On the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks.In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

The session will be moderated somewhat in the macro, no indicator being expected that day, but many U.S. corporate results must be published in mid-day, including Coca-Cola and Wells Fargo banks and Morgan Stanley free credit score.

On the side of values, Apple released its quarterly after the close of Wall Street.The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.

Always on the side of values, the U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged.

Also note, the British oil giant BP, which is listed on Wall Street has reached an agreement on Tuesday with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which it s 'was hired to offset the cost of the spill.

Yet as the heroes of comic books, Charles Beigbeder conducts its business in the charge, hussar to conquer Ukraine. "His outsider allows him to undertake the impossible in our eyes. He charges no ulterior motives. Grow 45,300 hectares in three years in Ukraine, with a small team, for us it was unbelievable, "explained his field man, Charles Vilgrain, young chief executive of AgroGénération who rents the land now six collective farms Ukraine.Charles Beigbeder is with his partner Alain Mallart, shareholder. They rely on the required increase of 70% of agricultural production provided by FAO, to feed the world population by 2050.

Nothing is too good to conquer the breadbasket of Europe, under-utilized in the courtyard of a huge kolkhoz Glukhov Case-IH Steiger articulated eight wheels, 535 horsepower, illustrates the enormity of the operation of 8000 hectares. With a tank of 1000 liters, it can run tirelessly in "three to eight" during the harvest. "The effect of size is a key to success, assures Joseph Alexander, CFO AgroGénération. The park is powered on average four times higher than in France, but the area 100 times greater. "

These farms were not chosen at random.The optimal humidity coincides with the very fertile black soil, the chernozem, the humus layer is so thick that it provides costly irrigation facilities. At Glukhov, no deep furrows of the earth scratch disks. This more gentle to the ecosystem is also good for the accounts: "The fuel savings and pesticides made possible an improvement in 30-50% of the margin," says Joseph Alexander. "The optimum is equivalent to 53 quintals per hectare wheat," says Charles Beigbeder. Today, farms are close to 43 quintals, or about the financial balance.

No taxes on corporate farming

Since the beginning of the adventure, all the activities required a total investment of 30 million euros (Shiloh, equipment …). Analysts expect a profit for the fourth year in 2011.For the current year the group should not be so far from equilibrium. Special zone: Ukraine no taxes on corporate farming, or VAT. To locate, AgroGénération relied on the experience of agri-industrial group Cereals French Champagne which it now sells its production of barley.

The risks are real: four guards protect equipment and crops. The GPS is used not only to optimize the use of fertilizers, but also to monitor the equipment to trace. To retain its 350 employees, AgroGénération offers the highest wages in the region (250-500 euros), while the average farm wage is 180 euros.

The company treats its relations with donors land farmed in 2800. Almost all are paid in kind with grain (750 kg) which will then feed the animals. But already Charles Beigbeder dream of other horizons."The presence in South America with the offset of the season will smooth the cash and share risks," says company founder, has set a goal: 100,000 hectares in 2012 in Ukraine.

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From a perspective of technical analysis in the medium term, the underlying trend is now clearly negative and the real threat is a return to the starting point of the upward movement engaged in July 2009 around 2960 points.

The euro, deemed a "credible currency" by Jean-Claude Juncker, the leading ministers of the euro area as a result of the Eurogroup meeting started Monday night, continues to rate to $ 1.23 either a low of four years.On Tuesday morning, about 9:15, it's 1.7378 dollars.

Such a drop in the euro (-13.5% since January 1) may in fact give the boost needed to recover a bit better in Europe. This is the principle of competitive devaluation.

The finance ministers have wanted Sixteen reassuring and felt that the new savings measures announced by Spain and Portugal are "courageous".

For its part, the ECB (European Central Bank) acquired for 16.5 billion euros in government bonds – a symbolic amount – while taking the same amount of liquidity to avoid any debate that the ECB would finance European countries' debts, and leave the spinning inlation upward.

Statistics follow

In France, INSEE release its flash estimate of employment in the first quarter of 2010.In Germany, the famous Zew index, closely watched, will be unveiled at 11:00.

In the euro zone foreign trade for the month of March will be released at 11:00. Same time, inflation in April for its second estimate.

In the U.S., the housing starts in April will be announced at 14:30, and the producer price for the same period.

If these statistics are usually scrutinized by investors for their decisions on markets, movements of the euro have largely taken over in recent sessions.

No decrease in the CAC 40 SBF 120 or on the

Among the strongest increase in the CAC 40 on Tuesday morning, SocGen takes the top spot, up from 3.64% to 36.7 euros, followed by Credit Agricole (3% to 9.8 euro) then Vallourec (+2.9% to 157.7 euros).U.S. President visits one of its seamless tube mill in Ohio.

No value will decline, or on the CAC 40, nor on the SBF 120.

On this last index, Sperian Protection climbed 7.9%, NicOx takes a bit of color: 4.7%, to 2.44 euros and Altran rises 3.5% to 3.7 euros.

