Archive for the 'money' Category
Aug
30
The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22% in 3192, 69 points. But at midday, the CAC 40 is pressed into the red with shortness of breath and banking stocks before the release of U.S. indicators
Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June
The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.
On the front of the foreign exchange market, the euro continues to rise slightly against the greenback, moving always on top bar $ 1.45. At about 8 am in Paris, the European currency was worth 1.4528 dollars against 1.4510 dollars late Monday.
Fears about the health of banks
The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.
But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire. The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas is stable at 34.41 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.
Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.
The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.
Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.
Economic Confidence Index, published by the European Commission, fell to 98.3 points against 103 points in July. This is the sixth consecutive decline. Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.
Are also expected in mid-day figures for business failures.
Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.
Arcelor-Mittal is growing in Australia
On the corporate side, Arcelor-Mittal (1.60% to 14.58 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars. Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.
The semi-annual publications are now many, especially among heavyweights rating.Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.
In addition, Ipsen (6.12% to 23.50 euros) announced revenues up 5.3% in the first half. He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.
The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.
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At the opening of Wall Street, the Dow Jones down 1.27% at 11,299 points. The Standard & Poor's 500 back, he, of 1.91% to 1176 points, while Nasdaq 100 fall more sharply from 3.3% to 2248 points. Degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subject to such sanctions, NQIA weighs heavily on the U.S. indices, which react according to the European markets , widening their losses after trying the new perspective, and Asian, who finished Monday's session on heavy folds.
No rebound in early trading, then, this Monday on Wall Street, while Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the budget outlook and economic deteriorated significantly.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.
At the time of the opening of Wall Street, stock markets around the world a little stung the nose: the Sao Paulo Stock Exchange fell 4.5% at the opening in Moscow, the RTS lost more 5%, while oil prices fell at the opening in New York, MICEX and yielded 3.58% to 1530.11 points. Featuring Dax index lost 3.07% to 6045.71 points and the MDAX plunged from 5.47% to 8635.11 points at the same time.
Menu macro loaded, with the FOMC in dish
This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.
Tomorrow, the productivity of U.S. companies in the second quarter and will be scrutinized closely.The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.
Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out guaranteed payday loan. Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.
Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide."The sales figures published by the values of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. " The trade balance in June should also be well attended.
Oil falls below $ 84 a barrel
Within the scope of the damage U.S. oil drop 3.67% to 83.69 dolars to 15.30. The euro, it is worth 1.4174 dollars (-0.81%). Gold, still he climbs to record highs, more than 1700 dollars.
Disney, Cisco and Sara Lee publish their results this week
Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt.Walt Disney (-2.16% to 34.42 dollars) reveal particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney ( Friday).
American International Group (AIG: -3.94% to 24.11 dollars) continues Bank of America (-6.61% to 7.63 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint. According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.
On the front of the consumer, the month of June was not enough to save a lackluster quarter. Household spending rose 1.2% in June, the INSEE report, after declining 0.3% in May The quarter (April to June), the index of consumption fell 1.8%. This figure could have been worse: INSEE revised sharply upward the month of May, where consumption fell by only 0.3% instead of 0.8% as previously estimated.
If in June, the index of consumption has recovered, it is "largely by the increase in durable goods and textile and leather," says INSEE. The first of these two categories, rising 2.5% over the month, thanks to automobile purchases, which rose by 2.2%. But this increase does not offset the decline from 11.2% over the entire quarter.A figure beating down all durable goods, down 6 guaranteed approval cash advance loans.3% over this period, after rising 2.2% earlier this year.
The timing of sales, which began very early, has also supported consumption in June. Textiles and leather saw its sales jump by 4.3% over the month. Throughout the second quarter, this item was down 0.3%. Moreover, "the rebound in spending on household equipment (3.8%) bodes well for the construction Stirrers, even if denrier remains depressed," says Camille Williencourt, economist at Natixis.
Traditional engine of French growth, consumption at half-mast over the quarter bodes well for slower growth over this period, after the strong rebound early in the year (+0.9%). Societe Generale table for his part in an inert quarterly growth of 0.1%.
A work of art? A scupture? A monument? Attraction? Orbit wants it all at once. Red steel tower rising slowly in the sky Olympic Park East London thanks to the play of the cranes that circumvent the laws of gravity and set pieces that weigh less than 2.5 tonnes each. The London Olympics, which begin July 27, 2012, wanted their icon. It is made of red steel. That's at the Universal Exhibition in Paris in 1889 as the Eiffel Tower was built …
Nestled between the Olympic Stadium and the swimming pool, the work designed by Anish Kapoor, a British artist of Indian origin, will be the symbol of the London Games. The artist, whose recent work Monumenta at the Grand Palais in Paris, has conquered the public, could build this new project with Lakshmi Mittal, the chairman of ArcelorMittal.The steel giant from an original way and in the circle of second-tier sponsors of the Olympic and Paralympic Games. Cost of the adventure: 16 million pounds (about 18 million euros) for Arcelor Mittal, London, adding 3 million pounds.
