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At 14:30, all financial markets will have their eyes riveted on the United States. It was at that time that the unemployment figures across the Atlantic for the month of August will be published. Given the caution with which the New York markets were closed Thursday and Europe, uncertainty should persist until Friday the publication of these figures. In the middle of meeting, the CAC 40 rose 0.76% to 3659 points. At the London Stock Exchange, the FTSE-100 advance from 0.52% to 5399.14 points, and the German DAX 30, the Frankfurt Stock Exchange, rose 0.44% to 6110.88 points.

"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If figures are bad, I think markets will fall heavily and not only Friday, but next week. '

Services: slowdown in France, rising in Germany

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, growth in services in France recorded a slight decline. Whereas 59.9, the PMI stood at 60.4 against 61.1 in July. In contrast, in Germany, he cons 57.2 56.5 in July. Although below expectations (58.5), it evolves to its highest level since August 2007.

Retail sales in the sixteen countries that have adopted the single currency rose 0.1% from June and 1.1% over one year. Economists polled by Reuters had forecast an average increase of 0.2% a month to month and 0.6% a year.

The meeting was much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

GDF Suez Stock doped by a partnership

The Director General of the operator, France Telecom, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of strings Orange Cinema Series TV and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".France Telecom gained 0.25% on the stock market to 16.18 euros.

GDF Suez (2.09% to 26.75 euros) has signed a partnership with the Brazilian Eletrobras to develop transportation projects and energy production in Central and South America, and Africa.The two groups do not preclude joint ventures.

Air France-KLM (+0.27% to 10.96 euros) plans to create a structure "low cost" for medium-haul routes, especially from Orly to the province to counter the offensive of the British company at bottom EasyJet costs.

The Slovak government has decided to retire to a consortium led by Bouygues (-0.28% to 32.32 euros) a road construction project of $ 3.3 billion through a public-private partnership announced Thursday Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) Casino (+0.20% at 66.20 euros) and other shareholders of the supermarket chain Exito nationalized in January said Thursday President Hugo Chavez.

Vinci (+1.05% at 37.14 euros) Thursday announced the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros ), allowing it to become number four in the sector in the United Kingdom.

LVMH (0.81% to 97.25 euros) a court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

Pernod-Ricard still in the red

On the side of the steepest declines, we find Sanofi-Aventis, still in talks to buy the company Genzyme bio technologies. The value is 0.54% to 46.63 euros, after losing 0.53% on Thursday. Pernod-Ricard continues in the red after the publication Thursday of disappointing results.After having yielded 2.37% on Thursday, back down 1.68% to 60.22 euros on Friday.

Ipsen (+0.26% at 27.27 euros) has signed an agreement with the Swiss pharmaceutical company Santhera Pharmaceuticals. The laboratory has received a license to market the fipamezole, a drug that helps relieve the symptoms of this disease in the world, except Japan and North America.

Washington announced Friday it had cleared the merger between United Airlines and Continental Airlines. The Department of Justice indicated that the two U.S. companies had responded to his objections to their merger, leaving a number of slots for landing and takeoff at Newark International Airport near New York.

Downstream Europe in July

United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United. The European Union, the guardian of competition in Europe, had already given its approval to the transaction at the end of July. In a statement, Brussels stated that his investigation confirmed the complementarity of the two companies' networks for Transatlantic routes, since they operate hubs in different U.S. cities."So there will be a marginal increase in market share," concluded the European Union. But a refusal of the United States was to be feared, as authorities in 2001 vetoed a previous merger between United Airlines and U.S. Airways on the grounds that it would reduce competition in the transport sector to the detriment of the public.

Fusion 1 October

The U.S. Department said it had closed its investigation as a result of the merger between the two companies, which gives them the field libre.Dans a statement, the two companies said they expected to complete their reconciliation of by 1 October. By marrying, they hope to better withstand the difficulties faced by the industry today, including the rising cost of fuel and competition from low cost airlines.Together they serve 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.

For Goldman Sachs, which published its investigation on Friday morning, ten of the 91 tested banks will fail. That is to say it does not retain a sufficient level of equity in the event of deteriorating economic conditions.

