International & World Report

Asian stock markets follow divergent paths on Wednesday. Markets are generally reassured by U.S. data released Tuesday, less bad than expected on the price front in the production and sales details. But the reluctance dominates.

In Japan, the Nikkei decides to follow the good mood on Wall Street has ended sharply higher on Tuesday. The benchmark index of the Tokyo Stock Exchange gained 0.28% to 9574.32 points at closing. The Topix, wider, took 0.22% to 824.65 points. Again, the action of the electric company Tokyo Electric Power (TEPCO), operator of the nuclear accident in Fukushima, illustrated by a jump of 32.12%, after the government submitted to Parliament Support project to fund compensation for victims. The title had already taken 25% yesterday.

In contrast, Hong Kong and Shanghai are losing ground.The Hang Seng loose 0.39% and the Shanghai Composite was down 0.49%. Investors are troubled by the decision of the People's Bank of China to meet Tuesday to 50 basis points on required reserve ratio of banks, hoping to contain high inflation that poses many economic and social risks. Beijing had announced earlier that consumer prices rose 5 guaranteed personal loan approval.5% in May, an unprecedented growth in nearly three years. The banking sector battered the image of Bank of China (-1.27%) and HSBC Holdings (-1.01%).

The KOSPI Korea following the Chinese markets and decline of 0.17%. Same thing for the Indian Sensex losing 0.31% and the S & P dropped 0.43% Australian. In Australia, the rating is pulled down by the airline industry. Qantas Airways (-1.06%) and Blue Holdings (-3.33%) and are penalized by their decision to cancel domestic flights due to volcanic emissions.

Trend mixed before U.S. crude stocks

The time is also reluctance on the oil markets on Wednesday. In morning trading, a barrel of light sweet crude for July delivery lost 25 cents to 99.12 dollars while that of Brent North Sea crude for delivery rose 49 cents identical to 120.65 dollars.

Investors await the day the report on the status of stocks of petroleum products in the United States. Analysts surveyed by Dow Jones Newswires, crude oil inventories have fallen by 500,000 barrels last week. In contrast, gasoline stocks had risen by 400,000 barrels and distillates (including diesel and heating oil) of 900,000 barrels.

This is no time to feast on world markets and the Paris Bourse was not really moving. This Friday, the CAC 40 opens just in balance, rising a timid 0.08% at 4008.43 points, retaining the symbolic threshold of 4000 points, and was saved yesterday after a lackluster session. The signals sent from Wall Street are not encouraging, nor those sent by the Asian markets on Friday morning.

Prudence therefore prevents excessive risk taking. Especially as investors await the release earlier this afternoon by the U.S. Department of Labor's highly anticipated monthly report on employment. He should come to confirm the trend shown in recent days across the Atlantic by the wrong numbers ADP and weekly jobless claims.Still on macroeconomic, the French budget deficit stood at 33.6 billion euros at end-March against 28.9 billion a year earlier, according to data released Friday by the Budget Ministry.

German industrial production for March is also expected.

Side currency, the euro rising slightly against the dollar at 1.4566 dollar. The European currency plummeted against the greenback following the announcement by the ECB yesterday kept the interest rates at their current levels until at least July. On the commodity front, the dollar's rebound has led to a plunge the entire sector. Oil has fallen below including $ 100 in New York, while silver lost 13% and 4% gold.

Values ​​to follow

Total

The oil company should react to the sharp drop in oil prices flexcheck cash advance.

Alcatel-Lucent

The telecommunications equipment has greatly reduced its losses in the first quarter to 10 million euros, against 515 million a year ago, and has recorded an increase of 15.2% of its turnover to $ 3.7 billion euros.

Carrefour

In an interview with Les Echos, the CEO, Lars Olofsson, made the revitalization of hypermarkets in France and its priority does not like the boss for France, whose departure was announced Thursday, is replaced by a French.

Eiffage

The group announced an increase of 13.2% of its backlog as of April 1, to 11.7 billion euros and confirmed its target of sales in 2011.

Icade, Veolia Environment

The group was selected by Veolia Environnement as exclusive partner for project implementation, the order of 100.000 square meters, designed to accommodate the consolidation of about 3000 to 4000 in Aubervilliers (Seine et Marne). Exclusive negotiations which are expected to undertake to reach a decision by early 2012, said the land in a statement.

Wendel

The group has announced organic growth of 9.9% of its sales in the first quarter to 1.44 billion euros, its holdings, including construction companies, which have benefited from economic recovery.