A unique perspective
On site, a dozen people work to build, despite the often strong wind blowing from the Thames estuary, the giant Meccano imposes no engineer would have imagined. The sculpture, made of red tubular steel elements, already stands at over 80 meters high and it must reach 115 meters. It will weigh 1,400 tons. When everything is finished, an elevator will climb onto a platform boldly eccentric.The energetic can go down via a silver staircase winding around the tower.
The tower would house a restaurant and she will, when the Games are over, a unique perspective on the new district of east London that is emerging today. As the streets that Jack the Ripper haunted past are still among the poorest in London. The Olympics will enable a large-scale urban renewal. New life for London's East End which is the symbol of steel.
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Greece is saved, all the better, but remains to be done. This is in essence the common position of six candidates for the primary socialist. Otherwise, the appreciation of the Europe Agreement varies from the conviction of a rescue plan came too late to denounce a "blockage" no future. The range of reactions makes it possible to rank candidates on the scale of the radical.
In the camp of indignation, Ségolène Royal and Arnaud Montebourg topped. To say, the former candidate of 2007 was even offered the platform of the press room of the Rue de Solferino, usually reserved for the party's spokesman Martine Aubry or when she was first secretary function. The PS has made available to candidates for the primary means of its head, and still continuing the campaign, Ségolène Royal has given her a highly formal intervention. "This agreement lifejacket.We close the gaps, "she was outraged by asking managers to make decisions this summer on four issues: the establishment of a European sovereign fund, the appointment of a" commander in chief against crisis financial, "the prohibition of speculation and reform of credit rating agencies.
Arnaud Montebourg same tone in which denounced the "four unacceptable defects" of the rescue plan, including the fact that in his view, the risk of contagion to fragile states is not halted. Arnaud Montebourg also regretted that the banking sector is spared and that the plan "wrongly perpetuates the obsession with austerity."
"Strengthening the political union"
Candidate also the primary PS, the head of the Radical Left, Jean-Michel Baylet, lamented that "the vicious circle of speculation" is not halted.Just under back, François Hollande found the agreement "late" and "inadequate", while acknowledging that it was "necessary." "Like nothing lasting has been hired, we remain vulnerable and therefore much remains to be done," assured the former first secretary of the PS.
Finally, the most moderate responses came from Martine Aubry and Manuel Valls. While denouncing the weight of the rating agencies and regretting that it took to reach an agreement, "offer guarantees costly for Europe and Greece," the mayor of Lille called for "building the Government the euro. " Previously, the first secretary of the PS, on leave from his position, had welcomed the agreement between the leaders of the euro area."We had the Greek people, we were in Europe," she explained in a statement.
Also playing on the line of responsible political leader, Manuel Valls, for his part welcomed the agreement. "Put up against the wall, the heads of states of the euro area (…) are finally out of the inaction of the past few weeks," he said. But the deputy mayor of Evry has also called for further, to "establish a political action settled, peaceful and sustainable in order to strengthen the political union and the challenges of economic globalization."
Tunisia this week, Morocco in a few days: Eric Besson, Minister of Industry, has been mobilized by the Euro-Mediterranean energy pact with a number of partnerships with the key. A pact underpinned by the implementation of the Mediterranean Solar Plan: 20 gigawatts (GW) of renewable electricity should break ground in 2020 in the south and east of the area. Of these 20 GW, five will be exported to Europe.
This very ambitious program is itself related to the project Medgrid, which now has 22 associates and partners.This is the grid trans synonymous with development of interconnections between the riparian countries, to strengthen security of supply and profitability of the southern Mediterranean project of electricity generation.
Eventually, 5 to 6 billion euros of investments are planned in the electricity transmission infrastructure. Via unit works with a value between 500 million and 1 billion euros. Because the numbers speak for themselves: the predictions of experts predict an increase of 7% per year of electricity demand by 2025 in southern and eastern Mediterranean, while nine million people there today have no access.
"We are dealing with a double fracture energy, one between the northern and southern Mediterranean, the other between countries faxless pay day loans.The countries of the European Union bordering the Mediterranean have limited fossil resources, but ownership of two-thirds of the energy that is consumed, says Michel Derdevet, lecturer at the Institute of Political Studies Paris. Conversely, developing countries have substantially lower requirements but growing very fast. "
Arab Spring
To what extent can we overcome these divisions? For André Merlin, the executive chairman of Medgrid, the project set up to respond precisely the logic of co-development (see interview below). It is intended also closely complements the massive program Desertec – tens of billions of dollars dedicated to the development of the solar industry in the South.Whether the latest geopolitical events have come to upset the schedule Medgrid, André Merlin responds bluntly: "No, although this spring has somewhat disrupted the plans of development of electricity infrastructure."