The success rate would be 89%. According to the study of the American bank, the banks are based in Spain, Germany and Greece, which should raise the more capital, adding that the source of these funds should be half public and half private.

The newspaper El Pais reported in its edition today that part of the 18 Spanish savings banks failed the test of resistance.To believe the consensus reached by Reuters, in Spain, only seven banks have passed the exam, including the largest as Banco Santander, BBVA, Banco Popular, and the "Cajas".

That success expected for French banks

In France, banks found – BNP Paribas, Societe Generale, Credit Agricole and BPCE (Natixis) – should all pass. The analysts and Christine Lagarde have confidence.

Full house expected also for the United Kingdom, examined on HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group. In Ireland, Bank of Ireland and Allied Arish Banks also succeed in obtaining good results.Same as in Italy, with Intesa Sanpaolo, UniCredit and Banco Popolare including headlining.

In Germany, a handful of banks should be in a situation of failure, particularly those that are undergoing restructuring.

Failure: it will recapitalize

According to Goldman Sachs, European banks should raise an average total of 37.6 billion euros in fresh capital as a result of these stress tests, whose results are expected Friday at 6:00 p.m., after the close of European stock markets but in full session on Wall Street.

In search of capital, these banks 'risk' may first explore to their shareholders or to tap financial markets easy payday loans. If this is not enough, she can turn to state aid at the national level.Finally, as a last resort, they can "take advantage" of the famous European support plan put in place at the European Union and the International Monetary Fund.

Confidence in the results, distrust Performances

With a success rate approaching that expected of the baccalaureate, the question is what will truly value the conclusions of these stress tests. Experts warn that it would be better to consider the assumptions made when simulating a situation worsened.

"The information currently circulating in banks suggest that the stress test favors disclosure of a satisfactory result compared to a real and solid technical verification," says Pierre-Antoine Dusoulier in a forum.

These data suggest that in fact the test cases would be fairly "light" in particular in the field of defaults on sovereign debt. Assumptions of the macroeconomic developments would also be applied "without knowing it for the moment the link established by the test between GDP growth, unemployment and inflation."

In addition, past forecasts on macroeconomic parameters were simply struck by the actual conditions. In spring 2008, the European Commission expected a growth of 1.7% in 2008 and 1.5% in 2009 for the euro area. Real growth was 0.45% in 2008 and -4.1% in 2009.

Pass the exam stress test is a bit like having your bachelor's degree with an overall average just over 10/20. This is not the best conditions for its future.

"Splinter Cell Conviction," "Just Dance", "Assassin's Creed 2," "Avatar". These video games, real commercial success, Ubisoft has realized the first quarter of 2010-2011 above its own expectations. The video game publisher has announced on Monday, a turnover of 160 million euros against 145 million euros announced last May 18 at the annual results presentation. An increase of 93%.

In exchange, the news is very appreciated. The group titles are at the forefront of the SBF 120 since the opening of markets with an increase to the closing of 15.42% to 7.35 euros.

Forecast confirmed

Markets are also satisfied with the maintenance of annual targets credit report."The turnover of the second quarter of 2010-11 would be about 83 million euros, in line with the second quarter of 2009-10. The group confirms its previous comments regarding the 2010-11 biennium is the return to profitable growth and cash flow positive from operations, "said Ubisoft in a statement.

Side launch, the group put on another commercial success to come: the game "Driver". Previously scheduled for the third fiscal quarter, it should now come out in the fourth quarter.

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After the government advertisement To reduce the funds allocated to several departments, Jean-Louis Borloo has described some of the measures envisaged to his ministry, according to Les Echos published on Friday. The Department of Ecology and Sustainable Development is indeed an important concern to put on a diet of government: it gives rise to tax benefits more expensive for the state (15 billion euros after Les Echos) that it would reduce to 8.5 to 10 billion euros. Moreover, these measures increase of 800 million euros annually.

In all, nearly two billion euros would be saved by 2012, including one billion on niches "green" these tax benefits related to work "green".Jean-Louis Borloo has raised the deduction available to individuals who install photovoltaic panels on the roof of their home loans pay day. The shortfall for the State is estimated at 800 million euros. It could therefore be reduced by at least 50% reserved for existing homes.

