Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals cash advance.Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to help countries in trouble. Germany refuses. Sign of the tensions still very strong on sovereign debt, the performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8% in session on the secondary market.

Values ​​to follow

Axa (1.67% to 8.85 euros)

Groupama considered too low prices offered at this stage for its subsidiary Gan Assurances and may delay the sale beyond the end of 2011, reports vendrediLes Echos.

The purpose of the meeting, namely save 12,000 points, was not required. The wait has indeed been the watchword of the early week, prior to the G20 on Thursday and Friday in Cannes, where details should be made on the details of the agreement found in anti-crisis pain last week by the European leaders.The meeting of 20 major economies is also expected to learn more about the country or not willing to provide assistance to the euro area, particularly those that abounded to strengthen the European Financial Stability Fund (EFSF).

From this point of view, the information coming from China will be scrutinized carefully, as the rumor last week gave ready to help the euro area up to 100 billion. Confirmation of this outstretched hand should be seen by investors as an additional guarantee of the remoteness of the risk of contagion of the Greek crisis in the entire euro area cash advance today. Saturday, the credit rating "AAA" of EFSF was confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch.

Despite the caution expected, the decline is somewhat less pronounced than in other financial centers.If macroeconomic issues set the tone in the markets in recent weeks, the place New York has received quarterly publications of good quality. According to Bloomberg, three-quarters of the S & P 500 so far released their half year exceeded expectations. On average they exceeded analysts' forecasts of 5.8%. What support the stock market rally seen across the Atlantic: September 30, the U.S. benchmark index has awarded nearly 11%.

The dollar advance against the yen, oil decline

The decision of the Japanese government, who spoke Monday on the foreign exchange market to weaken the yen, playing on the foreign exchange market. To 21 hours in Paris, the U.S. dollar rose against the Japanese currency to 78.16 yen against 75.81 yen on Friday night. For its part the European currency rose to 108.98 yen against 107.31 yen Friday.

On the commercial, the brand has benefited from the generosity of telecom operators no fax cash loans.While the iPhone 4S is priced starting at 629 EUR without subscription, SFR proposed to 129 euros with a subscription. The offer was so successful that he is out for the operator. In the U.S., the iPhone 4S is available from $ 199, with a subscription Wi-Fi in three operators.

It is also difficult not to link the commercial success the emotion aroused ten days ago by the death of Steve Jobs, the founder of Apple. Testimonials from fans vowing to take their phone to replace it with an iPhone 4S in honor of its inventor had multiplied. They probably kept his word. He had never sold as many copies of an electronic device in such a short time.

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To this we must add back the same day of the troika of the creditors of Greece in Athens. They should resume talks with the leaders of the country for the final closure of the 2012 draft budget, and review the privatization program, which drags on. The troika will also discuss measures to be implemented after 2012 to achieve the multi-year budget plan approved in late June, providing 28.4 billion euros in savings by 2015.Side calendar, the German Finance Minister Wolfgang Schäuble said on Thursday that the green light to the payment of the sixth and vital slice of aid to Greece would probably be given on October 13 after a meeting of finance ministers the euro area.

On the macroeconomic front, investors will pay close attention to weekly claims for unemployment benefits (14:30), and the third estimate of GDP for the third quarter (at the same time). Real estate side, the figures promise of housing for the month of September will be released in 16 hours.

On the foreign exchange market, the euro appears up to 1.261 dollars (0.66%). Oil prices went up Thursday for their part, driven by renewed optimism after the adoption of the operators in the German parliament building of the European Relief Fund (EFSF).Around 24:30, a barrel of Brent North Sea crude for November delivery was trading at 105.03 dollars on the Intercontinental Exchange (ICE) in London, up $ 1.22 from the close of Wednesday.

Values ​​follow:

• LyondellBasell

French employees of the American specialist petrochemical voted on Thursday extended for 24 hours of their strike and blockade on all Group units in Berre (Bouches-du-Rhône), due to the closure of the refinery bad credit unsecured personal loans. Meeting in mid-day general meeting, they voted the renewal of the movement by a large majority.

• Advanced Micro Devices

The U.S. manufacturer of microprocessors said Wednesday it lowered its forecast for revenue and gross margin for the third quarter, partly because of production problems at a plant in Germany.The group now expects its revenue for the quarter ended October 1, increase by 4 to 6% over the second quarter against a previous forecast of 8 to 12%.

• Amazon

Internet group Amazon introduced its first multimedia tablet Wednesday, the Fire Kindle, sold half as much as the market leader, Apple's iPad, which promises to be a credible competitor. Sold $ 199 (against at least 499 dollars for an iPad) as of November 15, exclusively in the United States as a first step, the Kindle Fire is part of the range of reading lights Amazon Kindle has been declining for four years.

• Hewlett-Packard

The U.S. computer group used the services of investment bank Goldman Sachs to help it defend itself against a possible hostile bid, said Wednesday the Wall Street Journal.Weakened by the collapse of its share price and the recent upheaval at the helm, the group was concerned that one or more shareholders trying to take control, the newspaper business, citing people familiar with the matter.

• Nokia

The world of mobile phones said Thursday it plans to eliminate 3,500 jobs in Romania, Germany and the United States by the end of next year."Nokia plans to close its operations to Cluj in Romania by the end of 2011 (…) and plans to close (its settlements and commercial activities) in Bonn, in Germany and Malvern, United States," by the end of next year, the company said in a statement.

• Ford

The automaker plans to hire 7,000 people within two years the United States, ruling that the U.S. economy do not wipe recession.

