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The Paris Bourse started the session sharply down

Tuesday, October 4th, 2011

The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC plunged 2.98% in the early morning at 2 839.50 points after having been closed on Monday, down 1.85% to 2926.83 euros. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen. This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday. The board of directors of Dexia (-27.7% to 0.94 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular.The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV). The listing of the two securities is suspended.

GDF Suez (-0.20% to 22.40 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution.The sale values the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle (-0.80% to 64.34 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012. The food group is also in talks to buy the vegetables Aucy in Russia.

Naturex (-0.76% to 49.42 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.

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The Paris Bourse again weighed down by Greece

Monday, September 19th, 2011

The Greek crisis can not stop producing its adverse effects on the markets. Having completed an eventful week in the red Friday, the CAC 40 retreated 2.37% to 2969.30 points in mid-session on Monday, passing well below 3000 points.

Even gloomy atmosphere on other European financial centers: the Frankfurt Dax falling 3.02%, the Madrid Stock Exchange of 2.24%, the FTSE-100 in London fell by 2.08% to 5,295.75 and Milan 2.34%.

Concerns about the hypothesis of a failure of Greece again weigh on investor sentiment, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika", under 18 hours, on the progress of promised reforms.

In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.

It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .

To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end".He also warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year. Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.

Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time.Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.

Macroeconomic side, in Britain, the Financial Times this fall could be a gap of 13 Internet Payday loans.8 billion euros in public finances, or 25% more than expected. Such an amount would extend the austerity policies adopted in Britain.

In the U.S., the NAHB housing index will be released in 16 hours.

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday. The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Values to follow

• Banking and cyclic to the death

Mid-session all CAC 40 stocks are in the red. Societe Generale (-4.85% to 18.04 euros) and BNP Paribas (-2.62% to 27.45 euros) are again in turmoil. Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.

Cyclical stocks, the more dependent the economy, declined also to the image of ArcelorMittal (-5.24% to 12.66 euros) which records the heaviest fall of the CAC 40.

• EADS (-0.29% to 22.03 euros)

Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the Sunday edition of Der Spiegel.

• Technip (-3.02% to 66.21 euros)

The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.

• Sanofi (-1.68% to 47.68 euros)

The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.

• Natixis (-1% to 2.36 euros) and Safran (-3.69% to 25.32 euros)

The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.

• STMicroelectronics (-4.92% to 4.73 euros)

The group has financial capacity to make acquisitions in microprocessors or motion sensors if the opportunity arises, says the CEO of a Wall Street Journal interview published Monday.

• ABC Arbitrage (-1.98% to 6.45 euros)

The company specializes in exploiting price differences between similar financial instruments, recorded a net profit of 16 million euros over the first six months of the year against 15.3 million euros in the first half of 2010.

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The United States would release 300 billion for employment

Thursday, September 8th, 2011

At a time when European governments are in turn in place policies of fiscal restraint, the United States seems to them the choice of stimulus. Concordant sources, Barack Obama should indeed announce a plan for $ 300 billion (about EUR 213 billion) to boost employment and growth.

For now, the Obama administration has not officially given details on this program to support the economy promised on August 15 which outlines what must be unveiled Thursday by the head of the White House.But according to CNN, during his speech to Congress which will be broadcast on television, U.S. President should mainly announce new tax cuts for the fight against unemployment, which appears to 9.1% in August United States.

Likely lower expenses

The Bloomberg said that the taxes acquitées by workers expected to decline by 2% on 31 December. Expenses paid by employers should also be reduced. The agency adds that the program should also include new public spending on infrastructure construction next year.

The Federal Government should also give direct aid to states and local communities credit reports free. Bloomberg said that the aid would go through the suspension of staff redundancy programs in hospital emergency rooms and teachers.Education is expected as an important part of the speech of Barack Obama.

These new expenditures should be fully offset by budget cuts, which will be specified by the head of the White House, says CNN. But according to Bloomberg, to fund these new measures, Barack Obama should prompt Congress to offset the costs of job creation in the short term by new taxes on income in the longer term. According to Bloomberg, the president of the United States should present the proposed budget cut next week to members of Congress charged with finding a way to reduce government debt.Barack Obama and succeed in reconciling policy stimulus and lower budget deficits, Bush is indeed bound by a program to reduce the deficit over time.

To a higher VAT for luxury hotels?

Friday, September 2nd, 2011

Wednesday, the Finance Committee has removed one of the measures of the austerity plan of government: the increase in VAT from 5.5% to 19.6% in the theme parks. Problem: this increase was to bring 90 million euros annually to the state. Gilles Carrez, the UMP rapporteur of the Budget to the Assembly, has devised a solution to compensate this loss. It proposes to increase from 5.5% to 19.6% VAT for five-star hotels and palaces.