The list of works "green" that give rise to tax benefits could also be reduced. The tax cuts themselves could also decrease by 10%. As for renovations "non-green", they could lose their advantage of a VAT at 5.5%.

Finally, the government also calls into question his support for biofuels. They enjoy a double benefit: a reduced fee and the requirement for all distributors to offer for sale.

After a year and a half after its establishment by the Minister Herve Nvelli SMEs, the results of self-contractor status is not all rosy. Apparently, the new regime seems to be a success. Since January 1, 2009, more than 500,000 people have created businesses under this scheme and, according to the Observatory of self-contractor, 85% of self-enterprises are still in business a year and a half after the creation of statute. Another favorable factor among 15% of enterprises out of the scheme, 8% have changed their business to another company status. Moreover, the Observatory notes that "self-entrepreneurship is an effective springboard since nearly one third of respondents would like to change its status in the short or medium term."And the average turnover is 830 euros per month among the 72% self-entrepreneurs who have sold or charged.

But upon closer inspection, the new status raises questions. The study teaches us that nearly one in ten self-contractor was forced to choose this status. In fact, some employees have opted for this scheme to keep their jobs. The creation of these self-enterprises thus substitutes contracts in CSD, even in temporary or permanent contracts. And for good reason, the statute represents a financial windfall for unscrupulous employers because the employers' costs will disappear.

However Observatory moderates this conclusion. François Hurel author of the report requested by Secretary of State for SMEs says that "self-entrepreneurship as a condition of employment by dishonest employers is fortunately very rarely practiced in reality.It must also be tackled as illegal and contrary to the spirit of the regime.

The Paris markets are taking a break on Wednesday after a strong upward meeting. At midterm, the CAC 40 was down 1.49% to 3372 points. But this decline was attenuated thereafter, the ACC back even balance around 15:30 at the opening of Wall Street. Investors were relieved after learning details of discounts debts zuro monarch in the area to be taken into account in the "stress tests".

Resistance testing of European banks do not include discount on German sovereign debt, said two banking sources told Reuters, adding that French loans could eventually be delisted, but very limited. It is otherwise sovereign debt of Portugal, Italy, Spain, Greece and Ireland, some of which will undergo a double-digit discount."We had to find a way to take into account the sovereign risk. It is a lesser evil to the extent that the market is really scary is the risk of default, "commented Alex Koagne, analyst at Natixis Securities. "The double-digit discounts for PIIGS (Portugal, Italy, Ireland, Greece and Spain), it is not very impressive. Greek debt is already dealing with a discount of about 20% of the market, "he added.

Tuesday, in a very quiet market, the indexes have climbed throughout the day to reach a closing up 2.73% over 3400 points. A rebound reflecting the high volatility of recent weeks: Monday again, the CAC 40 was approaching its lowest level this year.

Elsewhere in Europe, even movement.The Frankfurt Stock Exchange evolves decline of 1.27% to 5865.20 points while the FTSE index down 1.26% to 4902.70 points.

On Wednesday, investors in Paris after their Asian counterparts who chose to take profits. For its reopening after a weekend of three days, Wall Street gave no signal, calling instead for caution with a fence unconvincing in the green.

In terms of indicators, the trade deficit of France has risen sharply to 5.5 billion euros in May from 4.258 the previous month due to a decline in exports, according to data released by Customs. Economists had expected on average a deficit of 4 billion euros.

Also note that according to a recent estimate of the European office of statistics Eurostat, euro zone economy grew 0.2% in the soft first quarter.

Moreover, the German industrial orders fell for the first time this year in May, 0.5% from the previous month, according to figures released Thursday by the Ministry of Economy. Economists interogés by Reuters on average expected a rise of 0.5%.

The car in the viewfinder

As for values, the auto sector should move on Wednesday. Peugeot has announced an increase in worldwide sales of 16.9% in the first half. The title of the group climbed 0.14% to 21.60 euros.Furthermore, Peugeot would invest 700 million euros to resume production project in India, reports the Wall Street Journal.

