"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

This morning, the spread between government securities, french and German, that reference in the euro area, has reached a new record since the inception of the euro with an increase of 8 basis points (bps ) to 173 bps.

In Italy, Prime Minister Mario Monti called for a short time to market his team to form and implement a program, which will contain "sacrifices cash advance." For its part, the new Prime Minister of Greece, Lucas Papademos, assured that the implementation of decisions taken at the top of the euro area on October 27 would be the "main task" of the new government, preventing the Greeks from one period difficult. He has said the country's public deficit in 2011 will be reduced "at around 9%" of GDP.

This morning, the euro continued its decline against the greenback. The single currency is dollar 1.3583 (-0.29%) in morning trading. The small increase in oil is: a barrel of "light sweet crude" for December delivery gained 8 cents to 98.22 dollars a barrel while Brent North Sea crude for December delivery took 44 cents to 112.33 dollars .

In terms of numbers, the net result of 57 companies (660 billion euros in total assets combined) in which the state is now stood at 7.9 billion euros in 2010, "a slight increase over that observed in 2009 "(7.4 billion), the report of the EPA.

Under the fiscal 2010, the State should receive 4.4 billion euros in dividends in 2011, "which is the level of dividends received in 2010."The rate of distribution to the State recorded a moderate decline from 59.5% in 2010 to 55.7% in 2011. However, it remains higher than for large companies in the CAC 40.

In a context of bearish markets, the portfolio of listed state accounted for 69 billion market capitalization at September 1, 2011 (as against 88 billion at September 1, 2010)."The value of the portfolio is highly concentrated EPA under the EDF, which fell by 35.17% over the period," says the document.

The evolution of the portfolio reflects in fact "a wide variety of situations" from positive performance in aeronautics / defense to significant reductions of "cyclical" (motor transport) or the financial sector.

A government that is perfect

Governance side, the state shareholder wants to be perfect, either in terms of earnings, mix, or territory. Thus, the overall percentage of women board is 15% in companies where the state is a shareholder. This rate rises to 20% for its own representatives.The state ownership "ensure that executive compensation is directly linked to their performance," says he, too.

The State shall last to the industrial development strategy of companies in which it operates. In 2010, Nicolas Sarkozy had called for a competent administrator in industrial systematically accompanies the representative of the EPA in the boards of industrial enterprises. It's done.

And since last year, the owners of the companies concerned are not a "regular" with the Minister of Economy. The main objective is to promote the activity in France.The results of the investigation Bercy last two years are quite encouraging: investment on French territory increased by 7.3% between 2009 and 2010 – even though they are very different industries – and jobs back less and less each year.

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Moderated somewhat in early trading, the Paris market has accelerated the pace in the afternoon, reassured by the good performance of Wall Street. In session the Dow advanced 1.77% and the Nasdaq 1.49%. To observers, the shift is mainly due to the information that has filtered through the preparations for the EU summit scheduled between Sunday and Wednesday. Finance ministers of 17 countries of the monetary union have found themselves in the afternoon on Thursday in Brussels to finalize this key event for the euro area.Paris and Berlin have already announced that Nicolas Sarkozy and Angela Merkel would meet Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures should then be unveiled during a second summit to be held "no later than Wednesday."

The bad news relegated to planIl will then not only to agree on how to increase the capacity of the European Financial Stability Fund (EFSF), but also to review the new rescue plan for Greece.

Hope for quick and concrete progress on the thorny issue of sovereign debt in the euro zone was overshadow the bad news of the day. After Moody's, Standard & Poor's raised doubts about the triple-A long-term debt of France, where strong economic downturn.In the same case scenario, the agency also mentions a possible degradation of the notes from Spain, Italy, Ireland and Portugal according to economic conditions.

Weekly balance sheet negative for banks

Bank stocks, regaining ground as we approach the Summit of Heads of States in Brussels. BNP Paribas was up 6.22%, 5.59% Societe Generale and Credit Agricole of 3.93%. On the week, however, accuse the banks of heavy losses. Over the whole week but it heavy losses. In five days, Societe Generale lost 8.95%, 6.82% Credit Agricole and BNP Paribas 1.46% guaranteed pay day loans.Unlike some of the best performance on the CAC 40 weeks, there is Pernod Ricard (3.76%) and Danone (3%) who announced results considered of good quality, in the last days.

• Essilor (+3% to 52.48 euros)

The world leader in ophthalmic lenses achieved a growth of 6.4% of its sales in the third quarter 2011 to 1.04 billion euros. The group also confirmed its target for 2011 growth of its business "between 6% and 8%" at constant exchange rates and strategic acquisitions, and its goal of stability margin excluding strategic acquisitions.

• Safran (-8% to 22.20 euros)

The group confirmed its targets for 2011. It aims for 2011 growth of around 6% to 9% of its revenues and 25 to 30% of its operating income.Safran has seen its turnover increase from 5.2% to 2.72 billion euros in third quarter

• Valeo (6.63% to 35.85 euros)

The group reported a turnover up 14% in the third quarter to 2.6 billion euros and confirmed its operating margin target for 2011.