Gilles Carrez also wants to restore rebates on real estate gains for second homes and rental investment flexcheck cash advance. The reduction would be 5% per year after five years in prison, resulting in a total exemption after 25 years. In its austerity plan, the government abolished the previous reductions (10% per year after five years). MP seeks action to offset the cost that would be generated by the new allowance of 5%.

All these measures are only proposals. They can not see the day that if affirmative vote of deputies and senators at the meeting.

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Expected to increase conservative Wall Street this afternoon

Wednesday, August 31st, 2011

Shortly before the opening of the New York Stock Exchange, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.91%, respectively, to 1215.80 points and 2246.25 points to 0.86%, leaving hope for a beginning of the session up. The Dow Jones was expected to share up 0.79% at 11,583 points.

U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

Indeed, investors should react in particular the results of the ADP survey of employment in the private sector for the month of August, to be unveiled at 2:15 p.m. before, so the opening of Wall Street.The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (1.23% on Tuesday in closing) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, where the green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (-3.21%) is preparing to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal, citing people close the file.

Hewlett-Packard (-0.26%) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

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For Obama, Congress slows recovery

Sunday, August 21st, 2011

Barack Obama came on the same level in the campaign for his re-election in 2012, do not miss any opportunity to castigate the Congress. And first of his Republican opponents who control the House of Representatives. After accusing them of having lost the country's triple AAA, the U.S. president, on Saturday from his holiday resort of Martha's Vineyard, singled out "some" blocking parliamentary measures "common sense" intended by him , create jobs and help growth.

In its traditional broadcast weekly radio address, Barack Obama said the bill, currently stalled, relate to the construction, trade and taxes, and that they should "boost" the economy. "The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said.

Barack Obama also confirms the fears of equity markets on the health of the world's largest economy. "We are in a difficult, terrible recession," he admitted. "So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve online payday loans. We need to solve problems by putting aside our differences, "he adds.

"Do not betray his principles"

The response from the other side was not built to wait. "Divided government is no excuse for doing nothing," ruled John Kasich, the Ohio governor, in a speech on behalf of the Republican opposition. "It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth. "

The latter, however, urged his side to make more compromises when necessary. "It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high. We can compromise on policy as it does not betray his principles. "

U.S. debt: the savings plan scaled back

Sunday, July 10th, 2011

The U.S. lawmakers are reviewing their ambitions down. The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years required by the President of the United States is now on a more narrow of the order from 2000 to 3000 billion dollars in savings, to be negotiated between Democrats and Republicans, said John Boehner.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Budget cuts

The aim of the negotiations that are straining the elected representatives of two major American parties is twofold: first, raising the U.S. debt ceiling authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt is not sustainable in the medium term. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system.However, the U cash advance no fax.S. national debt has already reached the summits, looked with suspicion by the rating agencies. In this context, the figure of 4 trillion reassure markets further.

Electoral concerns

After days of deadlock, negotiations appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House.Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

Rumors surrounding the release of Apple TV

Wednesday, June 29th, 2011

The scenario leading to the release of Apple TV is taking shape. As the months that preceded the presentation of the iPad, in January 2010, the indices in Asia begin to multiply. Since the beginning of the year, analysts who were on the scene returned with the assurance that Apple had already started working with his subcontractors on the project. "Apple is in the preliminary stages of designing a TV," wrote this weekend Katy Huberty, the investment bank Morgan Stanley.

The entry of Apple in the TV segment, though still in the rumors, is already the subject of scholarly speculation in financial circles.According to the analyst Gene Munster of Piper Jaffray, which published a note last week, an Apple TV would make the company an annual turnover of $ 2 billion in 2012, a total market of hundred billion dollars. For its part, Morgan Stanley expects additional revenues long-term $ 19 billion, three-quarters of revenues generated by the iPhone in 2010.

The Apple TV built into a TV

If the analysts are so sure two is that while Apple pushes prior to embarking on television. The company initially afford, thanks to profits generated in recent years by the iPhone and iPad. Perched on a cash reserve of 77 billion dollars, Apple announced earlier this year signed a two-year contract for $ 3.9 billion from a mysterious supplier.According to Gene Munster, this investment will supply 3.5-inch screen (diagonal measurement of the iPhone) to 50-inch TVs.

More importantly, analysts point out that the TV fits perfectly into the strategy of Apple. The company markets since 2007 Steve Jobs Apple TV, a box that provides access to the contents of Mac and online services on the big screen the show. First described as a "hobby", the small device has received a major update last fall. He is now based on the same basis as the iPhone, which takes the processor and operating system, IOS. Apple has sold 2 million since then.

Leaving a TV, so Apple could integrate Apple TV into a flat screen and add some new features free business cards."Videoconferencing FaceTime, the App Store App Store and iTunes and the game would find their natural place," writes Brian White Ticonderoga Securities. This TV would display the photos, music and files stored on icloud, the new storage online Apple suggests Gene Munster. As for Apple TV today, the unit would go from an iPhone or an iPad, as a remote control.