For his part, Renault (-0.34% to 31.02 euros) which must publish its results tomorrow, Thursday trading.

Sodexo (-0.80% to 47.22 euros) released before the market turnover with 11.54 million euros in the first nine months of the year. The group is an organic growth of its turnover for the full year 2009-2010 of about 2% and hope to achieve an operating profit of between 780 and 800 million euros excluding currency effects the exercise.

Meetic (-0.99% to 19.90 euros) announced Wednesday to build on an EBITDA margin of between 20 and 25% for 2010, unchanged from its 2009 goal.The leading European dating sites also said that synergies from the integration of Match.com, the first since last June, should reach 10 to 15 million euros in the first year.

Atos Origin (-1.34% to 32.33 euros) announced Tuesday the launch of new services known as "smart mobility". The services company led by Thierry Breton makes 850 million euros in turnover in the field of electronic transactions and placed on the strong growth in use on smartphones.

Like its American and Asian counterparts, and after a timid rebound on Wednesday the Paris Stock Exchange began the session this Thursday in sharp decline. The CAC 40, which has started on a decline of 1.63% to 3386.79 points, has rapidly accelerated its fall to yield more than 2%. Less than half an hour after the start of trade, the key index in Paris fell by 2.10% to 3370.45 points, before giving further 1.46% in mid-day at 3392.59 points.

The excitement is palpable. The loans outstanding of the European Central Bank to banks reached a record high Wednesday, above the threshold of 900 billion euros, while financial institutions must reimburse to the ECB on Thursday of 442 billion euros funds a year. A true test, highly anticipated by the markets.We'll know if banks are able or not to repay their loans.

It has also learned that the banks have borrowed 111.2 billion euros in six days with the European Central Bank (ECB) as part of a special operation that indicate a withdrawal of money market funds. What is not reassuring, as this could lead to higher interbank interest rates.

The loans outstanding of the European Central Bank to banks reached a record high Wednesday, above the threshold of 900 billion euros, while financial institutions must reimburse the ECB on Thursday of 442 billion euros of funds one year. The threat of Moody's notes the degrade of Spain crystallize attention throughout the day. The U.S. credit rating agency put the sovereign rating of Spain under surveillance.Moody's points to weak growth prospects of its economy.

Moreover, the adoption in the United States House of Representatives by the financial sector reform, discussed for months, will attract the attention of investors. The new legislation will include Washington's financial institutions restructure in bankruptcy, for failing to conduct further rescue operations financed by the state. The powers of the Federal Reserve (Fed) are expanded, a monitoring of the sector is expected and will give consumers more protection.

Hedge funds and rating agencies will be subject to more stringent regulations.The text must be approved by the Senate next week before being signed by Barack Obama.

In terms of statistics, INSEE announced this morning that producer prices remained stable in France in May after rising 1.0% in April, but they recorded an increase of 4.3% over year.

Moreover, in the euro area, the manufacturing sector recorded in June the slowest growth in four months. PMI final Markit purchasing managers stood at 55.6 in June In France, the PMI fell to 55.8, its lowest level since December 2009. In Germany, it remained stable at 58.4.

Overseas, the jobless claims will be released at 16 hours and the promise of home sales and the ISM index of manufacturing activity.Indicators highly anticipated before the release this Friday of U.S. employment figures.

The car in the viewfinder

In terms of corporate value is not in the green in the morning.

EADS shares (-2.34% to 16.47 euros) will be particularly followed. Indeed, the WTO has imposed a setback scathing EU ordering him to remove certain export subsidies provided to Airbus. The Union will appeal the decision of the World. Financial details have not been disclosed. Boeing believes that the pan-European aircraft manufacturer must pay back $ 4 billion of undue subsidies. But the WTO has put forward any figures, it will be difficult to see clearly the consequences of the decision of the international organization.

Moreover, the numbers of registrations in France will be unveiled on Thursday at noon.They finally fell 1.2% in June. In addition, the phasing of the scrappage scheme does not allow a glimpse of the market recovery in the immediate future. Renault (-2.27% to 30.08 euros) would be the big winner in first quarter sales thanks to its built by Dacia Sandero. Peugeot was down 2.42% to 20.55 euros, while Michelin loose 1.97% to 56.59 euros.