French cement publish today its first quarter results. Euler Hermes and Gascony will lift the veil on the turnover of the first quarter.

Sanofi-Aventis and CNP Assurances hold their general meeting.

For 18.98 euros, a low-rib of beef, half pork loin, fish, potatoes, carrots, zucchini, oranges, a loaf of bread and cheese at 0% fat fat and a liter of orange juice 100% pure juice. That the offer by Carrefour as part of the operation of "baskets of essentials", launched on Wednesday by the government.

From the end of the month, many brands of supermarkets (Leclerc, Carrefour, Casino, Auchan, Système U …), signed the agreement to be signed in mid-day with Secretary of State for Consumer Affairs , will offer their customers because of baskets ready to go, including ten foods for a minimum price "attractive."

"Instead of raw products" and season, says one in the entourage of the Minister.Consumers should find "at least one meat, fish, fruit, vegetable, cheese, dairy product and a drink," said Frédéric Lefebvre on Wednesday in the columns of Le Parisien – Today in France. Each brand itself composed his own basket and set the price.

If the agreement mentions a price "attractive" products and "quality", these terms are therefore left to the sole discretion of the distributors. "We want to emphasize fruits and vegetables and seasonal produce. From one week to another, so prices will vary depending on whether there are apples, pears and apricots, "explains the Secretary of State for Consumer Affairs.The latter relies on free competition to push prices down.

Up 2% to 4% in food prices

The launch of the "basket of essential" is timely, then the price of current expenditure, particularly food, continue to move upward bad credit payday advance. At the end of March, the federation of the retail stores has announced the forthcoming impact of inflation in the prices of agricultural commodities on the products sold in stores. On average, food should be sold 2% to 4% more expensive in the coming weeks. But on some commodities such as coffee and bread, the increase could reach 20%.

This factor, coupled with rising energy prices, consequently reduces the household budget.Consequence: according to a poll released on Monday and 20 minutes, one third of the French plan to reduce their food expenditures. A figure of concern to public health, if we consider that the cheapest products (canned, frozen pizzas …) are also those whose nutritional qualities are the poorest.

The launch of the "basket of essentials" could therefore provide a first response to soaring food prices. Hopefully the quality of products remains at the rendezvous. About an operation targeting the same type of school supplies, called "Essentials of school" and set up in September 2010, the association Familles de France pointed the finger at the poor quality of essential products offered by major surfaces.

* This week will include two types of meat of French origin (a low-rib of beef and half pork loin), fish, apples-to-earth, carrots, Spanish oranges, a loaf of bread, white cheese at 0% and a quart of orange juice.

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Aegis has published annual results this morning encouraging. In 2010, the British group, which specializes in media buying and market research, has a turnover growth of 6.4% at constant exchange rates, to 1.46 billion pounds (1.68 billion euros). Organic growth, the key index in the communication sector, stood at 5.8%, thanks to strong performances in the U.S. and Asia. Performance reached by the two pillars of the group: organic growth of Aegis Media (media buying) is up 5.7% while that of Synovate (research) rose 5.9%.

However, earnings before taxes fall from 25.6% to 68 million pounds.The group's profitability has been weighed down by special charges including the potential loss of money owed by one of its key customers in Spain, the food group Nueva Rumasa, who need a supply of 26 million pounds.

In 2011, Aegis expects growth in organic revenues at least equal to that recorded in 2010.

After these announcements, as Aegis jumped to the London Stock Exchange. While the FTSE-100 index of leading British place, ahead of 0.52% at 11 hours, Aegis rose 2.99%.

Aegis participation "financial" Bolloré

The main competitor of Aegis, WPP, Omnicom and Publicis Groupe have also issued strong performance for 2010 with organic growth of 5.3%, 6.4% and 8.3%.

Recall that the largest shareholder in Aegis, Vincent Bolloré owns 29.9% of capital.The French businessman, also a shareholder with 32.9% of Havas, said recently that its stake in Aegis was financial and that it was "not destined to remain forever" in its asset portfolio .

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The French will not endure forever rising fuel prices, without changing their consumption habits. According to an Ifop poll published Sunday in the South West, 47% of respondents intend to reduce their consumption now if gasoline prices continue to climb.

Consequence of the soaring price of oil, those fuel have reached record highs last week. A liter of unleaded 95 has sold 1.50 euros on average in the hexagon, and a liter of diesel 1.54 euros, said earlier this week the Directorate General for Energy and Climate (DGEC ). Some stations even offered Paris a liter of unleaded fuel to 1.8 euro.