The reluctance of TV

Analysts who have studied the subject, the players already installed, such as Samsung, LG and Sony have every reason to fear the arrival of Apple. The power of its brand and the uniqueness of its design would wreak havoc. "Television is the center of living rooms around the world, and an Apple TV would likely be a huge success," anticipates Ticonderoga Securities.As for the iPhone, Apple could attempt to enter the market by the high-end model with a 2000 dollars, Piper Jaffray suggested in the summer of 2010.

In addition to competing with electronics manufacturers, Apple would also respond to Google and Microsoft, that have made television a major development. After testing mixed in television connected, Microsoft has taken a strong position in the home through the Xbox 360, and its video-on-demand and video conferencing. Google, which launched last year the platform Google TV, is it more worthwhile. But a major update, dubbed "Fishtank" is in preparation.

Despite these optimistic forecasts, Apple will have to adapt outside the United States in very specific local markets.In France, telecom operators already provide access to video on demand and Internet through their "box", very well established. For now, televisions connected televisions are more "connected", judged last week Nonce Paolini. Preparing for the arrival of Apple and Google, the owner of TF1 has also requested a "sanctuary of the signal" so that these new actors in television do not add information connected interactive emission channels without permission.

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United States and Europe to equality before the financial crisis

Thursday, June 9th, 2011

The postman always strikes thrice. After Standard & Poors, which last April, had deteriorated from "stable" to "negative" view of U.S. Treasury debt and Moody's last week, it was the turn of the rating agency Fitch 's worry about the state of public finances. This new warning shot has been received with a certain coolness in the financial markets. Neither the dollar nor the yields of Treasury bonds have really responded. The greenback has recovered even vis-à-vis the euro, while flexing against the Japanese yen and Swiss franc, which are now designated as safe havens.

The reason is that the warning of the three rating agencies is aimed mainly at American politicians."There is an increased risk that the White House and Congress fail to agree to raise the debt ceiling," Standard & Poor's had estimated a month ago and a half. Fitch takes this same vein, fearing a "governance crisis" in America.

Somehow the Old Continent and the United States now find themselves tied. On the European side as they felt the injustice of sovereign debt crisis that has raged for over a year now.

For the euro area figures are "much better" than the U.S. federal government, continue to remind Christine Lagarde and Jean-Claude Trichet, whether deficits (respectively 4.4% and 10 , 8% of GDP in 2011) or the importance of debt (87.3% of GDP and 99.5% by the other side of the Atlantic).

The argument was certainly largely specious, since the European Monetary Union is not a political federation Low fee payday loans. It is therefore appropriate that the financial markets address the weak links in the club (Greece, Portugal or Ireland). And here is the political will of member countries of the euro area, their solidarity, which is on the spot.

A recovery "desperately slow"

In a different institutional context, the cohesion of the United States is, too, on the grill.Not the Federation itself, but the coexistence of a democratic government and a Republican majority in Congress, even less inclined to make reciprocal concessions that 2012 will be a presidential election year. "There is a risk that the electoral timetable in the United States, France and Japan and possibly elsewhere, may complicate the implementation of policies (fiscal consolidation), had also warned the IMF in its meeting in April.

The political equation of American public finance is even more delicate than the economic, monetary and financial seems more uncertain than ever. Ben Bernanke, the Fed chairman, the Central Bank, acknowledged Tuesday that the takeover was "desperately slow", arguing for a "monetary policy accommodative." This means keeping interest rates low.

But the extension of quantitative measures and Others sing beyond June 30 this seems to be excluded. In other words, the Fed will stop its purchases of Treasury bills, while last fall she has covered 70% to 80% of paper issued by the federal government to finance its deficit. This means if the injunction of credit ratings agencies must be taken seriously.

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The debate about replacing DSK IMF opens

Thursday, May 19th, 2011

The U.S. government has dropped Dominique Strauss-Kahn. The United States, largest shareholder in the International Monetary Fund (IMF), followed by China, have been opened wide debate replacing the selection of the head of the monetary institution. "Obviously Dominique Strauss-Kahn is unable to manage the IMF," said Tim Geithner on Tuesday night. It was the first public comment from the U.S. Treasury Secretary on the individual circumstances of DSK. "It is important that the Board of Directors of the IMF should establish a formal ANYONE who acts as General Manager for an interim period," added Tim Geithner knows very well that the IMF for having been one of its Senior from 2001 to 2003.

A few hours earlier, the question of succession had already been given to the public by European leaders.Including Angela Merkel, then by the finance ministers of Austria and Spain. Some did not wait to know whether Dominique Strauss-Kahn would be prosecuted for speaking openly about his replacement.

John Lipsky, IMF number two just became number one acting. Photo credits: Haraz N. Ghanbari / AP

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