• Klépierre (4.01% to 22.28 euros)

The group reported a growth of 4.9% of its sales in the third quarter, supported by the increase in rents shopping centers.

• FranceTelecom (2.58% to 12.94 euros)

Orange will acquire 100% of the mobile operator CTC (China Telecom Congo) in the Democratic Republic of Congo, the French group paying $ 10 million (7.3 million) to ZTE for its 51% of CTC and 7 million dollars to the Congolese government for the balance.

• Pierre et Vacances (0.59% to 29 euros)

The group reported Thursday a 2010-2011 annual turnover of 1.47 billion euros, up 11.2% on a comparable basis. Solely on the fourth quarter of fiscal year, ended Sept. 30.

• Etam Développement (2.81% to 14.25 euros)

The group released Thursday a quarterly revenue of 269.4 million euros, down 10.7% on a comparable constant exchange rates.

• OL Group (-0.68% to 4.40 euros)

The group announced Thursday it had reduced its net loss to EUR 28 million for the year ended June 30, against 35.6 million a year ago and have returned to a positive EBITDA (8 , 9 million) "despite a very mixed season in sport."

Politicians of the old continent have already promised that a solution to the crisis would be found. "Monday morning he will have the markets, the United States, China and the IMF are convinced that Europe has a plan, a European official placed loose in the heart of the discussion. If there is no agreement, each European country will be reduced to playing individual survival. "

Meanwhile, last minute negotiations are increasing.Nicolas Sarkozy visited emergency yesterday in Frankfurt to resolve differences between France and Germany directly with Angela Merkel. No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.

Chapter macroeconomic, Germany will provide the Government's economic forecasts. Across the Atlantic, the weekly claims for unemployment benefits will be published 16 hours and the resales of September and the composite indicator of economic activity.Activity in the Philadelphia area in October will be known 16 hours.

New burst of publications

As for values, the Dexia should respond to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank. Legislators have asked, however, a principle of banking counterparties.

Pernod Ricard achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.

Schneider Electric has lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros in the third quarter.

Publicis announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still think recording "above market growth" over the entire the exercise.

The manufacturer of smart cards Gemalto, the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.

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Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters no fax cash advance.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

Elsewhere in Europe, ahead of London and Frankfurt 1.43% from 1.47%. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound. Europe follows the trend, despite the announcement of the degradation of the Italian note by Moody's.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector payday loan companies.

Indeed, Brock U.S. on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2.80 for Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The values ​​of energy and insurance markets in the eye

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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]]> http://eaforum.org/the-cac-40-is-trying-to-make-a-step-forward/feed/ 0 http://eaforum.org/the-cac-40-is-limping-along-after-the-debacle-of-dexia/ http://eaforum.org/the-cac-40-is-limping-along-after-the-debacle-of-dexia/#comments Tue, 04 Oct 2011 15:39:20 +0000 admin http://eaforum.org/the-cac-40-is-limping-along-after-the-debacle-of-dexia/ The mood is gloomy Tuesday in the Paris Bourse. The debt crisis, fears of a default Greek and the difficulties of Dexia still saddled markets. The CAC plunged 2.7% in mid-session at 2 845.78 points after having been closed on Monday, down 1.85% to 2926.83 euros. Elsewhere in Europe, London was down 2.22% to 4,962.80 points and Frankfurt from 3% to 5 215.50 points.

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

Fears weigh on the euro area also on the European currency. The euro sank below the $ 1.32 in late morning, its lowest level since January against the greenback, carried away in the turmoil of the debt crisis and the postponement of a decision on Greece by the finance ministers of the euro area. Mid-session, the euro bought 1.3184 dollars against 1.3178 dollars late Monday.First thing in the session, he even fell to 1.3146 dollars, its lowest value since January 13.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost 1.47% dollar to 76.47 dollars in the morning.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone in August expected at least 16 hours. 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 (-20.77% to 1.03 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" quick guaranteed personal loans. His last note was placed on negative watch by Moody's. Deminor insists that the shareholders are consulted before any decision on a plan for the future of Dexia, said the consulting firm to shareholders in an open letter disclosed by Reuters.

For its part, Societe Generale (-3.95% to 18.22 euros) halved its need for long-term financing in 2012, she announced.The French bank will only need 10 to 15 billion euros.

Also in the European banking sector, the first German bank Deutsche Bank has abandoned its goal Tuesday to reach a record operating profit of 10 billion euros this year, but assured that it will profit in the third quarter.

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.

Stallergènes (-3.63% to 44.81 euros) announced a reorganization of its governance, which will see the arrival of a new executive managing director in early 2012.

GDF Suez (-1.70% to 22.02 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 (-1.31% to 63.50 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 (-6.88% to 46.02 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.

Group Gorge (9.95% to 6.74 euros) flames just after the announcement of its largest order in the nuclear industry, a contract of 30 million euros in China.

Elsewhere in Europe, the Dax in Frankfurt Stock Exchange lost 1.10% and the FTSE in London yields 0.50%.

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