If consumers incorporate more and more since 2005, the idea of ​​an inexorable rise in fuel prices, 1.5 euro per liter of diesel remains for many a symbolic threshold beyond which they consume as much. Only 15% of respondents put this threshold at a level greater than 1.5 euro per liter, said the survey. Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), makes the same observation. He recalled that in 2008 when fuel prices had also risen sharply, the consomamation was down 3% once this threshold is crossed.

Not lower taxes

The decision to reduce its consumption or not, however, depends partly on the level of life. 40% of workers have thus been limited.In contrast, managers and professionals are more likely (14%) than average (11%) said they will not alter their habits, whatever the price of a liter. For many, the level of fuel consumption is also strongly constrained by the lifestyle.

Faced with soaring prices, the government this week but ruled out any cut in gasoline taxes could reduce the transport budget of the French. "You can take steps this guy at a time when we must take into public finances," ruled the Economy Minister Christine Lagarde. It was therefore confined to advise the French to buy the morning and follow rules of conduct to reduce, even at the margin, the price at the pump.

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The "pact of competitiveness" so dear to Germany Will it fizzle? Aware of the strong opposition raised by the proposals of Berlin, the European Council president, Herman Van Rompuy, unveiled on Monday closed its proposals to remedy the debt crisis in the euro area. A document which should allow the compromise by watering down the ideas initially advanced by Germany and France.

The plan, which will be formally submitted to the heads of seventeen at a special summit on March 11, is still only a working document.It was commissioned by Paris and Berlin on February 4 after a stormy summit, the other Member States with very little agreed to meet with a fait accompli of a "diktat" German.

Three key indicators

Rather than risk another clash on March 11, potentially disastrous for the euro area at a time when the doubts come on the market, the Commission services and Herman Van Rompuy preferred to exclude the more controversial ideas of the French plan German. The document, drawn up after consultation with seventeen governments no longer mentions the abandonment of wage indexation on inflation or the increase in age pensions.

Instead, the proposal provides for indicators to be met in three key areas: competitiveness, employment and public finances, according to a well-placed source.Governments would be required for example to stop the rise in wages if it became too large. They undertake to adopt systems of checks to the debt "in case of runaway, without directly copying the German model. They should also set goals for reducing unemployment, and monitor their systems for financing pensions. The exact details remain to be defined.

Another amendment: assessment would be entrusted to the Commission and not the capital, which should satisfy both small countries and the EU executive who feared that the Community method wither.

With this document, which is closer to the proposals originally developed by the Commission, Herman Van Rompuy takes the risk of disappointing the markets were hoping that a forceful response to the debt crisis.But it also gives Europeans an opportunity to compromise is crucial not to provoke a new wave of panic about the future of the euro area. Leaders indeed solemnly promised to agree by the end of March on a full arsenal of anti-crisis, including both a governance component of competitiveness through the pact and a safety net through the Financial Stability Fund (FESF ) for indebted countries.

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It is not on any official agenda, but a meeting to organize the French nuclear industry will go ahead on Monday at the Elysee. The Minister of Industry, Eric Besson, has indeed confirmed this morning on France 2 reports in the press, announcing today that Nicolas Sarkozy would chair the Council of nuclear policy, which he founded in 2008. "The only thing I can tell you is (this meeting) concerns the organization of the French nuclear industry, what has been called France's nuclear team," said Eric Besson on France 2.

According to La Tribune, a preparatory meeting was already held last Friday, bringing together around one table Lauvergeon, CEO of Areva, Henri Proglio, head of EDF, Gerard Mestrallet, head of GDF Suez Patrick Kron, CEO of Alstom, and Eric Besson Dipuo Elizabeth Peters, Minister of Energy of South Africa.The President of South Africa, Jacob Zuma will indeed soon be visiting Paris to talk about nuclear. The challenge for France is to develop a coherent strategy to deal foreign clients especially not to not repeat the failure of Abu Dhabi in December 2009 when the French had lost a huge contract for nuclear centarles, at least 20 billion deal to Koreans.

The TTY in focus

On Monday, participants should discuss in particular the strategic partnership between EDF and Areva. The decision to bring the two French energy giants was taken at the last council of nuclear policy in late July 2010 bad credit unsecured personal loans.According to unidentified sources quoted by La Tribune, the two companies involved do not share the same vision of the progress of the project: Areva, it says that "the agreement is ready in its broad lines" then for EDF, "there are still points of disagreement."