Veolia: towards a big contract?

Veolia is about to win a giant contract to supply drinking water Ile-de-France, Les Echos reported on the front page of their Tuesday edition. Titles rise of 1.44% to 21.41 euros.

According to Le Figaro, the airline Air France-KLM (2.03%, to 10.2 euros) prepare a plan of reconciliation counters Air France, KLM, Alitalia and Delta in most European airports, and so remove agencies. 300 jobs could be lost, but not dismissal.Furthermore, the cargo branch of the air group has seen its business drop by 22% last year and has registered 499 million loss, or over a third of the 1.3 billion loss that the group will announce Wednesday.

Accor Services, the service arm of the Accor group (1.86%, to 41.1 euros) wants to accelerate growth, make acquisitions and expand into new countries, according to the prospectus for the Financial Markets Authority ( AMF) on Monday. Accor will hold a press conference at 8:30 on the demerger and listing of branch services provided July 2.

Axa Private Equity, a subsidiary of the insurance group Axa (1.88%, to 13.25 euros), announced Monday it had completed the acquisition of Go Voyages by taking a majority stake in the French specialist for booking tickets line.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

At midterm, the CAC 40 yields 1.05%, to 3935.75 points.

Rain clues to look closely

This session will be loaded in major economic indicators. In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics.The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Finally across the Atlantic, at 14:30, investors become aware of producer prices in March and traditional weekly claims for unemployment benefits and then at 16 hours, home resales for the month of March ser

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures. The shares were down 2.06%, to 86.427 euros.

Vallourec (-0.74%, to 148.4 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in offshore pipelines.

The group Areva (0.50% to 382.75 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Also in ACC 40, L'Oreal (0.46%, to 80.37 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose sales sales amounted to 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-1.16%, to 16.97 euros), and Sunrisecom "> cash advance. The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 1.71%, to 31.35 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (3.19% to 45.60 euros), Remy Cointreau (1.32%, to 43.82 euros) and Carbone Lorraine (2.67%, to 27, 70 euros), which are among the highest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% on a constant basis, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas. Its shares rise 1.70% to 34.02 euros.

Plastic Omnium (-1.32% to 33.01 euros) announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -9.38% to 58.90 euros.The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – was down 5.60% to 1.03 euro. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

Sarkozy the American, the return. Dampened by the failure of regional confronted with doubts of his majority, battered in the polls, the president could not find better than this visit to the United States to escape the burdens hexagonal. The chances of diplomatic agenda sometimes things well. A discreet arrival Saturday in New York, along with Carla Sarkozy, the ritual of jogging in Central Park on Sunday morning, then a family day, away from cameras and microphones before the official on the scene Monday morning, with a speech at Columbia University.

The opportunity for Nicolas Sarkozy to urge "a friend" the United States to "work with Europe to invent a new global model", in order to regulate capitalism, stabilize currencies and improve governance World."If Europe and the United States do not invent this new model, nobody will," argued the head of state before several hundred students and professors from the prestigious University of New York. Amount to the podium in an imposing neoclassical dome, Nicolas Sarkozy has openly made his speech to his aide – "if you read this kills creativity", he said, before launching into a very controlled improvisation. "The crisis we've known we offer extraordinary opportunities," said the head of state. By asking the regulation of capitalism, I lay the groundwork that will save capitalism without rules is killing freedom, "he said, a few" blocks "of Wall Street, the epicenter of the financial earthquake.

"Irresponsible"

In the field of environment, access to raw materials, Nicolas Sarkozy has also called for support of the United States. "In two years, the price of oil has risen from 30 to 150 dollars, is this normal?," He noted. Have we no interest in laying the foundations for a regulation that would have a barrel to 80 dollars? "Even imperative of transatlantic cooperation for reform of global governance" that the United States and Europe must request. It will, he said, the resolution of major challenges such as Iran, against which "the alliance with the United States is fundamental, but also the fight against terrorism.

"We love you, admire you, we expect a lot from you," Nicolas Sarkozy has launched the Americans.A friend, therefore, but a demanding friend, who also does not hesitate to lecture the United States, calling for tolerance, "not closing" on themselves and listen to Europe. For, he launched the first world power, "no nation, however strong it is, can the twenty-first century impose its views to the world."

"Some hundreds of irresponsible done anything with the money of others is indefensible," he also said the French president, warned that "the same are ready to begin. "There are hundreds of thousands of Americans who lost their jobs because of this crisis, is this normal?" Asked by a student on the reform of the health system, Nicolas Sarkozy congratulated Barack Obama. But he also gave a pike: "When we see this debate on health, it was sometimes hard to believe, in Europe it is fifty years we have solved the problem.In France, we do not ask your credit card before going to hospital ", he shackled, before launching his audience:" Welcome to the club of states that do not allow people to fall sick! "

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In a report presented Wednesday, the Organization for Cooperation and Economic Development calls for post-crisis "progressive" and "contact" who favor reducing deficits, without neglecting the structural reforms essential to future growth. "The global recession has left deep scars," said Secretary General Angel Gurria. The OECD estimated at 3% of GDP the impact of the crisis on the potential long-term growth."The only way to begin to heal the wounds is to take steps now that will allow our economies to regain their lost growth potential," added Angel Gurria.

