneficiaries, shuffled to the General Council in family allowance fund, through the employment center.
Another track, "merge" the Solidarity labor income and employment premium (EPP). This device, too, intended to encourage work, but passes through tax (reduction of income tax or check the state of the taxpayer when it is exempt).Benefit those whose homes have reached a certain level of resources the previous year, while drawing a minimum income from work … his "merger-acquisition" with the RSA had already been considered in the creation of this last.
PEP has indeed several flaws. First, its effect is limited. Because it is paid with a lag of two years and is sprinkled over 7.7 million homes: Some recipients receive only a few dozen euros. Then this is one of the costliest tax loopholes: nearly 3 billion expected in 2011.
Strengthened support
These defects did not disappear with time. And with the RIAA, has added a problem of readability. The two devices are not cumulative, but the better of two applies to the beneficiary payday loans with no fax.Example given by the Ministry of Solidarity: A single mother working a full year at minimum wage full time receives 23 euros per month from RSA … then at the end of next year, 912 euros in EPP. For the same cost, it would have been simpler and more incentive to pay 99 euros every month from RSA. This was always called the "father" of the RSA, Martin Hirsch. He had opposed Pierre Mehaignerie. Chairman of the Committee on Social Affairs of the Assembly was concerned that the beneficiaries of the EPP – tax measure – feel "downgraded" through the RSA-welfare. He now considers a merger EPP / RSA "tenable, provided it is controlled in a decentralized manner, as close to the ground."
In the spirit of Roselyne Bachelot, things are clear: if the PPE was merged or restructured, recovered the money would finance a strengthened support for job seekers or strengthening the "RSA-activity" (that paid working poor). In no case would go to higher RSA-base, that is to say the old RMI, the epitome of the assistantship for much of the right. A close case highlights a problem to be solved rather supports the RSA part-time workers, PEP workers full time. Please do not forget them in the operation. The project, if realized, could be voted in accordance with the laws of finance, at the earliest in the fall.
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Latin America is the region where foreign capital has increased the most last year – 40% – totaling $ 113 billion. And this in a global context where, for the first time, emerging economies exceed developed countries in terms of FDI (foreign direct investments), with 53%, says a report by the Economic Commission for Latin America UN (CEPAL).
In two years, from 2007 to 2010, the share of Latin American countries has doubled, from 5 to 10%.Brazil remains the locomotive of the continent, buoyed by a market of 190 million inhabitants, significant mineral and oil resources and the organization of two major sporting events, World Cup and the Olympics.
Between 2009 and 2010, FDI was almost doubled in that country to $ 48.5 billion, followed by Mexico (17.7), Chile (15.1 billion), Peru (7, 3), Colombia (6.8) and Argentina (5.2). "The first four have good credit rating credit rating agencies. In contrast, Argentina is penalized by a poor image, linked to the debt problem and the continuing dispute with the Paris Club.Its sovereign rating is a bit harsh and does not reflect economic fundamentals, "notes Bénédicte Baduel, Natixis.
Temperature Alert
Venezuela and Ecuador, the very dirigiste regimes of Hugo Chavez and Rafael Correa, who made numerous nationalizations, investors cool. The novelty of the year, also notes the CEPAL, the growing weight of China, who arrived with nearly $ 15 billion spent on mergers and acquisitions, third (9% of investments), behind United States (17%) and Netherlands (13%). Almost all concentrated in the exploitation of natural resources to fuel its growth.
The Executive Secretary of CEPAL, Alicia Barcena, the rest has warned against an excessive concentration of FDI in this sector."We are concerned because we are witnessing a reprimarisation economies," she said, lamenting the lack of investment in industry, technology and services. This is also explained by the sharp appreciation of currencies – the Brazilian real has gained almost 40% in two years – which makes them less competitive manufactured goods.
Despite the risk of overheating, fueled by a surge in capital inflows and a surge in inflation, the United Nations expect a rise of 15 to 25% of FDI in 2011 across the continent.