• General Motors

The group said Thursday that the new contract four-year agreement with the United Auto Workers (UAW) would have a financial impact "minimal".

Lionel Heurtin – I do not know if it's a good thing but I see that the composition of the CAC 40 reflects the French industry side. Total is the largest market capitalization (71.9 billion euros at September 23), Sanofi, the second (62.5 billion) and LVMH (53.3 billion) in the third. There is a little less than a year, BNP Paribas was one of three French companies the most important stock exchange. Today it was down in sixth place and is the only bank to be among the ten largest companies by market capitalization French.The summer market slump prompted investors to retreat to defensive stocks.

After Natixis, can we consider the output of another bank in the CAC 40?

Although they have declined sharply during the crisis, banking stocks are among the largest market capitalizations French. Depending on the current caps of different values, it would be more companies like Accor, Cap Gemini, STMicroelectronics and Veolia Environnement, which would be threatened to leave the Cac 40. More than a bank exit of the Paris stock, rather a good idea to expand the ACC and raise it to 100 values. To cover their risks, some investors sold financial products built on evidence without looking at the fundamentals of companies. What weighs particularly on large caps, so Total and Sanofi.It is surprising that the market has completely reversed in 10 years. In 2000, small caps were the cheapest. Today it is the large caps.

Mistrust vis-à-vis the banking stocks is justified?

I think the attacks against banking stocks are exaggerated. The markets are scared. The exposure of French banks to Greece is not so high, the Italian term change of government, and will implement austerity measures more easily and Spain, the big banks are sound, even if uncertainties remain on the property. To reassure investors would require the state, as in 2009, requires a preferential action on banks to retain a veto, rather than nationalize – which would dilute the shareholding and could worry investors.Now I do not think that French banks may need to be recapitalized.

Is this the right time to buy bank stocks?

It is still perhaps a little early, but there are many sellers in the market and very few buyers. I sold a lot of banks in 2007, I come back gradually: I particularly strengthened BBVA in Spain. In France, there must be only 20% of equity managers who banks at the level of evidence and beyond in their portfolio. The decision to return to this sector should create value. Three years ago, banking stocks were worth 3 times their equity. Today they are worth between 0.3 and 0.4 times their capital. I feel more comfortable with banking stocks today than in 2007, while capital increases should step in and dilute the potential revaluation.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed to aircraft arriving Saturday at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, nearly 8,000 flights should be canceled.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour. The subway, buses and railways do not circulate. Motorists have also been asked to leave their cars at home until the alert is lifted.If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways.900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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In July, Crédit Agricole said that the participation of the bank in terms of aid to Greece and the operations of its subsidiary Emporiki, the country would have an impact of up to 850 million euros on its performance in the second quarter. Finally, the load is lighter than expected: Greece does not cost "only" 640 million euros on quarterly Credit Agricole. A load that is distributed as follows: 202 million euros (146 million after tax) for impairment of securities of the Greek states and 494 million for the goodwill of the Emporiki Bank (2006).However, the debt problem gecque led the market value of Crédit Agricole in a dramatic decline: its stock has lost nearly 35% of its value since the beginning of the year.

These results confirm the long-term goals

As for results, the bank has indeed announced Thursday a net profit after minority interests fell by 10.6% to 339 milion euros in the second quarter versus the same period in 2010 payday advance. But this is higher than expected by analysts who had forecast a quarterly profit of 193 million euros. BNP Paribas and Societe Generale were published at the beginning of the respective benefits of 2.12 billion euros and 747 million.

According to the CEO of Crédit Agricole Jean-Paul Chifflet, these results confirm a positive underlying trend at the operational level of the bank, in the 2014 strategic plan, presented last March. The group aims to achieve a return on equity of 10% to 12% by 2014. The bank would also surpass the 25 billion euros in net banking that date.

In the medium term, Crédit Agricole has no plans to increase the capital despite the market turmoil in July and August, denied the report, published Wednesday in the Letter of expansion of 1.5 billion euros, dedicated the recapitalization of its subsidiaries in Southern Europe. However, the group recognized that its goal of returning to profit for Emporiki Bank in 2012 would be compromised.

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The assets of the SME, based in Paris and Hong Kong are located in Indonesia. "A portfolio of seven fields at the moment, too focused to be operated directly by large heat but the quality allows us to sell under the right conditions for electricians Chinese," said Michele Assouline. Because even if China is by far the largest producer of coal, the country does not hesitate to import.Among other benefits, the deposits in Indonesia are mostly open, so quickly exploited. Given the pace of production – 150,000 tonnes per month and double by the end of 2011 – Sparkling Commodities has visibility over several years.

Partner search

Although located in a niche market, its ambitious targets – it aims in particular the Indian market – fueling the search for partners. Contacts were established with a great actor, an association that could serve as a prerequisite for market introduction Same day payday loans. Unless the SME opts directly to the Exchange. Michele Assouline appears more confident about the future of the disaster Sparkling Commodities Fukushima reiterated the importance of coal. "Nuclear power will not go away, but between, at least in a period of uncertainty.For its part, the gas having problems routing, with heavy infrastructure to implement. Finally, the intermittent nature of renewable energy requires the support of fired by fossil fuels, "said she. There remains the thorny issue of CO2 emissions. "The clean coal technology is moving very fast. Everyone is aware of environmental constraints: the Chinese are no longer accepting ore from which the sulfur content exceeds 1%, "says she.

Michele Assouline regret that Indonesia attracts so few French investors, "despite a stable policy environment and opportunities in many sectors."This fall, she plans to also in his capacity as Vice President of MEDEF Paris to organize an event focused on that country.

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