According to Les Echos, the discussion should revolve around one central question: "whether the combination of EDF reactor project at medium power, TDD, developed by Areva and its partner Mitsubishi Heavy Industries. Capacity reaches 1100 megawatts Atmea, against 1600 for the EPR.EDF could decide to take part in the cooperation on the TDD, or work on its own medium-power reactor with its Chinese partner CGNPC, or both at once.

Both companies should also discuss their mining strategy, including a possible investment from EDF in the mining division of Areva, whose valuation problem. As for GDF Suez, which wants to grow in importance in the French nuclear industry, the group should also focus on getting its game in the middle of negotiations.

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U.S. stock markets end up more or less sustained on Friday night. The Standard & Poor's 500 ahead by 0.19% to 1343.01 points, the Nasdaq 100 wins symbolically 0.08% at 2833.95 points. For its part the Dow Jones rises more frankly of 0.59% to 12,391.25 points.

Despite low volumes and a myriad of signs that rating is ripe for a correction, the Dow and the S & P-500 are of the highest in more than 30 months. The Nasdaq Composite him at the top for over three years. The S & P 500 is up 28% since early September and has doubled its level at the end of this week, compared to its low of March 2009, which represents the rebound 100% the fastest pace since the Great Depression .

The technical elements betray an overbought market but for weeks that the stock market defied expectations of a downturn, analysts arguing there is no shortage of investors willing to jump into the market at the slightest sign of weakness on the side for purchases on the cheap.

Investors, however, show a little worried after China announced the increase in reserve requirement ratio of its banks for the second time this year.A measure to fight against the abundance of liquidity in the economy and inflation and cons which always causes a little anxiety in the markets while China is one of the engines of global recovery.

Also note that the U.S. financial markets will be closed Monday.

The euro rebounded sharply against the dollar Friday, buoyed by renewed speculation about an early recovery of the rate of the European Central Bank (ECB) fueled by bullish about a board member of the institution. Around 15:00 to Paris, the euro bought 1.3646 dollars against 1.3605 dollars on Thursday night, the highest since a week.

On the macroeconomic front, there is no major indicator on the agenda of U.S. investors on Friday.However, the president of the Central Bank, Ben Bernanke, intervened in the G20 ministerial held in Paris, which are attended by Finance Ministers and Governors of Central Banks of the twenty richest countries in the world.

Bernanke defends monetary easing

The chairman of the Federal Reserve has defended the use in developed countries, the monetary easing measures, accused of causing the overheating market émergents.Selon Ben Bernanke, other factors such as the rigidity of exchange rates, themselves are also responsible for the monetary difficulties of developing countries.

He stressed however that if the difficulties of emerging markets are real, they are put into perspective. He said the influx of capital in developing economies also penalizes countries developed in the form of higher prices."The economic benefits work both ways. Thus, the increased demand in emerging markets has contributed significantly to recent increases delivery of raw materials in the world. "

However, rising food prices and energy that raised fears of higher inflation worldwide, brings many central banks to consider measures of monetary tightening to keep the economic recovery.

Apple in the viewfinder of antitrust authorities

DuPont – 4.75% to 24.05 dollars

The side of values, the giant U.S. chemical DuPont Friday extended its offer until April 1 friendly takeover of Danish group Danisco citing a need for more time to collect the green light from the European and Chinese Competition .The takeover bid of 6.3 billion dollars was announced Jan. 9, and then formally launched on January 21 last, was originally scheduled to end Feb. 22, but several major shareholders of Danisco said in recent weeks that they could reject the offer or they demanded a higher price.

Apple: -0.01% to 350.52 dollars

Antitrust authorities in the United States began to look at the online subscription service that Apple has just proposed to the media wishing to sell their products online, reported Thursday the Wall Street Journal. The U.S. computer maker Apple has unveiled Tuesday a long awaited subscription services online to various media (newspapers, music, videos), a new source of revenue for content publishers who rely increasingly on mobile devices. Apple imposes several conditions to the media who wish to include in its catalog.Offers and Promotions including subscriptions should be made "at a price less than or equal" to that newspaper sites, record companies and studios involved.

Wednesday is the U.S. internet group Google (+0.77% to 630.08 dollars), which launched its service in seven countries selling online for newspaper publishers, which it offers a platform where they will sell subscriptions and articles for unity, for a fee of around 10%.

BP: -0.40%, to 47.91 dollars

BP, listed on Wall Street was pinned by the committee of inquiry set up by the White House. According to the commission, the worst oil spill in U.S. history could have been avoided if officials had better BP considered a key test showing the vulnerability of the well.The commission was charged with investigating the causes of the explosion April 20, 2010 Deepwater Horizon platform, operated by BP, and wells that Macondo was by 1,500 meters. The disaster had killed 11 people in three months and dumped more than four million barrels of oil in the Gulf of Mexico. The report focuses particularly poor trunk strength in cement wells installed by Halliburton and a key test conducted on this structure shortly before the disaster and that would have alarmed officials of BP.