For the leader of Medgrid, "there is great need on the part of those countries to develop alternative sources to oil and gas to generate electricity, the countries that have no such resources and become less dependent on imported hydrocarbons and those who have such resources and reserves in the world market much more profitable. "
"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.
In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "
Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.
Lagarde IMF: "A decisive push Sarkozy"
Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution no fax cash advance. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.
Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.
On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.
Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.
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"The crisis is over," says Louis Welsh, CEO of EADS. "The civil aviation goes, the market is left," he said, who looked forward orders for its Airbus "substantially" higher than the 263 aircraft already in his notebooks Bourget. The EADS boss also confirmed that the A380 superjumbo 'will fly today. "
In the third opening day of the 49th Paris Air Show in Paris, Airbus and Boeing should also announce a set of commands. But it is the European leading the way commands from Monday, with its Neo A320 with about 550 aircraft ordered to date. In two days, the two rivals have exceeded the 300 aircraft ordered.
• Airbus: two giant orders coming
On Wednesday, we are still waiting for two big new Airbus.Qatar Airways to place order of fifty five Airbus A320 and A380 Neo, the jetliner the European aircraft manufacturer. In addition, the Indian company should confirm IndiGo in the day a mega order of 180 Airbus A350 Neo worth $ 16 billion at list prices. In addition, the low cost Malaysian AirAsia is currently negotiating a contract with Airbus that could be up to 200 A320 Neo. Tony Fernandes, CEO of the airline, is expected Thursday at Le Bourget.
– The rental of aircraft ALAFCO Kuwait signed an agreement for six A350. Based on list prices only indicative, this represents $ 1.6 billion.
– The Latin American AviancaTaca company said Wednesday it has signed an agreement to purchase 51 medium-haul A320, including 33 re-engined A320 Neo.All of this command is a list price of about $ 4.5 billion.
– Republic (United States) signed a memorandum of understanding for 80 A320 Neo.
• Boeing
Since Monday, Boeing sign him, smaller contracts (41) Airbus for its medium-haul 737.
– The Russian company UTair sign a Memorandum of Understanding for 40 B737 for a list price of $ 3.2 billion.
• Sukhoi
The airline italienneBlue Panorama Airlines has ordered twelve aircraft Superjet 100 Russian Sukhoi group for $ 370 million (about EUR 257 million) announced Wednesday the Italian group Finmeccanica, Sukhoi partner for the Superjet.
The A400M grounded
A faulty gearbox which nailed to the ground during the A400M Paris Air Show is probably rooted in a manufacturing defect, said Tuesday one of the program.Airbus and engine manufacturers are studying this box, which broke a few days before the beginning of the troop transport plane in the sky at Le Bourget, forcing the manufacturer to cancel its demonstration flights.
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Speed up the tempo and show the unity of France and Germany. Germany and France want a "quick fix" to the Greek debt crisis, said German Chancellor Angela Merkel in Berlin on Friday. At a press conference after a meeting with French President Nicolas Sarkozy, the two leaders spoke together on the resolution of the crisis in Greece.
"France and Germany defending the same position," said Nicolas Sarkozy on his side. More broadly, "France and Germany, together with all our might support the euro," he said. The French president added that the terms of the future agreement to support Greece needed to be "full agreement" with the European Central Bank.
Nicolas Sarkozy has declined four principles for the agreement: a voluntary basis for participation of private creditors, no default, the agreement with the ECB and a rapid conclusion.
The two leaders also stressed the need to speed up negotiations. "The sooner we have a solution, the better," said German Chancellor.
Otis, Crossroads Market, Carrard Services … These three companies have one thing in common: they face these days in a strike of their employees who claim to be better working conditions or wage increases, sometimes both. How original you might say, to see employees' strike "because they are dissatisfied? Not much except that the term "strike" was historically a very different meaning.
The word "strike" originated on the "Place de Greve," the name given to the middle of the twelfth century to the scope in front of City Hall of Paris. It was a beach of sand and gravel which stows the goods (wood, wheat, hay, wine …) arrived by the Seine and ended up where, each morning at dawn, workers without work seeking employers for the day.This "Place de Grève" was then a scholarship to work and place of employment for the unemployed. In short, an employment center before time …
This concentration of workers who were not working but looking for a job … was called "strikers." Hence the emergence then of "strike" which means "look for a job." A sense diametrically opposite to that of today …