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.

The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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"Gas prices will be frozen property on October 1

Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone on the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D personal business card.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

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.

The fears of a contagion of debt throughout the euro area after exacerbated to "A/A-1" against "A + / A-1 +" in the night of Monday to Tuesday by Standard & Poor's. The rating agency also maintained a negative outlook on the evolution of the Italian economy and fears of political uncertainty. For the record, the Berlusconi government faces a debt of 1.9 trillion euros, or 120% of its annual GDP.An austerity plan has been adopted by Rome last week, providing 59.8 billion euros in savings with the objective of bringing the budget to balance in 2013. But for now, markets are not convinced.

As for adding fuel to the fire, the prospect of ending the crisis drags on in Greece. The conference call scheduled for Monday between between the Greek Finance Minister Evangelos Venizelos and the three leaders of the troika of the creditors of Greece, which gave birth to a mouse. The meeting, which aimed to reassure the ability of Greece to meet its commitments on reducing deficits, and has resulted in "no official announcement." And, after being delayed, as was held in the evening, while deny was originally scheduled for early afternoon.These evasions have nothing to reassure the markets, waiting for the release of the next tranche of Athens international loan of 8 billion euros by the end of critical October to break the impasse.

Barack Obama raises his voice

Instead, a new conference of the same type to take place on Tuesday, said the European Commission in a statement. To this must be added the possibility of an outflow of the euro of Athens as the Greek daily Kathimerini, the Greek government would consider holding a referendum on the continuation of the European currency. To summarize the current concern, Pedro Passos Coelho, Portugal's prime minister, warned in our columns that "if Greece dark, the whole European Union is at risk."

At the European gloom, in addition to lingering fears across the Atlantic, where Barack Obama announced a plan to further reduce the deficit of 3000 billion on Monday, financed half by tax increases for the rich, did not produce any relief. While demonstrating in front of shocked Wall Street against the "greed" of banks, including the U.S. president called the easiest to "pay their share," choosing not to extend beyond the end of 2012 the tax breaks granted to more off by the administration of his predecessor, Republican George W. Bush (800 billion dollars and would be recovered over ten years). "We can not afford these tax rates low for the rich.We can not help us while we are suffering large deficits, "he said.

A meeting of the Fed on rates

On the macroeconomic front, France, received orders worth in the industry in July will be released at noon Faxless payday loans.

In Germany, the ZEW barometer of confidence the financial community is expected at 11:00.

United States, the housing starts in August will be announced at 14:30. And above all, a meeting of the Monetary Policy Committee of the Fed starts on Tuesday for two days. The U.S. central bank is expected to launch a program to exert downward pressure on interest rates over time. The announcement could calm the markets, especially as the Fed pledged to keep rates low until mid-2013 as a minimum.

On the foreign exchange market, the euro fell against the dollar Tuesday as investors fearing an extension of the debt crisis in the eurozone. In the morning, the euro bought 1.3613 dollars against 1.3692 dollars the night before.

As for oil prices were mixed Tuesday morning in a market still concerned about the debt crisis in Europe after the fall of the note of Italy by Standard and Poor's. In early electronic trading, a barrel of "light sweet crude" for October delivery gave up five cents to 85.65 dollars per barrel of Brent North Sea crude for October delivery gained 48 cents to 109.62 dollars."The downgrade by Standard and Poor's has some worried the markets," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

Values ​​to follow

• Banking

Societe Generale, BNP Paribas and Credit Agricole were again under pressure. Standard & Poor's announced that it lowered a notch credit ratings long and short of unsolicited Italy, while maintaining a negative outlook.

• PPR

The Group confirmed the abandonment of the auction held to sell Redcats, a subsidiary of distance, a failure that demonstrates the negative impact the financial crisis on mergers and acquisitions transactions.

• Carrefour

The retailer plans to open within a year a luxury supermarket Place de la Madeleine in Paris (8th arrondissement) of 3500 square meters, La Tribune said Tuesday.The group distribution was confirmed to AFP on the eve "the existence of a project in the district of Madeleine," without specifying the content, however.

• Total

The oil company is seeking buyers for assets it holds on the British part of the North Sea without being involved in the operations, says Bloomberg. The value of these assets could reach 575 million euros. Total plans to invest in contrast to other sites in the North Sea.

• Zodiac Aerospace

The group released an annual turnover in growth and reiterated its goal of profitability for the year, thanks to the resumption of the aviation industry.