For rich countries, priority will be to reduce the deficit while fighting against unemployment. The equation means that reforms focusing on the rate of employment rather than productivity. Each state must first stop gradually according to budgetary margins and recovery, the outstanding public support, including aid industry as the premium breaks or the financing of major infrastructure works cheap payday advance .

Carbon tax and VAT

To reduce deficits, we must act on spending and taxes. "We recommend targeted actions," said chief economist Pier Carlo Padoan.Be careful not to touch the most productive expenditure in education and health research and development.

On the fiscal side, the OECD recommends that taxes do not jeopardize the long-term growth, such as the carbon tax to "encourage the development of a more sustainable economy and contribute to the well-being of citizens."

Another tip: it is better to tax consumption rather than labor income or corporate profits. And act quickly. "If we want fiscal consolidation in 2011, policy measures must be taken now," says the chief economist of the OECD Pier Carlo Padoan. The most indebted countries, like Greece, are requested to take urgent and radical action, to borrow at lower cost.The OECD has welcomed yesterday the plan of austerity Portugal, who combined tax increases and wage freezes for staff.

On the monetary side, the OECD recommends withdrawal of the measures "Unconventional" credit assistance, but without higher interest rates in the short term because there is "no inflation pressures in countries more industrialized.

In March the Governing Council of the ECB "will take decisions on (…) a gradual lifting of the measures of liquidity [in support of banks] who are no longer as necessary as in the past," said Jean-Claude Trichet at a press conference.

Long awaited on the subject of Greece, Jean-Claude Trichet has held that the fiscal savings by Greece are "not in the right direction.""We are confident in the ability of Greece will take all decisions necessary to achieve the objective" of a deficit below 3% of GDP by 2012, said President of the ECB personal business card . No exceptions will be made for any area countries, "he said.

While Portugal and Spain in turn disturb markets, Jean-Claude Trichet reiterated that it was "crucial" that all countries "respect strictly the exit procedures for excessive deficits."

"According to the International Monetary Fund, the overall deficit of the euro area will rise to 6%", said Jean-Claude Trichet. "The United States will be at 10%, Japan is also at 10%.(…) A more flattering comparison for the euro area! Nevertheless, we exhibit unabsence total of convenience "in the direction of monetary policy," he said.

As for statistics, several publications are expected. The market index monitor consumer prices in December in Britain at 10:30 and the barometer of the financial German ZEW at 11am. Overseas will be issued at 16h index of investor confidence as measured by State Street.After exchange, the Americans 19h to unveil the long awaited housing market index, the National Association of Home Builders.

On the corporate side, the markets could be affected by the release of fourth quarter results from Citigroup to 14h. Friday, disappointing trial results from JP Morgan had weighed on the markets of Paris. IBM will release its results after the market closes.

Distributors monitored

Casino was released Monday after market its figures for the fourth quarter of 2009. The group has announced a turnover of 7.32 billion euros over the period, in line with expectations. But sales were lower in France.In its wake, the reaction of other distributors is expected.

Vinci said Monday night having won, in cooperation with the British Morgan is a contract of 476 million euros for the construction of a tunnel for stormwater and sewage to east London. The contract was awarded by Thames Water, the incumbent of the London waters, and will be shared equally between Vinci and the construction group Morgan Est.

GDF Suez said Monday in a statement that discussions toward an agreement with International Power had failed.

Guyenne et Gascogne has announced a turnover in the fourth quarter of 2009 rose 2.4% to 151.3 million euros. For the full year 2009, sales fell by 0.4% to 582.4 million euros.

Soitec has issued a revenue decrease of 9.3% in the third quarter and anticipates a fall limited to less than 10% for sales throughout the year.

The market also anticipates publications for 18h, after market, Alstom (turnover for the third quarter), Accor (fourth quarter), Faiveley (third quarter) and Seb (fourth quarter).

If "we have avoided the worst, because we made the right decisions despite the controversy," he claimed. "For six months, growth has returned."

These decisions were taken because "I believe in volunteerism, has hammered the head of state. We must "regulate capitalism to create the right conditions for our prosperity," he said, praising "dialogue and reconciliation."

"No French has seen its savings challenged. No financial institution has gone bankrupt, "he said. "I made a commitment: that the support plan for banks will not cost anything to the French."Better still, the plan "has reported 2 billion euros to the French government by interest" donated by the aided institutions.

Nicolas Sarkozy also attacked the "Malthusian" raging in France, "idea that we could reduce unemployment by sharing work", a reference to 35 hours. He also taunted "the illusion that the decline would be the only solution to preserve the environment."

More to come …