Very hesitant meeting Tuesday on the Paris Bourse. The CAC 40, who played yo-yo all day, finally chose the green fence. He finished with a gain of 0.27% to 3987.80 points, and yet is close of 4000 points.
The CAC 40, which had earlier lined up four sessions, fell victim to profit taking during the session. Investors remain concerned about the situation in the Middle East and Japan, do indeed play the card of caution. "Too many uncertainties remain heavily to buy stocks," says Franklin Pichard, director of Barclays stock. I can not believe that the Cac 40 lasts longer. The correction is inevitable. "
Other major European markets have followed the same path. The London Stock Exchange gained 0.47% to 5932.17 points after playing in the red much of the day.For its part, the DAX 30 Frankfurt Stock Exchange dropped 0.76% to 6886.14 points.
On the macroeconomic front:
– Expenditure on household consumption of manufactured goods rose 0.9% in February after falling 0.3% in January, mainly due to a rebound in auto purchases
– The number of starts of new homes jumped 54.1% yoy for the period from December to February, while the number of building permits for these homes increased by 25.5%
– United States: the Case-Shiller housing index dropped 1.0% in January from December, as expected, and 3.1% in January 2010.U.S. consumer confidence is also falling to 63.4 in March, against a revised index rose to 72.0 for the month of February, according to data released Tuesday by the Employers' Federation Conference Board. The median consensus analysts polled by Reuters expected a general index to 65.0, with variations from 55.0 to 72.0.
Renault takes off
Renault: 2.44% to 38.39 euros
A sound document released Monday by The Express reveals that Renault knew in February that the espionage case that hit was a fake scandal. The Exchange does not seem affected by this announcement, pushing even the title of the manufacturer at the top of the charts of ACC 40.
Edenred: + 1.95% to 21.43 euros
Edenred, resulting from the division in July with the Accor hotel group, is carried by various rumors about a possible takeover of the company or paying a special dividend.
Camaieu flies
Titles Camaïeu leapt 44.05% to 209.16 euros after being booked on the rise at the opening, following agreements signed between the fund and MODACIN Modamax and major shareholders of the brand's ready- to-wear. MODACIN Modamax and controlled by Cinven fund and hold about 65% stake in Camaieu, announced on the eve of signing agreements with major shareholders of the group to purchase their hand up and was 95% of capital.The offer price is 214.46 euros, representing a premium of 47% over the closing price as of Friday, March 25 and valuing the entire company at 1.3 billion euros, or about 1.6 times its turnover.
Gemalto 2.13% to 35.47 euros
The company said it was allied to the giant Mastercard credit cards in the field of contactless payment by mobile, considered a growth driver for the manufacturer of smart cards.
Peugeot: 0.85% to 27.77 euros
PSA Peugeot Citroen has announced a gradual return to normal production in Europe from March 31.
Dexia: -0.03% to 2.87 euros
The rating agency has doubts about the financial health of three subsidiaries of which Dexia Dexia Credit Local.Moody's intends to degrade their notes.
Areva: + 0.98% to 31.39 euros
The Supervisory Board of Areva, which was held on Monday confirmed Lauvergeon to head the nuclear expert, according to BFM Business.But the State had requested the appointment of a number two.
EDF: 0.75% to 28.91 euros
The list of new members of the board of directors of Edison, controlled by EDF and the Italian A2a could be known this week, said on Monday a source familiar with the matter.
Lagardère: + 0.25% to 30.09 euros
Lagardere announced Monday the signing of the sale of its international magazine from the American Hearst, 651 million euros.
Technip: 1.16% to 74.41 euros
Technip wins contract to install subsea pipelines for the development of a field off Abu Dhabi, according to a statement released Tuesday.
Medica: +0.80% to 14.40 euros
Medica was published on Tuesday a profit of 23.2 million euros in 2010, after a loss of 13.4 million euros in 2009, and announced an increase in its activity by 15% in 2011.
Also note, investors await tonight's results after market Neopost.