• ADP

The company announced that traffic was up 1.4% in August compared to the same month last year, 6.1%.

• Manitou

The group announced Monday to be ahead of at least six months of its turnaround plan after publishing financial results up sharply in the first half of 2011.

The U.S. employment under the microscope

In addition to the announcement of the ECB, investors have ignored another bad news when they were expected to decline, weekly jobless claims rose in the United States during the week to September 3, at 414,000 against 412,000 (revised) the previous week. Also across the Atlantic, the trade deficit to have significantly declined in July to $ 44.8 billion after two consecutive months above 50 billion, with an unexpected surge in exports.In addition, U.S. inventories of crude oil fell more than expected last week, revealed the U.S. Agency for Energy Information (EIA). They fell 3.96 million barrels to over 353 million, while economists had forecast a decline of 1.9 million barrels.

Two discourses are also highly expected on Thursday and will weigh heavily on the next sitting: those of Ben Bernanke and Barack Obama. The Fed chief will speak at the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. Above all, the U.S. president will speak on Congress to 1 am, French time, on employment and growth.It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.

In France, growth in employment has slowed

In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.

The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.

Moreover, according to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening on markets.The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year. In France, activity is expected to increase only 0.9% and 0.4% annualized, against 1.8% and 1.9% previously expected.

On the currency side, the euro continues to widen its losses: the European currency fell to 1.3945 dollars, its lowest level since July 12.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.

Values ​​to follow on Thursday

• Banking

Banks react well to the image of Natixis (2.64% to 2.64 euros), which completes the session ahead of CAC 40 instant payday loan.For their part, Societe Generale gained 0.67% to 19.510 euros, BNP Paribas rose 1.86% to 32.230 euros and Credit Agricole rose by 1.93% to 5.858 euros.

• Areva (-1.40% to 20.475 euros)

The French nuclear group Areva said Thursday was ready to process the spent fuel still present on the site of Fukushima and propose to the Japanese government and the company Tepco lasting solutions to manage the post accident.

• Gemalto (5.61% to 35.475 euros)

The title leads increases the SBF 120, the group is in the midst of "road show", between August 26 and September 15, analysts point out. The action bounces also important on a technical device, which accentuates the rise in the stock, analysts note charts.Since August 25, the title was up over 13%.

• EADS (-1.07% to 21.640 euros)

The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.

Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.

• TF1 (-0.53% to 10.285 euros) and EuropaCorp (-0.91% to 3.26 euros)

The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.

• Ipsos: -3.27% to 26.605 euros

The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.

• GDF Suez: 0.10% to 20.510 euros

The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.

• Technip: 2.12% to 67.29 euros

In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).

• Sanofi: -1.27% to 49.29 euros

Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline.U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.

• France Telecom: + 1.36% to 12.315 euros, Vivendi: 0.16% to 16.090 euros

The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million. Vivendi would see him, his taxes increased from 250 to 400 million.

In any case, what emerges from the latest wave of the Baro-Eco Viavoice for HEC, Le Figaro and France Inter, in August, the total fertility fell by 30 percentage points from May "Unheard of. And, – 55, the index fell to its lowest level since its inception in 2004, "insists François Miquet-Marty, president of Viavoice.

All indicators are in red and some even collapsing altogether. Thus, three out of four frames (+ 25 points) expect a deterioration in living standards in France in general in a year, against one in two in May.And nearly eight in ten (39 + points) forecast an increase in unemployment in the coming months (the survey was conducted before the publication of poor figures from July). "The extent of the deterioration of macroeconomic indicators is particularly worrying," believes François Miquet-Marty payday loans.

Fear of a recession

In this context, it is not surprising that they are pessimistic about the evolution of the economic situation. Seven in ten think that France "will again be in recession" over the coming months."The risks of recession concern especially as states now have more ways to revive the economy," said President Viavoice.

The personal perspectives of white-collar darker too, even though the labor market frameworks remained well oriented in July, according to latest statistics from the Apec, with offers up 67% over 12 months. According to the barometer Viavoice near a two-part (+ 16 points) think their personal financial situation "will deteriorate." More than eight in ten believe that the opportunities to advance their careers will be "weak". "Vote the budget framework of Franco-German proposals against the crisis, G20 in the fall: the appointment of school appear to be crucial to restore the confidence of executives," said François Miquet-Marty.

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