Out CAC40, Faurecia (-1.66% to 13 euros) has unveiled the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

Bank stocks should also once again hold the attention of investors with the repayment of a loan of 442 billion euros on Thursday. A year ago, in 1121 established banks in the euro zone had borrowed over 442 billion euros at the ECB at a fixed rate of 1%, a record in the history of European monetary institution on a single transaction.Credit Agricole lost 3.09% to 8.36 euros. It is followed by BNP Paribas (-1.85% to 43.940 euros) and Societe Generale (-1.55% to 33.770 euros).

The Société Générale will be more monitoring than the AMF (AMF), Wednesday imposed a fine of 100,000 euros to Jean-Pierre Mustier, former head of market activities of Societe Generale for failing to initiated.Conversely, Natixis has been exonerated by the AMF following an investigation into his financial disclosure.

Shareholders will also be sensitive to the decision of Saint Gobain (-0.70% to 30.680 euros) to repay 72.1% of the 2009 dividend in shares to allow the group to consolidate its equity by 368 million euros.

In addition, the Sanofi-Aventis (-1.95% to 48.565 euros) may react to the decision of the U.S. Food to MultEQ, an arrhythmia drug cons of the French group on the quarterly list of audits.

France Telecom (-0.95% to 14.150 euros) will also be under the spotlight. The operator presents its new internal business plan

After only eleven of the twelve adminisitrateurs group had agreed in December last year, Accor shareholders adopted by an overwhelming majority (88.49%) splitting the group into two separately listed companies, at the end of a general meeting. A project that was focused by the fund Colony Capital and Eurazeo, who hold 30% stake between them. Conversely, he had raised questions with the Strategic Investment Fund (ISF) for which the merger was "too risky".

Gilles Pelisson "very happy"

The announcement pleased the markets because at the Paris Bourse, the Accor share gains 2.40% to 42.29 euros in a market down by 2.75%. She also meets Gilles Pelisson, CEO of the group: "I am very happy," he said after the vote.It simply means that the split is an idea that has much meaning.

During the meeting, issues of Accor shareholders have not dealt with the proposed demerger, except on technical tax issues.

One of the two entities retain the name of hotel and Accor, and the other called Edenred, takes over the prepaid (Ticket Restaurant, Ticket-food, gift certificates, Kadéos, Cesu …). On July 2, the two entities will be listed on the Paris Bourse. Consequence: during a trading session, the CAC 40 will be 41 values, do so before qu'Edenred index on July 5.This separation was made possible by the extensive development of the service arm that has doubled in size in four years and can become autonomous, "said Gilles Pelisson, Accor's CEO.

Technically, the division will lead the purge of the old order book Accor shares at the end of the meeting on 1 July instant payday loan. Shareholders who wish to sell their securities or those who wish to buy must act before July 2.On Friday, the shareholders of the "old" Accor will receive one share of "new Accor" Edenred plus one share for one share of the "old" Accor held.

For the CGT, the group only wants to make money on the stock market "

If this decision was thus obtained a plebiscite among directors and shareholders in Accor, this is not the case with employee unions, who see the split as a "dismantling of the group." They fear that the sale of hotels – Accor is to sell 450 hotels in the coming years – should lose benefits to employees.

In an open letter to shareholders of the Accor group, wrote that the CGT split "plunge the company and its employees in difficulty.""This is not for the good of the company that the group is divided by two, but only to make money on the stock market," says Angel Romiti, Secretary General of the Federation of the SGC services. Accor aims to open 40,000 rooms per year in France.

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Standard & Poor's finally penalized AREVA, judging the profitability of the group "depressed" for two years. The notes of French nuclear group, which was under surveillance by the rating agency since April 14 last, was finally degraded Monday by two notches to 'BBB +, cons A.

The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (Flamanville with the Channel and two in China), forcing the group to a new provision that would cause a negative operating result for the first semester 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.

S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.

The rating agency does have a stable outlook on the debt rating of Areva, the group believes that "should be able to implement successfully the remainder of the plan sales and its plan to increase capital , strengthening its balance sheet.

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