NYSE Euronext: 2.22%, to 37.80 dollars

Defeat Global Markets, an alternative platform for trading of shares based in the United States, would be close to an agreement to buy Chi-X Europe, a transaction in shares of more than $ 300 million (220 million euros) said sources close to Defeat Reuters.Both groups are in exclusive talks since December. This new merger comes as the landscape of global stock markets will change with the announcement of the merger of NYSE Euronext and Deutsche Boerse and the London Stock Exchange (LSE) and the Canadian TMX.

Genzyme: 0.12%, to 75.36 dollars

The rating agency Moody's Investors Service announced Friday it had deteriorated by one notch to "A1" to "A2", note the long-term debt of Sanofi-Aventis after the announcement by the French of a agreement to purchase more than $ 20 billion of American society Genzyme.At 15:00 in Paris, Sanofi-Aventis was down 1.30%, 50.69 euros.

Intuit: 7.28%, to 54.11 dollars

Intuit, the accounting software, announced after the close of Wall Street have in the second quarter 2010/2011 adjusted earnings per share of 0.32 dollars against 0.31 dollars expected. The turnover reached 878 million dollars against 837 million a year earlier.

Nordstrom: 0.95%, to 46.92 dollars

Also after market, Nordstrom reported fourth quarter earnings per share of $ 1.04 against 1 dollar and an expected turnover of 2.82 billion dollars against 2.87 billion expected.

Also note, the start-up specializing in viral games, Zynga is in advanced talks with U.S. funds Rowe Price and Fidelity Investments for an investment of 250 million.The deal could value the start-to ten billion dollars and prepare for a possible initial public offering early next year.

After the boom experienced over the last two years, starting a business is showing signs of weakness. In January, the number of start-ups fell by 10.2% compared to last December, and even 24.9% self-entrepreneurs excluded. A shift already observed in the last quarter of 2010 – in December, start-ups had already fallen by 6.7% – then mostly attributed to the decline in enrollment in the plan of the entrepreneur.

The scheme, launched in early 2009, was indeed a great success and contributed significantly to the growth of entrepreneurship in the past two years. Even if its growth began to decline in late 2010, the self-entrepreneurs still account for half of births.In January, however, is the opposite trend prevailed: the creations of self-company grew over the last month, but failed to offset start-traditional businesses fell sharply.

Many companies monosalariales

These figures, however, should not be taken literally. The results from month to month are not always significant, Eric J. Heyer, Deputy Director at OFCE. "The curve is very turbulent in recent months, it is better to take an average. However, excluding the self-company, it has been stable since mid-2009, at a rather low level, "said the economist. Over twelve months the number of new businesses, including self-entrepreneurs, yet went beyond 2.9% the previous twelve months, noted INSEE.

Moreover, said Eric Heyer, a low level of start-ups is not necessarily to be deplored."It is usually inversely proportional to the economy. In a recession, the number of start-ups grew, some unemployed trying this way to create their own jobs, "said Eric Heyer. Such a phenomenon had been observed particularly during the recession of 1993. The beginnings of a decline in the number of businesses created would be rather indicative of an economic climate to be improving.

There is another reason not to rejoice too boom in start-ups observed in 2009 and 2010: "France is no shortage of small businesses monosalariales, which constitute the bulk of recent creations. It lacks somewhat companies large enough to establish itself internationally. " The challenge now will be whether these companies created over the last two years will take the brunt of longevity.

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The government is studying the possibility to make free to the consumer installing smart electricity meter, called "counter Linky.

February 1, on the sidelines of the conference of the Union of renewable energies, Eric Besson, Minister of Industry, indicated that the cost of the meter – about 120 euros – would not pass. Thursday night, during his speech on TV, Nicolas Sarkozy could formalize this option.

Linky counter, which should help control the consumption of electricity, is currently undergoing a phase of experimentation in Indre-et-Loire and Lyon, conducted by ERDF, a subsidiary of EDF support distribution no teletrek payday advance.Following this test (whose budget amounts to 150 million euros), which ends in the spring, the government will decide on funding arrangements and deployment of smart meters.

In the best case, the counter Linky would be deployed in 95% of the 35 million homes by 2018. ERDF has estimated the cost of this program between 4 and 4.3 billion euros.

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